Knitted and crocheted fabrics are versatile textiles that are used in various industries, including fashion, sports, and home furnishings. These fabrics are made by interlocking loops of yarn, creating a flexible and stretchable material. The HS Code 60024080 specifically refers to knitted or crocheted fabrics not elsewhere specified or included (nesoi), with a width not exceeding 30 cm, and containing 5% or more elastomeric yarn but no rubber thread, other than those made of cotton.
This HS code plays a crucial role in international trade, as it helps classify and regulate the import and export of these fabrics. It enables governments and businesses to track and monitor the flow of goods, apply appropriate tariffs, and ensure compliance with trade agreements and regulations.
The bound or most-favored-nation (MFN) duty rate for products under HS Code 60024080 is 8%. The MFN principle states 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 principle promotes fair and equal treatment in international trade.
The quantity unit for products under HS Code 60024080 is kilograms (KG). This standard unit of measurement allows for accurate and standardized trade transactions, making it easier to determine the quantity and value of the imported or exported fabrics.
Several special tariff preference programs apply to products under HS Code 60024080. These programs offer reduced or duty-free rates for specific countries or regions, promoting trade and economic cooperation. The following are some examples:
These special tariff preference programs aim to foster economic relationships and provide incentives for countries to engage in trade. They create opportunities for businesses to access new markets, expand their customer base, and enhance competitiveness.
When importing products under HS Code 60024080 to the United States, it is essential to consider the specific regulations and requirements of each state. Similarly, when exporting these products from the United States, knowledge of the regulations in the destination country is crucial. Compliance with customs procedures, documentation, and product standards is necessary to ensure a smooth and successful trade transaction.
HS Code 60024080 pertains to knitted or crocheted fabrics containing elastomeric yarn. This code facilitates the classification, regulation, and monitoring of these fabrics in international trade. Various special tariff preference programs offer reduced or duty-free rates for specific countries or regions, promoting trade and economic cooperation. Importing and exporting these fabrics require compliance with relevant regulations and standards to ensure smooth and successful trade transactions.