The HS Code 55162300 refers to woven fabrics of artificial staple fibers that contain less than 85% of such fibers. These fabrics are primarily or solely mixed with man-made filaments and are made from different colored yarns. This code is used to classify and regulate the import and export of these specific textile products.
When it comes to international trade, countries have to adhere to certain rules and regulations. The bound or most favored nation (MFN) duty rate for HS Code 55162300 is 8.5%. 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. This ensures fair and equal treatment for all countries involved.
The quantity unit for HS Code 55162300 is square meters (M2). This unit is used to measure the size or area of the woven fabrics being imported or exported. It provides a standardized measurement for trade transactions and helps in calculating costs and quantities accurately.
There are also special tariff preference programs that apply to HS Code 55162300. These programs provide certain countries with reduced or duty-free rates for importing or exporting these woven fabrics. The countries and their respective rates are as follows:
These special tariff preference programs aim to promote trade and economic cooperation between countries by offering reduced or eliminated duties for specific goods. It provides an incentive for countries to trade with each other and helps in expanding market access and fostering international relationships.
Importing and exporting of HS Code 55162300 woven fabrics of artificial staple fibers can take place between various US states and foreign countries. The specific states involved in importing these fabrics can be different from the states involved in exporting them. This indicates the dynamic nature of international trade and the diverse trading relationships between different regions.
HS Code 55162300 represents woven fabrics of artificial staple fibers that are mixed with man-made filaments and made from different colored yarns. It is important to understand the HS code and its associated regulations when engaging in international trade of these textile products. The special tariff preference programs and the MFN duty rate provide insights into the trade policies and agreements between countries. By adhering to these regulations, countries can foster fair and equal trade practices while promoting economic growth and cooperation.