When it comes to international trade, there are numerous codes and regulations in place to ensure smooth transactions and fair practices. One such code is the HS Code, which stands for Harmonized System Code. HS Code 54079320 specifically refers to woven fabrics of synthetic filament yarn nesoi, of yarns of different colors, nesoi. Let's take a closer look at this code and what it entails.
The product description for HS Code 54079320 is quite specific. It refers to woven fabrics made from synthetic filament yarns that are not otherwise specified, and these fabrics are made using yarns of different colors. This means that the fabrics in question can have a variety of colors in their composition. It is important to note that this code specifically covers fabrics made from synthetic filament yarns and not other types of materials.
Now, let's delve into the various aspects and details related to HS Code 54079320.
The bound or most-favored-nation (MFN) duty rate for HS Code 54079320 is set at 12%. The MFN duty rate is the rate that applies to all trading partners of a country when it lowers a trade barrier or opens up a market. In other words, if a country decides to reduce tariffs or other trade barriers for certain goods or services, it must do so for all its trading partners.
This duty rate ensures that there is a level playing field and no unfair advantage given to specific trading partners. It promotes fair trade practices and equal treatment among countries.
The quantity unit for HS Code 54079320 is square meters (M2). This means that the measurement and pricing of the woven fabrics under this code are based on square meters. It provides a standardized unit for trade and facilitates accurate measurement and pricing.
HS Code 54079320 is eligible for several special tariff preference programs, which offer different duty rates depending on the trading partner. These programs aim to promote trade and economic cooperation between countries. Here are some of the special tariff preference programs applicable to this HS code:
These special tariff preference programs offer reduced or duty-free rates for specific trading partners, promoting trade and economic partnerships. It is important for importers and exporters to be aware of these programs and take advantage of them when applicable.
HS Code 54079320 applies to trade involving the United States. When importing goods under this code, the applicable duty rates and regulations will depend on the importing US state. Similarly, when exporting goods under this code, the regulations and requirements will vary based on the exporting US state.
It is crucial for businesses engaged in international trade to familiarize themselves with the specific regulations and requirements of each US state involved in the trade. This includes understanding the documentation, licensing, and any additional requirements imposed by individual states.
HS Code 54079320 plays a significant role in facilitating international trade of woven fabrics made from synthetic filament yarns of different colors. Understanding the code, its duty rates, and the special tariff preference programs associated with it is essential for businesses engaged in the import and export of these fabrics. By complying with the regulations and taking advantage of preferential programs, businesses can optimize their trade activities and foster mutually beneficial relationships with trading partners.