The HS Code 55163410 refers to woven fabrics of artificial staple fibers that contain less than 85% of such fibers, mixed mainly or solely with wool or fine animal hair. These fabrics are also printed and classified as "nesoi" (not elsewhere specified or included). Understanding the details and implications of this HS Code is crucial for international trade and the global textile industry.
The Bound / MFN (Most Favored Nation) duty rate for this HS Code is 12%. The MFN principle states that whenever 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 equal treatment and non-discrimination among countries in international trade.
The quantity unit for this HS Code is square meters (M2). This unit helps in determining the area of the woven fabrics being imported or exported, providing a standardized measurement for trade transactions.
Several special tariff preference programs exist for this HS Code. In some countries, these woven fabrics may enter duty-free or with reduced tariff rates. For example, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, and Singapore offer duty-free treatment for this product. Australia provides a special rate of 3%, and Morocco offers a rate of 1.2%.
Importing US states and exporting US states play a significant role in the trade of woven fabrics under this HS Code. The specific states involved depend on the trading partners and their respective textile industries.
the HS Code 55163410 represents woven fabrics of artificial staple fibers, mixed mainly or solely with wool or fine animal hair, printed, and not elsewhere specified or included. Understanding the details of this HS Code, including duty rates, quantity units, and special tariff preference programs, is essential for businesses engaged in international trade and the textile industry.