When it comes to international trade, it is essential to have a standardized system for classifying products. The Harmonized System (HS) provides a universal language for identifying goods, and each product is assigned a unique HS code. In this article, we will delve into the details of HS Code 61034120, which pertains to men's or boys' bib and brace overalls made from wool or fine animal hair.
The HS Code 61034120 specifically refers to knitted or crocheted bib and brace overalls designed for men and boys. These overalls are made from wool or fine animal hair, ensuring warmth and comfort for the wearer. They are an essential garment for various industries, including construction, agriculture, and outdoor work.
As with any trade, it is crucial to understand the duty rates associated with importing or exporting specific products. The bound or most-favored-nation (MFN) duty rate for HS Code 61034120 is 13.6%. This means that every time a country lowers a trade barrier or opens up a market, it must apply the same duty rate for the same goods or services from all its trading partners.
The quantity unit for HS Code 61034120 is dozens (DOZ), providing a standardized measurement for trading and shipping purposes. It allows for easy calculation and comparison of quantities across different countries and markets.
When it comes to special tariff preference programs, HS Code 61034120 enjoys certain benefits in various countries. In Bahrain, Canada, Chile, Israel, Jordan, Mexico, Peru, and Singapore, these bib and brace overalls can be imported duty-free. This means that importers can enjoy cost savings when bringing these products into these countries.
Australia offers a special rate of 8% for importing HS Code 61034120. This rate is favorable compared to the bound duty rate of 13.6%, providing a reduced cost for importers. Similarly, Morocco offers a special rate of 1.3%, and Oman offers a special rate of 10.8% for importing these overalls.
It is worth noting that the United States is a key player in international trade, both as an importing and exporting country. When it comes to importing HS Code 61034120 into the United States, various states are involved. Similarly, when exporting these overalls from the United States, they can reach different states. This highlights the widespread demand and supply chain for these products within the country.
HS Code 61034120 refers to men's or boys' bib and brace overalls made from wool or fine animal hair. This HS code provides a standardized classification for international trade, allowing for seamless communication and understanding across different countries. Importers and exporters should be aware of the duty rates and special tariff preference programs associated with this HS code, as they can significantly impact the cost of trading these products. Understanding the intricacies of HS Code 61034120 is crucial for businesses involved in the global textile industry.