When it comes to international trade, it is essential to have a standardized system to classify products. One such system is the Harmonized System (HS) code, which is used by countries worldwide to categorize goods for customs and trade purposes. The HS code 58042910 refers to mechanically made lace, specifically made of cotton, in the piece, in strips, or in motifs.
Mechanically made lace is a type of lace that is created using machines rather than being handcrafted. It offers a cost-effective and efficient way to produce intricate lace designs. This type of lace can be found in various forms, including as a whole piece, in strips, or as motifs that can be added to garments or accessories.
The HS code 58042910 is important for importers and exporters to ensure accurate classification of the product for customs procedures and trade documentation. By using the correct HS code, both parties can avoid potential disputes or delays in the customs clearance process.
When importing or exporting goods classified under HS code 58042910, it is necessary to consider the applicable duty rates. The bound or Most Favored Nation (MFN) duty rate for this HS code is 8%. The MFN duty rate is the rate applied to all trading partners when a country lowers trade barriers or opens up its market.
The quantity unit for HS code 58042910 is kilograms (KG). This unit of measurement helps determine the weight of the lace being imported or exported, which is crucial for logistics and shipping purposes.
Additionally, there are special tariff preference programs available for products classified under HS code 58042910. These programs offer reduced or duty-free rates for specific countries. The following countries offer free tariff preferences for mechanically made lace of cotton: Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, Singapore.
It is important to note that the specific details and eligibility criteria for these special tariff preference programs may vary. Importers and exporters should consult the relevant trade agreements and regulations to ensure compliance and take advantage of these preferential rates.
Importing and exporting of goods under HS code 58042910 can occur between various US states and international trading partners. The specific states involved in the import and export activities depend on the business transactions and preferences of the parties involved.
the HS code 58042910 refers to mechanically made lace, made of cotton, in the piece, in strips, or in motifs. This HS code is crucial for accurately classifying and documenting the product for customs and trade purposes. Importers and exporters should be aware of the applicable duty rates and special tariff preference programs to optimize their international trade activities.