The HS Code 54024991 refers to a specific category of yarns that are untwisted or twisted, and can have a range of 5 to 50 turns per meter. These yarns are made from synthetic materials and are not intended for retail sale. This article will provide an extensive overview of this HS code, including its product description, duty rates, quantity units, special tariff preference programs, and information about importing and exporting to/from the United States.
The product description for HS Code 54024991 is "Other yarns, monofil; multifil, untwisted or twisted > or = to 5, not exceeding 50 turns per meter of other synthetic, not for retail sale." This means that the yarns included in this category are made from synthetic materials and can be either monofilament or multifilament. They can be untwisted or twisted, with a minimum of 5 turns per meter and a maximum of 50 turns per meter. These yarns are not intended for retail sale, indicating that they are likely used for industrial or manufacturing purposes.
The bound / MFN duty rate for HS Code 54024991 is 8%. The MFN (Most Favored Nation) duty rate is the rate that applies to all trading partners equally, as part of the principle of non-discrimination in international trade. This means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. The 8% duty rate applies to the import of yarns falling under this HS code regardless of the trading partner.
The quantity unit for HS Code 54024991 is kilograms (KG). This means that the weight of the yarns imported or exported under this HS code will be measured and recorded in kilograms. It is a standard unit of measurement for trade transactions and allows for accurate tracking and calculation of quantities.
There are several special tariff preference programs applicable to HS Code 54024991. These programs provide certain countries with preferential treatment, such as duty-free or reduced-duty rates, when importing or exporting goods falling under this HS code. The following countries have special tariff preference programs for this HS code:
These special tariff preference programs allow for lower or zero-duty rates for imports or exports of yarns falling under this HS code when trading with the specified countries. It is important for importers and exporters to be aware of these programs and take advantage of the benefits they offer.
When importing yarns falling under HS Code 54024991 to the United States, the applicable duty rate of 8% will be levied on the goods. Importers should ensure compliance with customs regulations and accurately classify the goods under the correct HS code to determine the correct duty rate.
When exporting yarns falling under HS Code 54024991 from the United States, the same duty rate of 8% may apply in the destination country unless there is a special tariff preference program in place between the United States and that country. Exporters should be aware of any applicable special tariff preference programs and ensure compliance with export regulations.
HS Code 54024991 encompasses a specific category of yarns made from synthetic materials that are untwisted or twisted. It has an 8% bound / MFN duty rate and is measured in kilograms. Several special tariff preference programs provide certain countries with preferential treatment when trading yarns falling under this HS code. Importers and exporters should be aware of these programs and comply with customs regulations to maximize benefits and ensure smooth trade transactions.