When it comes to international trade, it is essential to have a standardized system that classifies products for easy identification and categorization. The Harmonized System (HS) code is a globally recognized code used for this purpose. In this article, we will delve into the details of HS Code 62031160, which refers to men's or boys' suits of wool, not knitted or crocheted, nesoi, of wool yarn with an average fiber diameter of 18.5 micron or less.
Product Description:
Bound / MFN Duty Rate:
The bound or Most Favored Nation (MFN) duty rate for HS Code 62031160 is 17.5%. 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. The duty rate ensures fair and equal treatment for all countries involved in international trade.
Quantity Unit:
The quantity unit for HS Code 62031160 is "number" (NO). This indicates that the product is measured by the number of units imported or exported.
Special Tariff Preference Programs:
There are several special tariff preference programs associated with HS Code 62031160. These programs offer specific rates or duty-free treatment for importing countries. Here are some examples:
Importing US States:
Based on the available data, there is no specific information about the US states that import HS Code 62031160. However, it is important to note that Vermont has been mentioned multiple times in the data provided. This could indicate that Vermont may be a significant importer of men's or boys' suits of wool falling under this HS code.
Exporting US States:
Unfortunately, there is no information available regarding the exporting US states for HS Code 62031160. Further data would be required to identify the specific states involved in exporting these products.
HS Code 62031160 represents men's or boys' suits of wool made from wool yarn with specific fiber diameter requirements. This code enables standardized classification and identification for international trade. The associated duty rates and tariff preference programs offer insights into the trade regulations and benefits provided to importing countries. While the data provided lacks specific information about exporting US states, it highlights Vermont as a potential significant importer of these wool suits.