When it comes to international trade, it is essential to have a standardized system to classify and identify different products. One such system is the Harmonized System (HS) code, which is used by customs authorities around the world. In this article, we will explore the HS code 58042990, which refers to mechanically made lace, in the piece, in strips or in motifs (not fabric of heading 6002), of textile materials (not cotton or mm fibers).
The HS code 58042990 is a specific code that helps in categorizing and tracking the import and export of mechanically made lace. It provides important information about the product, including its description, duty rates, quantity unit, and special tariff preference programs.
The product covered under HS code 58042990 is mechanically made lace. This can be in the form of lace pieces, strips, or motifs. It is important to note that this code specifically excludes lace made from cotton or other man-made fibers. The lace is made from textile materials, providing intricate designs and patterns for various applications.
The bound / MFN duty rate for products falling under HS code 58042990 is 5%. This means that whenever 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. It is important for importers and exporters to consider this duty rate when engaging in international trade involving mechanically made lace.
The quantity unit used for HS code 58042990 is kilograms (KG). This unit is commonly used in international trade to quantify the weight of the product being imported or exported. It helps in determining the cost, logistics, and transportation requirements for the lace products.
Several countries have special tariff preference programs in place for products falling under HS code 58042990. These programs offer reduced or duty-free rates for importing or exporting mechanically made lace. Some of the countries and programs include:
These special tariff preference programs provide opportunities for importers and exporters to benefit from reduced or zero-duty rates, promoting international trade and economic growth.
The HS code 58042990 applies to imports and exports of mechanically made lace in the United States. It is important to note that this code is not specific to any particular state. The importing and exporting of lace products can take place between any US state and its trading partners.
the HS code 58042990 plays a crucial role in classifying and tracking the import and export of mechanically made lace products. It provides valuable information about the product, duty rates, quantity unit, and special tariff preference programs. Importers and exporters should familiarize themselves with this code to ensure compliance with customs regulations and take advantage of any available tariff preferences.