HS Code 54079310: Woven Fabrics of Synthetic Filament Yarn
Woven fabrics of synthetic filament yarn are an essential component of the textile industry. These fabrics are versatile and can be mixed with various materials to enhance their properties. HS Code 54079310 specifically refers to woven fabrics of synthetic filament yarn that are mixed mainly or solely with wool or fine animal hair, and are composed of yarns of different colors.
The HS code system is used by customs authorities to classify and identify products for international trade. It provides a standardized code for each product, making it easier for countries to track imports and exports. HS Code 54079310 is specifically assigned to the mentioned woven fabrics and is used globally to categorize and regulate trade in this product category.
When importing or exporting these fabrics, it is crucial to understand the relevant information associated with the HS code. One important aspect is the bound/MFN (Most Favored Nation) duty rate, which is set at 12% for woven fabrics of synthetic filament yarn mixed with wool or fine animal hair of different colors. This means that regardless of the country of origin or destination, this duty rate applies.
However, trade agreements and special tariff preference programs can modify the duty rate for specific countries. In the case of HS Code 54079310, several countries enjoy preferential treatment or duty-free access for these fabrics. For example, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, and Singapore have duty-free access for these woven fabrics. Australia enjoys a special rate of 3%, and Morocco has a special rate of 1.2%.
The quantity unit for measuring these fabrics is square meters (M2). This unit provides a standardized measurement for trade transactions, ensuring consistency in quantity calculations.
In terms of importing, the United States is a major market for woven fabrics of synthetic filament yarn. Various states within the US import these fabrics for their textile and garment industries. Similarly, many countries around the world export these fabrics to the US. This international trade supports economic growth, employment, and innovation in the textile sector.
It is important for importers, exporters, and traders to be aware of the HS code and its associated information when dealing with woven fabrics of synthetic filament yarn. Adhering to the correct HS code ensures compliance with customs regulations and facilitates smooth trade transactions.
HS Code 54079310 represents woven fabrics of synthetic filament yarn mixed with wool or fine animal hair, composed of yarns of different colors. This HS code is used to classify and regulate trade in these fabrics globally. Understanding the associated duty rates, special tariff preference programs, and quantity units is essential for successful trading in these products.
More on HS code 54079310
