Knitted or crocheted fabrics made of cotton with elastomeric yarn are classified under HS Code 60024040. These fabrics have a width not exceeding 30 cm and contain 5% or more elastomeric yarn but no rubber thread. The HS code is used to classify and identify goods for international trade, and it plays a crucial role in customs procedures, tariff rates, and trade statistics.
When importing or exporting goods classified under HS Code 60024040, it is important to understand the applicable duty rates and special tariff preference programs. The bound / MFN (Most Favored Nation) duty rate for this HS code is 8.8%, which means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. This ensures fair and equal treatment for all trading partners.
The quantity unit for goods classified under HS Code 60024040 is kilograms (KG). This unit is used to measure the weight of the imported or exported fabrics. It is important to accurately declare the quantity unit to ensure proper customs documentation and compliance with trade regulations.
In addition to the duty rates, there are special tariff preference programs available for goods classified under HS Code 60024040. These programs offer reduced or duty-free rates for specific countries. The following countries have special tariff rates for this HS code:
These special tariff preference programs provide opportunities for exporters and importers to benefit from reduced or eliminated duties when trading with the listed countries. It is important to consult the specific rules and regulations of each program to ensure eligibility and compliance.
When importing goods classified under HS Code 60024040, it is essential to be aware of the exporting US states. The specific states from which the goods are exported can have an impact on transportation logistics, supply chain management, and trade agreements. Similarly, understanding the importing US states is crucial for market analysis, distribution planning, and customs clearance procedures.
HS Code 60024040 represents knitted or crocheted fabrics made of cotton with elastomeric yarn. This HS code helps classify and identify these fabrics for international trade purposes. Understanding the applicable duty rates, special tariff preference programs, and the involvement of specific US states in the import and export process is essential for successful trade operations.