The HS Code 54060020 refers to artificial filament yarn that is put up for retail sale. This code is used to classify and identify this specific type of product for international trade purposes. It is important for businesses and customs authorities to correctly identify and classify products using their corresponding HS codes to ensure smooth and accurate trade operations.
The product description for HS Code 54060020 is "Artificial filament yarn (except sewing thread), put up for retail sale". This means that the yarn is made from artificial materials and is intended for retail sale, rather than for industrial or commercial use.
When it comes to import and export regulations, the HS code is crucial in determining the applicable duties and tariffs. In the case of HS Code 54060020, the bound / MFN duty rate is 7.5%. This means that a country must apply a duty rate of 7.5% whenever it lowers a trade barrier or opens up its market for the same goods or services from all its trading partners. This rate ensures fair and equal treatment for all trading partners.
The quantity unit for HS Code 54060020 is kilograms (KG). This unit of measurement is used to determine the weight of the artificial filament yarn being imported or exported. It is essential to accurately measure and report the quantity of goods to ensure compliance with trade regulations.
Additionally, there are special tariff preference programs that offer preferential treatment for imports of products classified under HS Code 54060020. The following countries and trade agreements provide free or reduced tariff rates for this product:
These special tariff preference programs aim to promote trade and economic cooperation between countries by reducing or eliminating import duties on specific products. Businesses involved in the import and export of artificial filament yarn under HS Code 54060020 should take advantage of these programs to lower costs and increase competitiveness in the global market.
HS Code 54060020 represents artificial filament yarn put up for retail sale. It is important to correctly classify products using their corresponding HS codes to ensure compliance with import and export regulations. The bound / MFN duty rate for this code is 7.5%, and the quantity unit is kilograms (KG). Special tariff preference programs offer free or reduced tariff rates for this product in various countries and trade agreements. By understanding and utilizing these programs, businesses can optimize their import and export operations for artificial filament yarn.