When it comes to international trade, it is essential to have a standardized system for classifying and identifying products. The Harmonized System (HS) Code serves this purpose by providing a unique code for each product based on its characteristics and composition. One such HS code is 55151305, which pertains to woven fabrics of polyester staple fibers, containing 36 percent or more by weight of wool or fine animal hair, not elsewhere specified or included.
The HS code 55151305 provides crucial information about the product, enabling traders, customs officials, and statisticians to accurately classify and track trade in these specific fabrics. Let's dive into more details about this HS code and its associated data.
The product described under HS code 55151305 refers to woven fabrics made from polyester staple fibers, which are short fibers produced from polyester. However, these fabrics have an additional characteristic – they contain 36 percent or more by weight of wool or fine animal hair. This unique composition adds a particular quality and texture to the fabrics, making them suitable for various applications in the textile industry.
The bound / Most Favored Nation (MFN) duty rate for products falling under HS code 55151305 is 25%. This means that whenever a country lowers a trade barrier or opens up a market, it must apply the same duty rate of 25% to similar goods or services from all its trading partners. This duty rate helps regulate and promote fair trade practices, ensuring equal treatment for all trading partners.
The quantity unit for products classified under HS code 55151305 is square meters (M2). This unit of measurement provides a standardized way to quantify the amount of woven fabrics imported or exported under this HS code. It simplifies the invoicing and tracking process, allowing accurate calculation of quantities and costs involved in international trade.
Several special tariff preference programs are applicable to products falling under HS code 55151305. These programs offer preferential treatment in terms of reduced or zero import duties for specific trading partners. Here are some of the special tariff preference programs associated with this HS code:
These special tariff preference programs aim to promote trade and economic cooperation between the countries involved. Importers and exporters can take advantage of these programs to reduce their import duties or enjoy duty-free treatment, boosting their competitiveness in the global market.
HS code 55151305 applies to imports and exports of woven fabrics of polyester staple fibers, containing 36 percent or more by weight of wool or fine animal hair, not elsewhere specified or included, to and from various states in the United States. The specific states involved in importing and exporting these products may vary depending on market demand and trade patterns.
Understanding the HS code 55151305 and its associated data is crucial for international traders, customs officials, and policymakers. It enables accurate classification, tracking, and regulation of trade in woven fabrics of polyester staple fibers, containing a significant proportion of wool or fine animal hair. By adhering to the standardized system provided by the HS code, countries can ensure fair trade practices, promote economic growth, and facilitate global commerce.