The HS Code 55099200 refers to a specific product category in international trade. In this case, it represents yarn made from synthetic staple fibers that are mixed mainly or solely with cotton. This yarn is not intended for retail sale.
The HS Code system is an internationally recognized standard for classifying and identifying traded products. It is used by customs authorities and traders worldwide to ensure consistent categorization and regulation of goods. The code consists of six digits, with additional digits added for more specific product descriptions.
When importing or exporting goods, it is crucial to correctly identify the HS code to determine the applicable duties, taxes, and regulations. In the case of HS Code 55099200, the bound or most-favored-nation (MFN) duty rate is 7.5%. This means that every time a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners.
The quantity unit for HS Code 55099200 is kilograms (KG), which indicates that the measurement of the product is based on weight.
There are also special tariff preference programs associated with HS Code 55099200. These programs allow for reduced or eliminated duty rates for specific countries. The following countries enjoy a free tariff preference: Australia (AU), Bahrain (BH), Canada (CA) under NAFTA, Chile (CL), Israel (IL), Jordan (JO), Mexico (MX) under NAFTA, Oman (OM), Panama (P), Peru (PE), and Singapore (SG). Morocco (MA) has a special rate of 0.8% for this product.
It is important to note that the tariff preference programs and rates are subject to change, so it is always advisable to consult the latest regulations and agreements when conducting international trade.
When importing goods under HS Code 55099200 to the United States, it is essential to consider the specific requirements and regulations of the importing states. Similarly, when exporting goods from the United States, it is crucial to be aware of the requirements and regulations of the destination countries.
Overall, understanding the HS Code system and the specifics of HS Code 55099200 is essential for international traders and customs authorities. It enables accurate classification, proper assessment of duties and taxes, and adherence to trade regulations.