When it comes to international trade, having a standardized coding system for products is essential. The Harmonized System (HS) Code provides a universally recognized classification for goods, making it easier for countries to harmonize their trade policies. In this article, we will explore the HS Code 58062000, which refers to narrow woven fabrics containing elastomeric yarn or rubber thread.
The HS Code 58062000 encompasses narrow woven fabrics that do not fall under the category of goods in heading 5807. These fabrics are not pile, meaning they do not have a raised surface. The defining characteristic of products falling under this HS Code is that they contain at least 5% of elastomeric yarn or rubber thread by weight.
Narrow woven fabrics are commonly used in various industries, including textiles, fashion, accessories, and even industrial applications. They are versatile, durable, and can be made from a wide range of materials such as cotton, polyester, nylon, and more. These fabrics are typically used for trimmings, bindings, straps, belts, and other decorative or functional purposes.
The bound or Most Favored Nation (MFN) duty rate for products falling under the HS Code 58062000 is 7%. The MFN principle states that when a country reduces trade barriers or opens up its market, it must do so for the same goods or services from all its trading partners. This ensures fair and equal treatment for all countries involved in international trade.
The quantity unit for products classified under the HS Code 58062000 is kilograms (KG). This unit of measurement is commonly used in international trade to quantify the weight of goods being imported or exported.
Several countries have special tariff preference programs in place for products classified under the HS Code 58062000. These programs offer preferential duty rates or even duty-free treatment to promote trade and economic cooperation. Here are some notable examples:
These special tariff preference programs aim to facilitate trade between countries by reducing or eliminating import duties on specific goods. Importers and exporters should be aware of these programs to take advantage of the preferential rates available.
As the HS Code 58062000 is used for international trade, it is essential to consider the specific regulations and requirements of importing and exporting countries. While the HS Code provides a universal classification, each country may have its own rules and restrictions.
In the case of the United States, the importing and exporting of products falling under the HS Code 58062000 are subject to federal regulations. Importers and exporters need to comply with customs procedures, documentation requirements, and any applicable tariffs or duties imposed by the United States government.
The specific states involved in importing or exporting products under this HS Code can vary depending on trade patterns. It is essential to consult with customs authorities or trade experts to ensure compliance with the regulations of both the importing and exporting countries.
The HS Code 58062000 plays a vital role in classifying narrow woven fabrics containing elastomeric yarn or rubber thread for international trade purposes. Understanding the product description, duty rates, quantity unit, and special tariff preference programs associated with this HS Code is crucial for importers, exporters, and trade professionals.
By adhering to the standardized coding system provided by the HS Code, countries can facilitate trade, harmonize their policies, and promote economic cooperation. The HS Code 58062000 serves as a valuable tool for businesses involved in the import and export of narrow woven fabrics, ensuring transparency and fair treatment in international trade.