When it comes to international trade, it is essential to have a standardized system for classifying different products. The Harmonized System (HS) code is a universally recognized classification system that assigns a unique code to each product. In this article, we will explore HS Code 55122900, which pertains to woven fabrics containing 85% or more by weight of acrylic or modacrylic staple fibers, other than unbleached or bleached.
HS Code 55122900 specifically covers woven fabrics that are primarily made of acrylic or modacrylic staple fibers. These fabrics are used in various applications, including clothing, upholstery, and home furnishings. It is important to note that this HS code excludes unbleached or bleached fabrics, which fall under different categories.
The bound or most-favored-nation (MFN) duty rate for products classified under HS Code 55122900 is set at 12%. This means 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 12% duty rate applies to the value of the imported woven fabrics.
The quantity unit for measuring the woven fabrics under HS Code 55122900 is square meters (M2). This unit is used to determine the area of the fabrics, allowing for accurate measurement and pricing.
Several countries have special tariff preference programs in place for products classified under HS Code 55122900. These programs offer reduced or duty-free rates, promoting trade and economic cooperation. The following are some of the special rates applicable to this HS code:
These special rates provide significant advantages to exporters and importers dealing with woven fabrics containing acrylic or modacrylic staple fibers. By taking advantage of these programs, businesses can enhance their competitiveness in the global market.
HS Code 55122900 applies to trade involving the United States as well. While the specific importing and exporting US states are not mentioned in the provided data, it is crucial to consider the significance of this HS code for the US textile industry. The US imports and exports significant quantities of woven fabrics containing acrylic or modacrylic staple fibers, contributing to the country's textile trade.
HS Code 55122900 plays a crucial role in the international trade of woven fabrics containing acrylic or modacrylic staple fibers. Understanding the product description, duty rates, quantity unit, and special tariff preference programs associated with this HS code is essential for businesses engaged in the import and export of these fabrics. By staying informed and taking advantage of the available opportunities, businesses can thrive in the global marketplace.