When it comes to international trade, it is essential to have a standardized system for classifying products. The Harmonized System (HS) provides a universal language for identifying and categorizing goods. One such HS code is 55094200, which pertains to yarn made from synthetic staple fibers.
The HS Code 55094200 specifically refers to yarn (other than sewing thread) containing 85% or more by weight of synthetic staple fibers. This yarn can be in multiple or cabled form and is not intended for retail sale. Synthetic staple fibers are those made from synthetic materials such as polyester or nylon, which are commonly used in the textile industry.
Yarn plays a crucial role in the production of various textile products, including clothing, home furnishings, and industrial fabrics. Its versatility and strength make it a popular choice for manufacturers worldwide. The HS Code 55094200 helps customs authorities identify and regulate the import and export of this specific type of yarn.
The Bound / MFN (Most Favored Nation) duty rate for HS Code 55094200 is 7%. The MFN principle ensures that every time a country lowers a trade barrier or opens up a market, it must apply the same treatment to all its trading partners for the same goods or services. This promotes fairness and equal opportunities in international trade.
By applying a duty rate, customs authorities can collect revenue and protect domestic industries from unfair competition. Importers and exporters dealing with yarn under HS Code 55094200 should be aware of this duty rate and factor it into their cost calculations.
The quantity unit for HS Code 55094200 is kilograms (KG). This means that the weight of the yarn is measured and recorded in kilograms during import or export transactions. Having a standardized unit of measurement allows for consistency and accuracy in trade data.
Several countries have established special tariff preference programs for products classified under HS Code 55094200. These programs provide certain benefits or exemptions to encourage trade and strengthen economic ties between countries. The following countries offer special rates for this specific HS code:
These special tariff preference programs aim to reduce trade barriers and promote mutually beneficial trade relationships. Importers and exporters can take advantage of these programs to lower costs and increase competitiveness in the global market.
While HS Code 55094200 is applicable to imports and exports throughout the United States, it is interesting to note that the data provided does not specify any particular importing or exporting US states. However, it is crucial for businesses involved in international trade to consider the specific regulations and requirements of individual states when dealing with HS Code 55094200.
Each state may have its own regulations regarding licensing, labeling, and documentation for textile products. Compliance with these regulations is essential to ensure smooth customs clearance and avoid any potential penalties or delays.
The HS Code 55094200 plays a vital role in the international trade of yarn made from synthetic staple fibers. This comprehensive guide has provided an overview of the product description, duty rate, quantity unit, special tariff preference programs, and considerations for importing and exporting in the United States.
By understanding the intricacies of HS Code 55094200, importers and exporters can navigate the global market more effectively and make informed decisions that contribute to their business success.