Woven fabrics of artificial staple fibers are a type of textile material that plays a crucial role in the global trade market. These fabrics are classified under HS Code 55163205, which specifically refers to fabrics that contain less than 85% of artificial staple fibers and at least 36% of wool or fine animal hair. Additionally, these fabrics are dyed to enhance their aesthetic appeal.
The HS Code system, also known as the Harmonized System, is an international nomenclature used to classify traded products. It provides a standardized coding system that enables countries to classify and track goods in a uniform manner. This system is crucial for accurate trade statistics, customs regulations, and tariff calculations.
When it comes to the import and export of woven fabrics of artificial staple fibers, it is essential to understand the various aspects associated with HS Code 55163205. This article will provide an in-depth analysis of the product description, duty rates, quantity units, and special tariff preference programs related to this specific HS Code.
The product description of HS Code 55163205 revolves around woven fabrics made of artificial staple fibers. These fabrics are primarily used in the textile industry for various applications such as clothing, upholstery, and home furnishings. The specific requirements for this HS Code include:
These criteria ensure that the fabrics classified under this HS Code possess a certain composition and appearance, making them distinct from other textile materials.
The bound or Most Favored Nation (MFN) duty rate for HS Code 55163205 is set at 25%. The MFN principle dictates 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. This ensures that all countries receive equal treatment and eliminates discrimination in international trade.
With a duty rate of 25%, importing countries are required to pay this percentage of the total value of the woven fabrics of artificial staple fibers under HS Code 55163205. It is important for importers and exporters to consider this duty rate while engaging in international trade to accurately calculate the cost and potential profit margins.
The quantity unit used for measuring woven fabrics of artificial staple fibers under HS Code 55163205 is square meters (M2). This unit is commonly used in the textile industry to determine the area covered by a particular fabric. Importers and exporters must provide accurate measurements in square meters to ensure transparency and consistency in international trade transactions.
HS Code 55163205 is eligible for several special tariff preference programs, which offer reduced or duty-free rates for specific trading partners. These programs aim to promote trade and economic cooperation among countries. The following are the special tariff preference programs applicable to HS Code 55163205:
These special tariff preference programs provide various benefits to importers and exporters, such as reduced duty rates or duty-free treatment. It is crucial for traders to be aware of these programs to take advantage of favorable trade conditions and enhance their competitiveness in the global market.
When it comes to importing woven fabrics of artificial staple fibers classified under HS Code 55163205, the United States receives these products from various exporting countries. The specific importing US states may vary depending on the trade agreements and preferences of individual states. Some prominent importing US states for these fabrics include California, New York, Texas, and Illinois.
On the other hand, the exporting US states refer to the states that produce and export woven fabrics of artificial staple fibers to international markets. These states may include North Carolina, South Carolina, Georgia, and Massachusetts. The exporting US states play a crucial role in fulfilling the global demand for these fabrics.
Understanding the flow of import and export within the United States provides valuable insights into the trade dynamics and economic significance of woven fabrics of artificial staple fibers under HS Code 55163205.
HS Code 55163205 encompasses woven fabrics of artificial staple fibers that contain less than 85% of such fibers and at least 36% of wool or fine animal hair. The product description, duty rates, quantity units, and special tariff preference programs associated with this HS Code have significant implications for international trade. Importers and exporters must be well-informed about these aspects to navigate the global market effectively and leverage favorable trade conditions.