HS Code 62031130: Men's or boys' suits of wool or fine animal hair, not knitted or crocheted, containing 30 percent or more of silk or silk waste, nesoi
When it comes to international trade, it is important to have a standardized system to classify and identify products. The Harmonized System (HS) Code is a globally recognized system that categorizes products based on their characteristics and composition. One such HS Code is 62031130, which refers to men's or boys' suits of wool or fine animal hair, not knitted or crocheted, containing 30 percent or more of silk or silk waste, nesoi.
Let's break down the HS Code 62031130 to understand its components:
- Product description: The product description provides detailed information about the item covered by the HS Code. In this case, it refers to men's or boys' suits made from wool or fine animal hair, which are not knitted or crocheted. These suits must contain 30 percent or more of silk or silk waste. The term "nesoi" stands for "not elsewhere specified or included," indicating that this code covers suits that do not fall under any other specific category.
- Bound / MFN duty rate: The bound or Most Favored Nation (MFN) duty rate is the rate at which the product is taxed when imported into a country. In the case of HS Code 62031130, the bound / MFN duty rate is 7.5%. 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.
- Quantity unit: The quantity unit specifies how the product is measured. In the case of HS Code 62031130, the quantity unit is "number" (NO), indicating that the product is counted based on the number of individual suits.
- Special tariff preference programs: Special tariff preference programs are agreements between countries that provide certain benefits or exemptions for specific products. For HS Code 62031130, there are several special tariff preference programs in place:
- Free: Bahrain (BH), Canada (CA), Chile (CL), Israel (IL), Jordan (JO), Mexico (MX), Panama (P), Peru (PE), Singapore (SG). This means that imports of men's or boys' suits under this HS Code from these countries are exempt from duties.
- 6.7%: Australia (AU). Importing countries need to pay a duty rate of 6.7% when importing men's or boys' suits under this HS Code from Australia.
- See 9912.62.14-9912.62.15: This reference indicates that there are additional details or conditions associated with the import of men's or boys' suits under this HS Code from Morocco (MA). Importers need to consult the specific codes mentioned for more information.
- 6%: Oman (OM). Importing countries need to pay a duty rate of 6% when importing men's or boys' suits under this HS Code from Oman.
It is important for importers and exporters to be aware of these special tariff preference programs as they can significantly impact the cost and competitiveness of their products in the international market.
Importing US states listed for HS Code 62031130:
Exporting US states for HS Code 62031130 have not been provided in the available data.
Understanding the HS Code 62031130 and its associated details is crucial for businesses involved in the import and export of men's or boys' suits of wool or fine animal hair, containing silk or silk waste. By knowing the specific code and its implications, companies can navigate the complexities of international trade more effectively and make informed decisions to optimize their operations.
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