When it comes to international trade, the Harmonized System (HS) Code plays a crucial role in classifying products. Each HS Code represents a specific product, making it easier for countries to track and regulate trade. In this article, we will explore HS Code 60049020, which pertains to knitted or crocheted fabrics with a width exceeding 30 cm, containing 5% or more of elastomeric yarn and rubber thread, excluding fabrics classified under HS Code 6001.
The product description of HS Code 60049020 provides detailed information about the specific fabrics it covers. These fabrics are knitted or crocheted, with a width greater than 30 cm. What sets them apart is the presence of elastomeric yarn and rubber thread, which accounts for 5% or more of the fabric's composition. However, fabrics falling under HS Code 6001 are excluded from this classification.
For countries imposing trade barriers or opening up their markets, there is a bound or Most Favored Nation (MFN) duty rate associated with HS Code 60049020. The bound duty rate for this code is 12.3%, which applies uniformly to all countries. This means that whenever a country lowers trade barriers or provides market access, it must do so for all its trading partners.
The quantity unit for HS Code 60049020 is kilograms (KG). This unit is used to measure the weight of the imported or exported fabrics falling under this code. It ensures uniformity and clarity in international trade transactions.
Several countries have special tariff preference programs in place for fabrics classified under HS Code 60049020. These programs offer preferential duty rates or duty-free treatment, making trade more favorable for certain trading partners. Here are some examples:
These special tariff preference programs aim to promote trade relations, facilitate economic growth, and foster cooperation between countries. Importers and exporters should take advantage of these programs to reduce costs and enhance their competitiveness in the global market.
When it comes to trade involving HS Code 60049020, it is important to consider the specific US states involved in the import and export processes. While the provided data does not specify the exporting US states, it mentions that Rhode Island is actively involved in importing these fabrics. This information can be valuable for businesses looking to establish trade relationships and target specific regions within the United States.
HS Code 60049020 encompasses knitted or crocheted fabrics with a width exceeding 30 cm, containing 5% or more of elastomeric yarn and rubber thread. This code has a bound duty rate of 12.3%, and the quantity unit used is kilograms (KG). Various special tariff preference programs offer preferential duty rates or duty-free treatment for these fabrics, benefitting countries such as Bahrain, Canada, Chile, Israel, Jordan, and others. Understanding the HS Code and associated details is crucial for businesses involved in international trade, allowing them to navigate regulations and take advantage of preferential trade programs.