Ties, bow ties and cravats, containing under 70% by weight of silk or silk waste, knitted or crocheted
When it comes to international trade, it is important to have a standardized system for classifying goods. This is where HS codes come into play. HS stands for Harmonized System, and it is a code used to classify products for import and export purposes. Each product is assigned a unique HS code, which helps customs authorities and traders easily identify and categorize items.
One particular HS code that we will be discussing is 61178087. This code represents ties, bow ties, and cravats that contain under 70% by weight of silk or silk waste, and are knitted or crocheted. Let's delve deeper into the details of this HS code and explore its implications in international trade.
Firstly, it is important to note that the bound / MFN (Most Favored Nation) duty rate for this product is 5%. The MFN principle states 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. This ensures fair and equal treatment for all trading partners.
The quantity unit for this product is dozens (DOZ), which means it is commonly traded in units of twelve. This information is useful for importers and exporters to determine the quantity of goods being traded.
Now, let's explore the special tariff preference programs associated with HS code 61178087. Several countries offer preferential treatment for this product, either through duty-free rates or reduced rates. Here is a breakdown of the special tariff preference programs:
These special tariff preference programs aim to promote trade and encourage economic cooperation between countries. Importers and exporters can take advantage of these programs to reduce costs and increase market access.
When it comes to importing this product into the United States, it is essential to consider the specific regulations and requirements of different US states. Each state may have its own restrictions or additional documentation needed for importation. Similarly, when exporting from the United States, it is important to be aware of the requirements of the destination country.
HS code 61178087 represents ties, bow ties, and cravats made of silk or silk waste, containing under 70% by weight, and knitted or crocheted. This code is essential for the classification and regulation of this product in international trade. Understanding the bound / MFN duty rate, quantity unit, and special tariff preference programs associated with this HS code is crucial for importers and exporters. By utilizing these programs and complying with relevant regulations, businesses can enhance their international trade activities and foster economic growth.