When it comes to international trade, it is important to have a standardized system for classifying products. The Harmonized System (HS) code is a globally recognized system used to classify goods and products for import and export purposes. The HS code 55162200 refers to woven fabrics of artificial staple fibers, with less than 85% by weight of such fibers, mixed mainly or solely with man-made filaments, and dyed.
This specific HS code provides a detailed description of the product, allowing customs officials and traders to identify and categorize the goods accurately. In this case, it refers to woven fabrics made from artificial staple fibers, which are short fibers that are spun and woven together. These fabrics are mixed mainly or solely with man-made filaments, which are continuous synthetic fibers, and are dyed to give them color.
Understanding the HS code is essential for importers and exporters as it helps determine the applicable customs duties and tariff rates. The bound or most-favored-nation (MFN) duty rate for HS code 55162200 is 14.9%. 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 HS code 55162200 is measured in square meters (M2). This unit of measurement is commonly used for fabrics and textiles, allowing for accurate quantification and pricing.
Special tariff preference programs can also affect the duty rates for products under HS code 55162200. Some countries have negotiated preferential rates for certain goods, reducing or eliminating the duty rates. For example, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Panama, Peru, and Singapore offer duty-free treatment for products under this HS code. Australia provides a special rate of 3%, while Morocco offers a rate of 1.5%.
When it comes to importing products under HS code 55162200 to the United States, there are no specific restrictions based on the exporting country. However, it is important to comply with all applicable customs regulations and requirements. The United States does not impose any additional duties or restrictions on this particular product.
Similarly, when exporting products under HS code 55162200 from the United States, there are no specific restrictions based on the importing country. However, it is important to research and comply with the customs regulations and requirements of the destination country to ensure a smooth export process.
HS code 55162200 is used to classify woven fabrics of artificial staple fibers, mixed mainly or solely with man-made filaments, and dyed. Understanding the HS code and its associated duty rates is crucial for importers and exporters to ensure compliance with customs regulations and to accurately calculate costs. The special tariff preference programs offered by certain countries can provide opportunities for reduced or duty-free treatment, making it essential to explore these options when engaging in international trade.