The HS Code 56075040 refers to twine, cordage, rope, and cables made of synthetic fibers, excluding polyethylene or polypropylene, not elsewhere specified or included. This code is used to classify and identify these specific products for international trade purposes. In this article, we will explore the details of this HS code and its implications for importers and exporters.
When it comes to trade barriers and market access, countries often impose duties or tariffs on imported goods. The bound or Most Favored Nation (MFN) duty rate for HS Code 56075040 is 3.6%. This means that every time 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 helps ensure fair and equal treatment for all countries involved in international trade.
The quantity unit for HS Code 56075040 is kilograms (KG). This unit of measurement is used to determine the weight of the twine, cordage, rope, and cables being imported or exported.
There are also special tariff preference programs available for HS Code 56075040. Some countries offer duty-free treatment for these products, while others have reduced tariff rates. For example, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, and Singapore provide duty-free treatment for this HS code. Australia offers a special rate of 3%, and Morocco offers a rate of 0.4%.
When importing products with HS Code 56075040 into the United States, the exporting state may vary. However, one of the states that commonly exports these products to the US is Virginia. This information is useful for importers who are looking to source these products from specific states within the US.
HS Code 56075040 is used to classify and identify twine, cordage, rope, and cables made of synthetic fibers, excluding polyethylene or polypropylene. Importers and exporters need to be aware of the bound or MFN duty rate, special tariff preference programs, and the quantity unit for this HS code. Understanding these details can help businesses navigate international trade and make informed decisions when it comes to importing or exporting twine, cordage, rope, and cables.