When it comes to international trade, it is essential to have a standardized system for classifying products. The Harmonized System (HS) Code is a globally recognized code that categorizes goods based on their characteristics, composition, and intended use. Each HS Code is unique and helps to streamline the import and export processes.
One such HS Code is 58061030, which refers to narrow woven pile fabrics, including terry toweling and chenille fabrics. However, it excludes those made of cotton or man-made fibers and does not include goods classified under HS Code 5807.
Now, let's delve deeper into the details of this particular HS Code.
For importers and exporters, understanding the duty rates associated with a particular HS Code is crucial. The MFN (Most Favored Nation) duty rate for HS Code 58061030 is 3.8%. This rate applies every time a country lowers a trade barrier or opens up a market, ensuring equal treatment for all trading partners.
The quantity unit for HS Code 58061030 is kilograms (KG). This measurement is used to determine the weight of the goods being imported or exported.
Several countries have implemented special tariff preference programs for goods classified under HS Code 58061030. These programs offer reduced or duty-free rates, promoting trade and economic cooperation. Here are some examples:
It's important for importers and exporters to be aware of these special tariff preference programs, as they can significantly impact the cost of doing business.
HS Code 58061030 is relevant for both importing and exporting activities in the United States. The code applies to goods entering or leaving the country, irrespective of the specific states involved.
By adhering to the regulations and requirements associated with HS Code 58061030, importers and exporters can ensure smooth and compliant international trade transactions.
Remember, the HS Code is a valuable tool for classifying and identifying products in the global trade arena. Familiarizing yourself with the specific HS Code relevant to your goods can help you navigate import and export procedures more efficiently, ensuring compliance and facilitating international business growth.