Labels play a crucial role in various industries, providing essential information about a product, its origin, and its usage. The HS Code 58071005 specifically refers to labels made of cotton or man-made fibers, which are woven and not embroidered. These labels are typically sold in pieces, strips, or cut to shape or size.
When importing or exporting products, it is important to be aware of the HS code assigned to the goods. The HS code system is an internationally recognized classification system used to categorize goods for customs and trade purposes. The HS code 58071005 allows customs authorities to identify and classify labels made of cotton or man-made fibers accurately.
The bound or most-favored-nation (MFN) duty rate for products with the HS code 58071005 is 7.9%. The MFN duty rate applies every time a country lowers a trade barrier or opens up a market, ensuring that the same goods or services receive equal treatment from all trading partners. This duty rate helps maintain fairness and non-discriminatory practices in international trade.
Quantity unit for products with the HS code 58071005 is measured in kilograms (KG). This unit of measurement allows for accurate tracking and pricing of labels during import or export processes.
Several special tariff preference programs are available for products with the HS code 58071005. These programs provide certain countries with preferential treatment or reduced duty rates. For example, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, Singapore, and the Dominican Republic-Central American countries (under DR-CAFTA) enjoy duty-free treatment for these labels. Australia has a special rate of 3%, and Morocco has a special rate of 0.8%.
It is important to note that the HS code 58071005 applies to labels imported into or exported from the United States. The exporting US states vary depending on the specific trade transactions. Similarly, the importing US states also depend on the destination of the labels.
the HS code 58071005 represents labels made of cotton or man-made fibers, which are woven and not embroidered. Understanding the HS code and the associated information such as duty rates and special tariff preference programs is crucial for importers, exporters, and customs authorities. By adhering to the correct HS code classification, businesses can ensure smooth and compliant trade operations.