When it comes to international trade, it is important to have a system in place to classify and categorize different products. The Harmonized System (HS) code is a standardized international system used to classify and define products for customs and trade purposes. It is a six-digit code that is recognized worldwide and helps ensure uniformity and accuracy in trade statistics.
The HS Code 61149005 specifically refers to garments that are not elsewhere specified or included (nesoi), which are knitted or crocheted, and made of wool or fine animal hair. This code helps customs authorities and traders identify and classify these types of garments accurately.
Garments falling under HS Code 61149005 can be imported or exported between countries, subject to certain trade barriers and tariff rates. The bound or Most Favored Nation (MFN) duty rate for this code is set at 12%. 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 quantity unit for garments under this HS code is dozens (DOZ). This unit helps measure and determine the quantity of garments being traded.
There are also special tariff preference programs in place for garments under HS Code 61149005. These programs provide certain countries with preferential tariff rates, making it more favorable for them to trade these products. The following countries enjoy special tariff rates for garments under this code:
In addition to these special tariff rates, there are specific rates for certain countries as well:
These special rates and programs aim to promote trade and economic cooperation between countries by providing preferential treatment for certain products.
When importing garments under HS Code 61149005 to the United States, it is important to consider the specific regulations and requirements set by the U.S. customs authorities. Similarly, when exporting these garments from the United States, it is crucial to be aware of the regulations and requirements of the destination country.
Overall, the HS Code 61149005 plays a significant role in international trade, providing a standardized classification for garments made of wool or fine animal hair. It helps facilitate trade, ensures accurate customs declarations, and allows for the implementation of trade barriers and tariff rates. Understanding and complying with the regulations and requirements associated with this code is essential for businesses involved in the import and export of these garments.