Knitted or crocheted fabrics made of cotton are classified under HS code 60029040. These fabrics have a width not exceeding 30 cm and contain 5% or more elastomeric yarn or rubber thread. Let's dive into the details of this HS code and explore its implications for international trade.
The product description for HS code 60029040 is "Knitted or crocheted fabrics nesoi, width not exceeding 30 cm, containing 5% or more elastomeric yarn or rubber thread nesoi, of cotton." This means that the fabrics in question are made by either knitting or crocheting cotton fibers, resulting in a textile material with a width of no more than 30 cm. Additionally, these fabrics must contain at least 5% of elastomeric yarn or rubber thread.
The bound / MFN (Most Favored Nation) duty rate for HS code 60029040 is 8.8%. This duty rate applies every time a country lowers a trade barrier or opens up a market. It ensures that the same goods or services from all trading partners receive equal treatment in terms of duty rates.
The quantity unit for HS code 60029040 is kilograms (KG). This means that the quantity of knitted or crocheted fabrics of cotton is measured in kilograms when traded internationally.
Several countries offer special tariff preference programs for products classified under HS code 60029040. These programs provide either duty-free treatment or reduced duty rates for imports of these fabrics. Here are the details of some of these programs:
These special tariff preference programs aim to promote trade and strengthen economic ties between the countries involved by providing favorable conditions for imports of knitted or crocheted fabrics of cotton.
HS code 60029040 applies to both importing and exporting activities involving knitted or crocheted fabrics of cotton in the United States. Any state within the US can engage in the importation of these fabrics, while US states can also export them to other countries as part of international trade.
Overall, HS code 60029040 plays a crucial role in facilitating the global trade of knitted or crocheted fabrics made of cotton. Its classification, duty rates, special tariff preference programs, and quantity unit all contribute to the smooth flow of these textiles across borders, benefiting both producers and consumers worldwide.