Yarn plays a crucial role in the textile industry, serving as the building block for various fabrics and garments. There are different types of yarn available in the market, each with its own unique properties and applications. In this article, we will delve into the details of HS Code 55101100, focusing on yarn containing artificial staple fibers.
HS Code 55101100 refers to yarn (other than sewing thread) that contains 85% or more by weight of artificial staple fibers. This particular type of yarn is classified as singles, meaning it is not put up for retail sale. Artificial staple fibers are synthetic fibers that possess properties similar to natural fibers, making them suitable for a wide range of textile applications.
When it comes to international trade, countries impose certain duties or tariffs on imported goods. In the case of HS Code 55101100, the bound / Most Favored Nation (MFN) duty rate is 9%. The MFN principle states that whenever 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 55101100 is kilograms (KG). This unit of measurement is commonly used in international trade to determine the weight of imported or exported goods. It provides a standardized way to quantify the amount of yarn being traded.
Several countries have established special tariff preference programs to promote trade and economic cooperation. In the case of HS Code 55101100, the following special tariff preference programs apply:
These tariff preference programs provide certain benefits, such as reduced or zero tariff rates, to eligible countries. It encourages trade between the participating nations and fosters economic growth.
HS Code 55101100 is relevant for both importing and exporting in the United States. This means that the code applies to yarn containing artificial staple fibers being imported into or exported from the US. The specific states involved in these transactions may vary depending on the trade partners and market demands.
Overall, HS Code 55101100 plays a significant role in the international trade of yarn containing artificial staple fibers. It enables the classification, tracking, and regulation of this specific type of yarn, ensuring fair trade practices and market access for all participating countries. By understanding the details of this HS code, businesses and individuals can navigate the global textile market more effectively, harnessing the potential of yarn made from artificial staple fibers.