Woven fabrics play an essential role in various industries, providing durability, versatility, and functionality to a wide range of products. HS Code 54073010 specifically refers to woven fabrics made of synthetic filament yarn, with over 60 percent of their weight consisting of plastics. This article will delve into the details of this HS code, including its product description, duty rates, quantity unit, and special tariff preference programs.
The product description for HS Code 54073010 states that it encompasses woven fabrics specified in note 9 to section XI. These fabrics are made from synthetic filament yarn, where the plastic content accounts for over 60 percent of their weight. Synthetic filament yarn refers to long, continuous strands of synthetic fibers, such as polyester or nylon, which are widely used in the textile industry for their strength, durability, and resistance to wrinkles and shrinkage.
Under the bound/MFN (Most Favored Nation) duty rate, countries are required to lower trade barriers and open up their markets for the same goods or services from all their trading partners. In the case of HS Code 54073010, the bound/MFN duty rate is free. This means that importing countries do not impose any tariffs or duties on these woven fabrics when they enter their markets.
The quantity unit for HS Code 54073010 is square meters (M2). This unit of measurement is commonly used for textiles and allows for the accurate calculation of the fabric's surface area. By specifying the quantity in square meters, it becomes easier for importers and exporters to determine the required quantity for their respective orders.
Several countries have established special tariff preference programs for HS Code 54073010, offering reduced or duty-free rates for the importation of these woven fabrics. The following countries have special tariff rates:
Australia has a special rate of 3% for the importation of these fabrics, while Morocco has a special rate of 1.3%.
HS Code 54073010 applies to woven fabrics imported and exported by various states in the United States. The specific states involved in the importation and exportation of these fabrics may vary depending on market demand and production capabilities.
HS Code 54073010 encompasses woven fabrics made of synthetic filament yarn with a significant plastic content. Understanding the product description, duty rates, quantity unit, and special tariff preference programs associated with this HS code is crucial for importers, exporters, and industry professionals. By staying informed about these details, businesses can make informed decisions and leverage the benefits provided by trade agreements and tariff preference programs.