When it comes to international trade, it is crucial to have a standardized system for classifying goods. The Harmonized System (HS) Code provides a universal language for identifying and categorizing products. This article focuses on HS Code 60012900, which represents knitted or crocheted looped pile fabrics of textile materials, excluding cotton or man-made fibers.
HS Code 60012900 is used to classify a specific type of fabric that has looped piles. These fabrics are commonly used in various industries, including fashion, upholstery, and home furnishings. The code ensures that these fabrics are properly identified and regulated during international trade.
One important aspect to consider when trading goods is the bound or most-favored-nation (MFN) duty rate. For HS Code 60012900, the MFN duty rate is 7%. This means that every time 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. This ensures fair and equal treatment for all countries involved in trade.
The quantity unit for HS Code 60012900 is kilograms (KG). This unit of measurement is used to determine the weight of the fabric being traded. It helps in accurately assessing the value and quantity of the goods during customs clearance and other trade-related processes.
Additionally, there are special tariff preference programs available for HS Code 60012900. These programs offer reduced or duty-free rates for certain countries. The following are the special tariff preference programs and their corresponding rates:
These special rates encourage trade between specific countries and provide economic benefits for importers and exporters dealing with HS Code 60012900.
Lastly, it is important to consider the importing and exporting US states for HS Code 60012900. The specific states involved in the import and export of these goods may have their own regulations, requirements, and preferences. It is essential for traders to be aware of these state-level considerations to ensure smooth and compliant trade operations.
HS Code 60012900 represents knitted or crocheted looped pile fabrics of textile materials, excluding cotton or man-made fibers. This code provides a standardized classification system for these fabrics, ensuring fair trade practices and appropriate regulations. Importers and exporters dealing with HS Code 60012900 should be aware of the bound duty rate, quantity unit, special tariff preference programs, and state-level considerations to facilitate successful international trade.