In international trade, the HS Code is a standardized system used for classifying products. Each product is assigned a unique HS Code, which helps facilitate trade by providing a common language for customs officials and traders. In this article, we will explore the HS Code 55109020, which refers to yarn made of artificial staple fibers mixed mainly or solely with synthetic staple fibers, specifically singles that are not intended for retail sale.
The product description of HS Code 55109020 provides specific details about the composition and purpose of the yarn. It is made from artificial staple fibers, which are man-made fibers that mimic the properties of natural fibers. These artificial fibers are blended with synthetic staple fibers, creating a unique combination that offers various benefits in terms of durability, strength, and performance.
The yarn specified by HS Code 55109020 is categorized as "singles," indicating that it consists of a single strand or ply. This type of yarn is commonly used in the textile industry for various applications including weaving, knitting, and manufacturing fabrics, garments, and other textile products.
When it comes to international trade, tariffs play a significant role in determining the cost of imported goods. The bound or MFN (Most Favored Nation) duty rate for HS Code 55109020 is set at 9%. This means that every country must apply the same duty rate to this product, ensuring fair treatment and equal opportunities for all trading partners.
Additionally, HS Code 55109020 may qualify for special tariff preference programs in certain countries. These programs offer reduced or zero tariffs to promote trade and economic cooperation. For example, Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, Singapore, and the Dominican Republic-Central America (under DR-CAFTA) offer duty-free or preferential rates for importing yarn classified under HS Code 55109020. Morocco, on the other hand, offers a special rate of 0.9% for this product.
When importing goods into the United States, it is essential to consider the specific regulations and requirements of both the importing and exporting states. Different states may have varying rules and procedures for customs clearance, documentation, and taxation. Therefore, it is crucial for importers of yarn classified under HS Code 55109020 to familiarize themselves with the specific regulations of both the exporting and importing states to ensure smooth and compliant trade operations.
HS Code 55109020 refers to yarn made of artificial staple fibers mixed mainly or solely with synthetic staple fibers, specifically singles that are not intended for retail sale. This product plays a crucial role in the textile industry and is used for various applications. Importers and exporters of this yarn should be aware of the applicable duty rates and any special tariff preference programs available to them. Additionally, understanding the regulations of both the exporting and importing states is essential for successful and compliant trade operations.