HS Code 55151200 refers to woven fabrics made of polyester staple fibers, which are mixed mainly or solely with man-made filaments. These fabrics are classified under the "nesoi" category, which stands for "not elsewhere specified or included." This means that fabrics falling under this HS code do not have a specific classification elsewhere in the Harmonized System.
When importing or exporting goods under this HS code, it is important to be aware of various details such as the bound/MFN duty rate, quantity unit, and special tariff preference programs. Let's dive into these aspects to gain a better understanding.
The bound/MFN (Most Favored Nation) duty rate for HS Code 55151200 is 12%. The MFN principle states 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. This ensures equal treatment and non-discrimination in international trade.
For countries importing or exporting woven fabrics under this HS code, the applicable duty rate will be 12% of the declared value of the goods.
The quantity unit for HS Code 55151200 is square meters (M2). This means that the measurement and pricing of these fabrics are based on the area in square meters. Importers and exporters should provide accurate information regarding the quantity in square meters to facilitate trade transactions.
Several countries have special tariff preference programs in place for woven fabrics classified under HS Code 55151200. These programs offer reduced or duty-free rates to promote trade and economic cooperation. Here are some examples:
Importers and exporters from these countries can take advantage of these special tariff preference programs to reduce the cost of importing or exporting woven fabrics under HS Code 55151200. It is essential to comply with the specific requirements and documentation associated with each program to benefit from the preferential rates.
When importing woven fabrics under HS Code 55151200 into the United States, the specific states involved in these import transactions may vary. As this HS code covers a wide range of woven fabrics, importers can distribute their products to various states based on demand, distribution networks, and other factors.
Similarly, when exporting woven fabrics under HS Code 55151200 from the United States, the choice of states involved in these export transactions may vary. Exporters can cater to the needs of different international markets based on demand, market access, and other considerations.
HS Code 55151200 represents woven fabrics of polyester staple fibers, mixed mainly or solely with man-made filaments, nesoi. Importers and exporters should be aware of the bound/MFN duty rate, quantity unit, and special tariff preference programs applicable to this HS code. Understanding these details is crucial for efficient and cost-effective international trade in woven fabrics.