In international trade, products are classified using a system known as the Harmonized System (HS). Each product is assigned a unique HS code that helps standardize trade across countries. One such HS code is 55096100, which pertains to yarn made from acrylic or modacrylic staple fibers mixed with wool or fine animal hair. Let us delve deeper into the details of this HS code and understand its implications.
The product covered by HS code 55096100 is yarn, specifically excluding sewing thread, that is composed of a blend of acrylic or modacrylic staple fibers and wool or fine animal hair. This yarn is not packaged or labeled for retail sale and is typically used in various textile industries for weaving, knitting, or other manufacturing processes.
When it comes to trade, countries often impose duties or tariffs on imported goods to protect domestic industries or regulate the flow of goods. The bound or most-favored-nation (MFN) duty rate for HS code 55096100 is 13.2%. This means that whenever a country lowers a trade barrier or opens up a market, it must apply the same duty rate for this particular yarn from all its trading partners.
The quantity unit for measuring trade in HS code 55096100 is kilograms (KG). This standard unit allows for easy comparison and calculation of the volume of yarn being imported or exported.
Some countries have special tariff preference programs that offer reduced or zero-duty rates for specific goods. In the case of HS code 55096100, the following special tariff preference programs apply:
These programs enable eligible countries to import yarn under preferential duty rates, promoting trade and economic cooperation among participating nations.
While HS codes are used globally, specific trade data can also be analyzed at the national level. In the case of HS code 55096100, the importing US states are Delaware, Delaware (yes, Delaware appears twice in the data), and North Carolina. These states are known for their textile industries and likely import this particular yarn for various manufacturing purposes.
On the exporting side, the data does not provide information on the specific US states involved. However, it is worth noting that the United States is a major player in the global textile trade and exports various yarns, including those covered by HS code 55096100, to countries around the world.
HS code 55096100 encompasses yarn made from acrylic or modacrylic staple fibers mixed with wool or fine animal hair. The bound duty rate, quantity unit, and special tariff preference programs associated with this HS code provide important information for traders and policymakers. Understanding the details of HS code 55096100 helps facilitate international trade and promotes transparency in the global textile industry.