When it comes to international trade, it is essential to have a standardized system to classify and categorize goods. The Harmonized System (HS) Code is a globally recognized system that assigns a unique code to each product, making it easier for countries to track and regulate trade. In this article, we will explore HS Code 60063100, which refers to unbleached or bleached knitted or crocheted fabrics of synthetic fibers, not elsewhere specified or included.
Unbleached or bleached knitted or crocheted fabrics made from synthetic fibers are commonly used in various industries such as fashion, home textiles, and manufacturing. These fabrics offer versatility, durability, and a wide range of applications. The HS Code 60063100 specifically covers fabrics that are not classified under any other code within the HS system.
The duty rate for products classified under HS Code 60063100 is 10%. This means that countries importing these fabrics are required to pay a 10% duty on the value of the goods. It is important to note that this duty rate applies whenever a country lowers a trade barrier or opens up a market. This principle, known as the Most-Favored-Nation (MFN) principle, ensures that all trading partners receive the same treatment for their goods and services.
The quantity unit for HS Code 60063100 is kilograms (KG). This unit of measurement allows for easy tracking and calculation of the quantity of fabrics being traded.
Several special tariff preference programs are available for products classified under HS Code 60063100. These programs provide preferential treatment to certain countries, reducing or eliminating import duties. For example, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Peru, and Singapore enjoy duty-free treatment for these fabrics. Australia and Morocco receive special rates of 3% and 1%, respectively, while Oman receives a special rate of 6%.
When it comes to importing these fabrics into the United States, all states are eligible to receive shipments classified under HS Code 60063100. Similarly, when exporting these fabrics from the United States, all states can engage in trade.
HS Code 60063100 refers to unbleached or bleached knitted or crocheted fabrics of synthetic fibers, not elsewhere specified or included. This code helps streamline international trade by providing a standardized classification system. Understanding the duty rates and special tariff preference programs associated with this code is crucial for businesses engaged in the import and export of these fabrics. By leveraging the HS Code system, countries can efficiently track and regulate trade while ensuring fair treatment for all trading partners.