The HS Code 54050030 refers to artificial monofilament of 67 decitex or more and of which no cross-sectional dimension exceeds 1 mm. This code is used to classify and identify this particular type of product for international trade purposes.
Artificial monofilament is a type of synthetic fiber that is made by extruding a single continuous filament. It is widely used in various industries, including textiles, fishing, and manufacturing. The 67 decitex specification indicates the linear density of the monofilament, which is the mass in grams per 10,000 meters of filament. This specification ensures consistency and quality in the product.
The HS Code 54050030 is important in international trade as it allows customs authorities to accurately identify and classify the product being imported or exported. It helps in determining the appropriate duties and taxes applicable to the product, as well as any special tariff preferences that may be available.
The bound / Most Favored Nation (MFN) duty rate for HS Code 54050030 is 6.9%. The MFN duty rate is the rate applied to imports from all trading partners, regardless of whether the country has a free trade agreement or special tariff preference program with the exporting country.
When a country lowers a trade barrier or opens up a market, it is required to do so for the same goods or services from all its trading partners. This principle of non-discrimination ensures fair and equal treatment for all trading partners and promotes a level playing field in international trade.
The quantity unit specified for HS Code 54050030 is kilograms (KG). This unit is used to determine the weight of the imported or exported artificial monofilament. It allows for accurate measurement and calculation of quantities for customs purposes.
HS Code 54050030 may be eligible for special tariff preference programs in certain countries. These programs provide preferential treatment in terms of duty rates or duty-free treatment for eligible products. The following countries have special tariff preference programs for this HS Code:
These special tariff preference programs aim to promote trade and strengthen economic ties between the countries involved. They provide incentives for businesses to engage in international trade and can lead to increased market access and competitiveness.
HS Code 54050030 is relevant for both importing and exporting artificial monofilament in the United States. While the data provided does not specify the exporting US states, it mentions Vermont as the importing US state.
It is important for businesses and individuals involved in international trade to understand the HS Code system and its implications. Proper classification and identification of products using the HS Code ensure compliance with customs regulations and facilitate smooth cross-border transactions.
HS Code 54050030 represents artificial monofilament of 67 decitex or more with no cross-sectional dimension exceeding 1 mm. It is used to classify and identify this type of product for international trade purposes. The code helps determine the applicable duty rates, quantity units, and any special tariff preference programs that may be available. Understanding the HS Code system is crucial for businesses and individuals engaged in international trade.