Tufted textile fabrics play a crucial role in various industries, ranging from home decor to fashion. Understanding the classification and tariff preferences associated with these fabrics is essential for importers and exporters alike. In this article, we will delve into the details of HS Code 58023000, which specifically covers tufted textile fabrics that are not classified under HS Code 5703.
HS Code 58023000 encompasses tufted textile fabrics, excluding products falling under HS Code 5703. Tufted textiles are fabrics that have been created by inserting loops of yarn through a base fabric, resulting in a plush and durable texture. These fabrics find applications in carpeting, upholstery, and other decorative purposes.
The bound or MFN (Most Favored Nation) duty rate for HS Code 58023000 is 6.2%. The MFN principle ensures that when a country reduces trade barriers or opens up its market, it must do so uniformly for all its trading partners. This means that the same duty rate applies to tufted textile fabrics from all countries.
The quantity unit for HS Code 58023000 is square meters (M2). This unit of measurement is used to determine the area of the tufted textile fabric being imported or exported. It allows for accurate calculation of the fabric's dimensions and helps in determining the total quantity of fabric involved in a trade transaction.
HS Code 58023000 benefits from various special tariff preference programs, offering reduced or duty-free rates for specific countries. Below is a list of countries and their corresponding tariff rates:
These special tariff preference programs allow for favorable trade conditions, promoting economic cooperation and facilitating business between the participating countries.
When it comes to importing and exporting tufted textile fabrics classified under HS Code 58023000, it is important to understand the specific regulations and requirements of both the importing and exporting US states. However, based on the available data, the state of Georgia appears to be involved in both the importing and exporting of these fabrics.
HS Code 58023000 plays a significant role in regulating the trade of tufted textile fabrics. It provides a clear classification for these fabrics and ensures consistent duty rates for all trading partners. Additionally, the availability of special tariff preference programs further encourages international trade and collaboration in the textile industry.
Whether you are an importer or exporter of tufted textile fabrics, understanding and complying with the regulations associated with HS Code 58023000 is crucial for a successful and efficient trade experience.