When it comes to international trade, the Harmonized System (HS) Code plays a crucial role in classifying products. HS Code 59032020 specifically refers to textile fabrics made of man-made fibers that are impregnated, coated, covered, or laminated with polyurethane, with over 70% of the weight being rubber or plastics.
Understanding the HS Code is important for importers and exporters as it helps streamline customs procedures, determine duty rates, and gather statistical data. In this article, we will delve deeper into the details of HS Code 59032020 and its implications in international trade.
HS Code 59032020 encompasses textile fabrics that are made of man-made fibers and undergo specific treatment. These fabrics are impregnated, coated, covered, or laminated with polyurethane, with over 70% of the weight consisting of rubber or plastics.
The addition of polyurethane and rubber or plastics enhances the fabric's properties, making it more durable, water-resistant, and versatile. This makes it suitable for various applications, including apparel, upholstery, bags, and industrial uses.
The Bound / MFN (Most Favored Nation) duty rate for HS Code 59032020 is free. This means that countries are not required to impose any import duty when trading this specific product. It is essential to note that this duty rate applies whenever a country lowers a trade barrier or opens up its market. The principle of MFN treatment ensures that all trading partners receive the same treatment regarding tariffs and trade barriers.
By offering free trade for goods or services covered by HS Code 59032020, countries encourage international trade and promote economic growth. This benefits both importers and exporters by reducing costs and facilitating market access.
The quantity unit for HS Code 59032020 is square meters (M2). This unit of measurement allows for accurate calculation and tracking of the fabric's area. It is particularly useful when determining the quantity for import or export purposes.
Several countries have special tariff preference programs for products classified under HS Code 59032020. These programs offer reduced or duty-free rates, making trade more favorable for importers and exporters. Let's explore some of these programs:
These special tariff preference programs aim to foster trade relationships, encourage international cooperation, and promote economic development between countries.
While specific information about the importing US states is not provided, it is essential to note that HS Code 59032020 is applicable for import into the United States. Importers in the US, particularly in states like New Mexico, may find this HS Code relevant for their business operations.
It is important for importers and exporters to be familiar with the regulations and requirements associated with HS Code 59032020 when conducting international trade involving textile fabrics impregnated, coated, covered, or laminated with polyurethane, over 70% weight rubber or plastics.
HS Code 59032020 plays a significant role in classifying and regulating the trade of textile fabrics made of man-made fibers with specific treatment. The bound / MFN duty rate, quantity unit, and special tariff preference programs associated with this HS Code provide valuable insights for importers and exporters engaged in international trade.