The HS Code 54031030 refers to single high tenacity yarn of viscose rayon that is not put up for retail sale. This code is used for classifying and identifying this specific type of product in international trade. It is important for importers, exporters, and customs officials to understand and use HS codes correctly to facilitate smooth and efficient trade.
When importing or exporting goods, it is crucial to know the HS code applicable to the product. This code helps in determining the appropriate duty rates, trade preferences, and regulatory requirements. In the case of HS Code 54031030, the bound or MFN (Most Favored Nation) duty rate is 10%. 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 quantity unit for HS Code 54031030 is kilograms (KG). This unit of measurement is used to determine the weight of the product being imported or exported.
There are also special tariff preference programs applicable to HS Code 54031030. These programs provide certain countries with preferential treatment, including duty-free or reduced duty rates. The countries that enjoy these special rates for this HS code include Australia, Bahrain, Canada (under NAFTA - North American Free Trade Agreement), Chile, Israel, Jordan, Morocco, Mexico (also under NAFTA), Oman, the Dominican Republic and Central American countries (under DR-CAFTA - Dominican Republic-Central American Free Trade Agreement), Peru, and Singapore.
Importing and exporting of HS Code 54031030 can occur between various US states. The specific states involved in the import and export of this product may vary depending on the trading partners and market demand.
HS Code 54031030 represents single high tenacity yarn of viscose rayon, not put up for retail sale. Understanding this code and its associated duty rates and trade preferences is essential for smooth international trade. Importers, exporters, and customs officials should ensure they correctly identify and use this HS code to comply with trade regulations and benefit from preferential trade programs.