When it comes to international trade, proper classification of products is essential. The Harmonized System (HS) Code provides a standardized classification system used by countries worldwide. Each product is assigned a unique HS Code, which helps in identifying and categorizing goods for customs purposes.
One such HS Code is 61052020, which represents men's or boys' shirts, knitted or crocheted, of manmade fibers, nesoi. This code specifically applies to shirts made from synthetic fibers, such as polyester or nylon, and includes both knitted and crocheted variations.
Understanding the HS Code 61052020 is crucial for importers and exporters involved in the trade of men's or boys' shirts made from manmade fibers. It allows customs authorities to properly assess duties and tariffs on these products.
The bound or Most Favored Nation (MFN) duty rate for HS Code 61052020 is 32%. The MFN duty rate refers to the rate applied to a product when a country lowers a trade barrier or opens up a market. It ensures that the same goods or services from all trading partners receive equal treatment.
The quantity unit for HS Code 61052020 is dozens (DOZ). This unit of measurement is commonly used to quantify the number of shirts being imported or exported.
Additionally, there are special tariff preference programs associated with HS Code 61052020. These programs provide certain countries with preferential treatment in terms of duty rates. The following countries enjoy special tariff preferences for this HS Code:
These preferential rates help promote trade between the countries involved and provide cost advantages for importers and exporters.
For example, if you are importing men's or boys' shirts made from manmade fibers under HS Code 61052020 into the United States, the applicable duty rate will be 32% unless the product qualifies for any of the special tariff preference programs mentioned above.
It is important to note that the HS Code 61052020 is specific to the product description provided. If the shirts being imported or exported do not match the description or have additional characteristics, a different HS Code may apply.
When engaging in international trade, understanding and correctly applying the appropriate HS Code is essential. It ensures compliance with customs regulations, facilitates smooth trade operations, and helps determine the applicable duty rates for specific products.
Importers and exporters involved in the trade of men's or boys' shirts made from manmade fibers should familiarize themselves with HS Code 61052020 and its associated regulations to ensure seamless trade transactions.
By accurately classifying and properly declaring your products under the correct HS Code, you can avoid potential delays, penalties, or other trade-related issues.
Whether you are an importer, exporter, or customs professional, having a clear understanding of HS Codes and their implications is crucial for successful international trade.