Men's and boys' suits of wool, not knitted or crocheted, fall under HS Code 62031115. This code specifically refers to suits made of wool yarn with an average fiber diameter of 18.5 microns or less, and containing 30% or more of silk or silk waste. It is important to note that the HS code is an internationally recognized system for classifying goods in international trade.
When importing goods classified under HS Code 62031115 into the United States, the bound/MFN (Most Favored Nation) duty rate is 7.5%. The MFN principle 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. This ensures equal treatment among trading nations.
The quantity unit for this HS code is the number (NO). This means that the quantity of men's and boys' suits of wool is measured in individual units.
There are also special tariff preference programs in place for importing goods classified under HS Code 62031115. These programs provide certain countries with preferential treatment in terms of duty rates. The following countries enjoy duty-free treatment for this product: Bahrain (BH), Canada (CA) under NAFTA, Chile (CL), Israel (IL), Jordan (JO), Mexico (MX) under NAFTA, Panama (P), Peru (PE), and Singapore (SG). Each of these countries has specific agreements or trade programs that allow for duty-free treatment of this particular product.
Additionally, Australia (AU) has a special rate of 6.7% for importing men's and boys' suits of wool under this HS code. Morocco (MA) has a special rate of 6%, and Oman (OM) has a special rate as well. It is important for importers to be aware of these special rates when calculating the total cost of importing this product.
In terms of exporting, there is no specific information available regarding the exporting US states for goods classified under HS Code 62031115. Exporting information can vary depending on individual trade agreements and market conditions.
Overall, HS Code 62031115 is used to classify men's and boys' suits of wool that meet specific criteria regarding silk content and fiber diameter. Understanding the HS code and the associated duty rates and tariff preference programs is crucial for importers and exporters in order to comply with international trade regulations and take advantage of any available benefits.