HS Code 61029090 is a specific code used in international trade to classify a particular product. In this case, it refers to women's or girls' overcoats, carcoats, etc., made of textile materials (excluding wool, cotton, or man-made fibers), containing less than 70% weight of silk, and knitted or crocheted.
This HS code is important for customs authorities and importers/exporters as it helps in the proper identification and classification of the product for customs purposes. It ensures that the correct duties, taxes, and regulations are applied to the import or export of these garments.
The product description provided in the HS code gives a clear understanding of the characteristics of the overcoats. They are specifically designed for women or girls and are made of textile materials other than wool, cotton, or man-made fibers. The overcoats must contain less than 70% weight of silk and must be either knitted or crocheted.
When it comes to the duty rate, the bound or MFN (Most Favored Nation) duty rate for this HS code is 5.7%. This means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. The duty rate is the percentage of the declared value of the goods that needs to be paid as customs duty upon import.
The quantity unit for this HS code is dozens (DOZ), which means that the overcoats are typically imported or exported in multiples of 12.
There are also special tariff preference programs associated with this HS code. Some countries offer duty-free treatment for imports of these overcoats, while others have specific rates. The countries that offer duty-free treatment include Bahrain (BH), Canada (CA) under NAFTA (North American Free Trade Agreement), Chile (CL), the European Union (E*), Israel (IL), Jordan (JO), Mexico (MX) under NAFTA, Oman (OM), Panama (P), Peru (PE), and Singapore (SG). Australia (AU) offers a special rate of 5.1%, and Morocco (MA) offers a special rate of 0.5%.
Importing and exporting these overcoats can involve various US states as the importing or exporting party. The specific states involved would depend on the companies or individuals engaged in the trade. The HS code helps in identifying the product and ensuring that the appropriate regulations and duties are applied regardless of the states involved.
HS Code 61029090 is used to classify women's or girls' overcoats made of textile materials (excluding wool, cotton, or man-made fibers), containing less than 70% weight of silk, and knitted or crocheted. It is important for proper customs classification, determining duty rates, and accessing special tariff preference programs. Importers, exporters, and customs authorities rely on this HS code to facilitate international trade of these garments.