When it comes to international trade, it is important to have a standardized system to classify goods. The Harmonized System (HS) is an internationally recognized system used for this purpose. Each product is assigned a unique HS code, which helps streamline the process of trade by providing a common language for countries to communicate and understand each other's trade requirements.
One such HS code is 61043200, which refers to women's or girls' suit-type jackets and blazers, knitted or crocheted, made of cotton. This code specifically identifies a certain type of garment, allowing for easy identification and classification during import and export processes.
The HS code 61043200 provides useful information about the product, including its composition (cotton), its intended use (suit-type jackets and blazers for women and girls), and the method of manufacture (knitted or crocheted). This level of detail ensures that the product is accurately described and classified, which is crucial for customs purposes.
Importing and exporting goods often involves the application of various duties and tariffs. The MFN (Most Favored Nation) duty rate for HS code 61043200 is 14.9%. 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 MFN duty rate serves as a baseline for the importation of women's or girls' suit-type jackets and blazers made of cotton.
The quantity unit for this HS code is dozens (DOZ), which is a commonly used measurement for garments. This unit allows for easy calculation and tracking of the number of jackets and blazers being imported or exported.
In addition to the general duty rate, there are also special tariff preference programs available for HS code 61043200. These programs provide specific benefits and reduced duty rates for certain countries. For example, the following countries enjoy duty-free treatment for this product under special tariff preference programs: Bahrain (BH), Canada (CA) under NAFTA (North American Free Trade Agreement), Chile (CL), Israel (IL), Jordan (JO), Mexico (MX) under NAFTA, Oman (OM), Peru (P), Singapore (SG).
Furthermore, Australia (AU) enjoys a special rate of 8% for this product, while Morocco (MA) has a special rate of 1.5%. These special rates are designed to promote trade and foster relationships between countries, providing incentives for importing and exporting specific goods.
It is important to note that the HS code 61043200 is not limited to a specific set of importing or exporting US states. This code applies to all states within the United States, allowing for nationwide trade of women's or girls' suit-type jackets and blazers made of cotton.
HS code 61043200 plays a crucial role in international trade by providing a standardized classification for women's or girls' suit-type jackets and blazers made of cotton. It helps facilitate the import and export process by ensuring accurate description and classification of the product. Additionally, the code allows for the application of appropriate duties and tariffs, while also providing opportunities for special tariff preference programs. Understanding and correctly utilizing HS codes is essential for businesses and individuals involved in international trade.