Artificial staple fibers, carded, combed or otherwise processed for spinning, fall under the HS code 55070000. This code is used to classify and identify these specific types of fibers for international trade purposes. In this article, we will explore the details of this HS code and its implications in the global market.
The bound or most-favored-nation (MFN) duty rate for products falling under HS code 55070000 is 5%. This means that whenever a country reduces trade barriers or opens up its market, it must apply the same duty rate for the import of these fibers from all its trading partners. This helps promote fair and equal trade opportunities for all countries involved.
The quantity unit for measuring artificial staple fibers is kilograms (KG). This unit is commonly used in international trade to determine the weight and quantity of goods being imported or exported.
Special tariff preference programs are available for artificial staple fibers falling under HS code 55070000. These programs provide preferential treatment in terms of duty rates for specific countries. The following countries enjoy duty-free treatment for importing these fibers:
These special tariff preference programs aim to foster stronger trade relations between the countries involved and incentivize the importation of artificial staple fibers for spinning.
When it comes to importing artificial staple fibers under HS code 55070000, the following US states are the top exporters:
These states have established themselves as key players in the export of artificial staple fibers, contributing to the overall trade of this product.
HS code 55070000 encompasses artificial staple fibers that are carded, combed, or otherwise processed for spinning. The 5% MFN duty rate ensures equal treatment for all trading partners, while special tariff preference programs offer duty-free treatment for select countries. Understanding and adhering to this HS code is crucial for smooth and compliant international trade in artificial staple fibers.