The HS Code 55113000 refers to yarn made of artificial staple fibers, excluding sewing thread, that is put up for retail sale. This code is used to classify and track the import and export of this specific type of product.
Yarn made of artificial staple fibers is commonly used in the textile industry for the production of various fabrics and garments. It is known for its durability, versatility, and affordability, making it a popular choice among manufacturers and consumers.
When importing or exporting yarn of artificial staple fibers with the HS Code 55113000, it is important to be aware of the applicable duty rates and special tariff preference programs. The bound/MFN (Most Favored Nation) duty rate for this product is 7.5%. This means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners.
The quantity unit for measuring yarn of artificial staple fibers is kilograms (KG). This unit is used to determine the weight of the product being imported or exported.
There are also special tariff preference programs in place for this product. In some countries, such as Australia, Bahrain, Canada, Chile, Israel, Jordan, Mexico, Oman, Peru, Singapore, the yarn of artificial staple fibers with HS Code 55113000 is eligible for duty-free treatment. This means that these countries have established preferential trade agreements that allow for the importation of this product without any additional duties or taxes.
For example, under the North American Free Trade Agreement (NAFTA), yarn of artificial staple fibers imported from Canada and Mexico into the United States is eligible for duty-free treatment. This agreement promotes trade between the participating countries by eliminating or reducing tariffs on eligible goods.
However, there are some exceptions to the duty-free treatment. For instance, in Morocco, the special rate for importing yarn of artificial staple fibers with HS Code 55113000 is 0.8%. This means that a small tariff is applied to the value of the product being imported.
It is also important to consider the importing and exporting US states when dealing with the HS Code 55113000. The specific regulations and requirements may vary between different states, and it is crucial to comply with the relevant laws and procedures to ensure a smooth and legal trade process.
the HS Code 55113000 is used to classify and track the import and export of yarn made of artificial staple fibers, excluding sewing thread, that is put up for retail sale. This code is essential for customs and trade authorities to monitor international trade flows and apply the appropriate duty rates and tariff preferences. Understanding the regulations and requirements associated with this HS Code is crucial for businesses involved in the textile industry and international trade.