Hand-hooked carpets and other textile floor coverings fall under the HS Code 57031020. This code is used to identify and classify these products for international trade purposes. In this article, we will explore the details of this HS Code and learn more about the product description, duty rates, quantity unit, and special tariff preference programs associated with it.
The HS Code 57031020 covers hand-hooked carpets and textile floor coverings that are tufted, whether or not made up, and are made of wool or fine animal hair. These floor coverings are known for their intricate designs and craftsmanship, making them a popular choice for interior decoration.
The use of wool or fine animal hair in these carpets ensures their durability and luxurious appeal. The hand-hooked technique involves pulling loops of yarn or fabric through a woven base to create a textured and patterned surface.
The bound or Most Favored Nation (MFN) duty rate for the HS Code 57031020 is 6%. The MFN principle states 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 fairness and equal treatment in international trade.
Importers of hand-hooked carpets and textile floor coverings under this HS Code are subject to a 6% duty rate when bringing these products into their country.
The quantity unit for the HS Code 57031020 is square meters (M2). This unit of measurement is used to determine the area covered by the hand-hooked carpets or textile floor coverings being imported or exported.
Importers and exporters need to provide the quantity of the products in square meters to accurately calculate the value and assess any applicable duties or taxes.
The HS Code 57031020 is eligible for various special tariff preference programs in different countries. These programs provide preferential treatment in terms of duty rates or duty-free treatment for importers and exporters of these products.
Some of the special tariff preference programs associated with this HS Code are as follows:
These special tariff preference programs enable importers and exporters to benefit from reduced or duty-free rates, promoting trade and economic cooperation between countries.
The HS Code 57031020 applies to both importing and exporting hand-hooked carpets and textile floor coverings in the United States. Importers from any US state can utilize this HS Code to classify and bring in these products. Similarly, exporters from any US state can use this HS Code when shipping these products to international markets.
Some of the major US states involved in the import and export of hand-hooked carpets and textile floor coverings include California, New York, Texas, Florida, and Illinois. These states have a significant market for interior decoration and home furnishings, making them key players in the trade of these products.
the HS Code 57031020 is crucial for identifying and classifying hand-hooked carpets and textile floor coverings in international trade. Importers and exporters can leverage this code to navigate customs procedures, determine duty rates, and benefit from special tariff preference programs. By understanding the details of this HS Code, businesses can engage in efficient and compliant trade transactions for these exquisite floor coverings.