The HS Code 54050060 refers to strips and similar products made of artificial textile materials that have a width not exceeding 5 mm. This code is used to classify and identify these specific types of textile products in international trade.
When importing or exporting goods classified under HS Code 54050060, it is important to consider the associated duty rates, quantity units, and special tariff preference programs that may apply. Let's explore these aspects in more detail.
The product description for HS Code 54050060 is "Strip and the like of artificial textile materials of an apparent width not exceeding 5 mm." This code is used to classify narrow strips made of artificial textile materials.
These strips can be used in various applications, such as trimming, binding, or decorative purposes. They are typically made from synthetic fibers like polyester or nylon.
The bound or most-favored-nation (MFN) duty rate for products classified under HS Code 54050060 is 5.8%. This means that when a country lowers a trade barrier or opens up a market, it must apply the same duty rate of 5.8% to the importation of these goods from all its trading partners.
It is important for importers and exporters to take this duty rate into account when calculating the cost of their transactions. The duty rate is applied to the customs value of the goods, which includes the cost of the product, freight, and insurance.
The quantity unit for HS Code 54050060 is kilograms (KG). This means that the weight of the goods being imported or exported is measured in kilograms.
Knowing the quantity unit is essential for determining shipping costs, as freight charges are often calculated based on weight. It is also useful for inventory management and logistics planning.
There are several special tariff preference programs that offer duty-free treatment for products classified under HS Code 54050060. These programs provide preferential access to certain markets, reducing or eliminating the duty burden for eligible importers.
The following countries or regions have special tariff preference programs for HS Code 54050060:
These special tariff preference programs aim to promote economic development, enhance trade relations, and create opportunities for businesses in the participating countries. Importers and exporters should familiarize themselves with the specific requirements and eligibility criteria of each program to take full advantage of the duty-free treatment.
Products classified under HS Code 54050060 can be imported into and exported from various US states. However, the provided data does not specify any particular states involved in the import or export of these goods.
It is worth noting that the importing and exporting states may have their own regulations, licensing requirements, or additional taxes and fees that need to be considered when trading goods classified under HS Code 54050060.
HS Code 54050060 identifies and classifies strips and similar products made of artificial textile materials with a width not exceeding 5 mm. Importers and exporters should be aware of the associated duty rates, quantity units, and special tariff preference programs to effectively navigate international trade in these goods.