Woven fabrics are an essential part of our daily lives, used in various applications such as clothing, upholstery, and industrial purposes. The HS Code 54075320 refers to a specific type of woven fabric that contains 85 percent or more by weight of textured polyester filaments, made of yarns of different colors, and classified as "nesoi" (not elsewhere specified or included).
The HS Code system is a standardized international system for classifying and coding goods for import and export purposes. It is used by customs authorities, traders, and statisticians to monitor and track international trade. Each HS Code represents a specific product or category of products, allowing for easy identification and classification.
When importing or exporting goods classified under HS Code 54075320, it is important to understand the related regulations, duties, and tariff preferences. The bound or most-favored-nation (MFN) duty rate for this product is 12%. 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 this product is measured in square meters (M2). This unit of measurement is commonly used for fabrics and textiles, allowing for precise calculations and estimations of the quantity being imported or exported.
There are also special tariff preference programs available for goods classified under HS Code 54075320. These programs provide reduced or duty-free rates for specific countries or regions. For example, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Panama, Peru, and Singapore offer duty-free treatment for this product. Australia provides a special rate of 3%, and Morocco offers a special rate of 1.2%.
Importing and exporting of goods classified under HS Code 54075320 can involve various US states as importers or exporters. The specific states involved may vary depending on the market demand, production capabilities, and trade agreements. It is important for traders and businesses to consider the logistical aspects and potential market opportunities when dealing with this product.
HS Code 54075320 represents woven fabrics containing 85 percent or more by weight of textured polyester filaments, made of yarns of different colors, and classified as "nesoi." Understanding the specific regulations, duties, and tariff preferences related to this HS Code is crucial for importers, exporters, and traders involved in the international trade of textiles and fabrics.