When it comes to international trade, it is essential to have a standardized system to classify and identify different products. The Harmonized System (HS) Code plays a crucial role in this process. In this article, we will delve into the details of HS Code 61034940 and explore its significance in international trade.
HS Code 61034940 refers to a specific category of products: men's or boys' trousers, bib and brace overalls, breeches, and shorts. These garments are made of textile materials (tex mat) but do not include wool, cotton, or man-made fibers (mmf). The key requirement for products falling under this HS Code is that they must contain 70% or more weight of silk.
The HS Code system is used globally to classify and identify goods in international trade. It provides a standardized framework that enables countries to track and monitor the flow of goods across borders. Each HS Code corresponds to a specific product or group of products, allowing for easy identification and classification.
One of the significant aspects of the HS Code system is the bound or most-favored-nation (MFN) duty rate. The MFN duty rate for HS Code 61034940 is 0.9%. This rate applies every time a country lowers a trade barrier or opens up a market. It ensures that all trading partners receive the same treatment for the same goods or services.
For import-export purposes, it is crucial to have a standardized unit of measurement for quantity. In the case of HS Code 61034940, the quantity unit is dozens (DOZ). This unit allows for easy calculation and comparison of quantities traded between countries.
In addition to the bound MFN duty rate, there are also special tariff preference programs that apply to HS Code 61034940. These programs provide favorable treatment or reduced duty rates for specific countries. For example, Australia, Bahrain, Canada (under NAFTA), Chile, and Israel offer duty-free treatment for products falling under this HS Code. Similarly, countries like Jordan, Mexico (under NAFTA), Oman, Peru, Singapore, and Morocco provide special rates, with a 0.1% duty.
When importing products under HS Code 61034940 into the United States, it is essential to consider the specific requirements and regulations of different states. Likewise, when exporting these products from the United States, it is crucial to be aware of the regulations and requirements of the destination country. Adhering to these regulations ensures smooth trade and compliance with international trade laws.
HS Code 61034940 represents a specific category of men's or boys' trousers, bib and brace overalls, breeches, and shorts made of textile materials, primarily silk. The HS Code system plays a vital role in international trade by providing a standardized classification and identification system for different products. Understanding the HS Code and its associated duty rates and tariff preference programs is essential for successful import-export operations.