When it comes to international trade, it is essential to have a standardized system for classifying products. The Harmonized System (HS) Code is an internationally recognized system used for this purpose. Each product is assigned a unique HS code, which helps in identifying and categorizing goods for import and export procedures.
One such HS code is 61023005, which pertains to women's or girls' overcoats, carcoats, etc., that are knitted or crocheted, made of manmade fibers, and contain 25% or more by weight of leather.
Understanding the HS code 61023005 is crucial for both importers and exporters of these products. It allows them to comply with customs regulations, determine duty rates, and take advantage of special tariff preference programs.
The bound or Most Favored Nation (MFN) duty rate for products under HS code 61023005 is 5.3%. This means 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. The duty rate is applied to the declared value of the goods during the customs clearance process.
The quantity unit for this HS code is dozens (DOZ). This unit of measurement helps in determining the quantity of products being imported or exported.
In addition to the duty rate, there are various special tariff preference programs available for products under HS code 61023005. These programs offer reduced or zero tariffs for specific countries or regions. Here are some examples:
Importers and exporters should take advantage of these special tariff preference programs to minimize their costs and enhance their competitiveness in the global market.
When it comes to importing products under HS code 61023005 to the United States, it is important to consider the specific requirements of the different states. Each state may have its own regulations and documentation requirements for customs clearance. Similarly, when exporting products from the United States, it is crucial to be aware of the requirements and regulations of the destination country.
understanding the HS code 61023005 is essential for international trade involving women's or girls' overcoats, carcoats, etc., knitted or crocheted, made of manmade fibers, and containing 25% or more by weight of leather. Importers and exporters should be familiar with the duty rates, special tariff preference programs, and any specific requirements for customs clearance. By staying informed and compliant, businesses can navigate the complexities of international trade more effectively.