HS Code 54079205: Woven Fabrics of Synthetic Filament Yarn Nesoi, Containing 36 Percent or More by Weight of Wool or Fine Animal Hair, Dyed
Woven fabrics play a crucial role in various industries, providing the foundation for countless products. HS Code 54079205 refers to a specific type of woven fabric made from synthetic filament yarn, which contains 36 percent or more by weight of wool or fine animal hair, and is dyed. In this article, we will explore the details of this HS code and its implications for international trade.
The HS code system, also known as the Harmonized System, is a standardized numerical method of classifying traded products. It is used by over 200 countries and economies worldwide to facilitate international trade and the collection of trade statistics. HS codes provide a common language for customs authorities, traders, and statisticians, ensuring clarity and consistency in the classification of goods.
The product description of HS Code 54079205 specifies that it is a woven fabric made from synthetic filament yarn, which contains at least 36 percent by weight of wool or fine animal hair. The fabric is dyed, indicating that it has undergone a coloring process to enhance its aesthetic appeal or meet specific design requirements. This particular HS code is used to classify and track the import and export of such fabrics.
One crucial aspect of international trade is the determination of duty rates. Duty rates are taxes imposed on imported goods and are typically calculated as a percentage of the product's value. In the case of HS Code 54079205, the bound or Most Favored Nation (MFN) duty rate is set at 25%. The MFN principle ensures that when a country lowers a trade barrier or opens up a market, it must do so for all its trading partners equally.
The quantity unit for HS Code 54079205 is square meters (M2). This unit of measurement is commonly used for woven fabrics to determine the area of the fabric being imported or exported. It provides a standardized way of quantifying the quantity of fabric involved in a trade transaction.
In addition to duty rates, special tariff preference programs may apply to certain countries or regions. These programs offer preferential treatment in the form of reduced or zero-duty rates, promoting trade and economic cooperation. For HS Code 54079205, several special tariff preference programs are available:
- Free: The following countries or regions provide duty-free treatment for imports of woven fabrics under this HS code: Bahrain (BH), Canada (CA) under NAFTA, Chile (CL), Israel (IL), Jordan (JO), Mexico (MX) under NAFTA, Oman (OM), Panama (P), Peru (PE), and Singapore (SG).
- 3%: Australia (AU) offers a special rate of 3% for imports of woven fabrics under this HS code.
- 0.4?/kg + 2.6%: Morocco (MA) provides a special rate of 0.4? per kilogram plus an additional 2.6% duty for imports of woven fabrics.
Importing and exporting under HS Code 54079205 involves various US states. The specific states involved in importing goods classified under this HS code may vary, depending on the trade relationships and demand for woven fabrics. Similarly, the exporting US states may differ based on their manufacturing capabilities and access to global markets.
HS Code 54079205 represents woven fabrics made from synthetic filament yarn, containing a significant percentage of wool or fine animal hair, and dyed. This HS code is used to classify and track the import and export of such fabrics in international trade. Understanding the details of this HS code, including duty rates and special tariff preference programs, is essential for businesses and policymakers involved in the textile industry.
More on HS code 54079205
