When it comes to international trade, the Harmonized System (HS) Code plays a vital role in classifying various products. In this article, we will explore the HS Code 62031190, which specifically pertains to men's or boys' suits of wool or fine animal hair, not knitted or crocheted, nesoi.
Let's break down the information associated with this HS Code:
The product description for HS Code 62031190 is "Men's or boys' suits of wool or fine animal hair, not knitted or crocheted, nesoi." This code is used to identify and classify suits made of wool or fine animal hair for men or boys. It is important to note that this code excludes knitted or crocheted suits.
The bound or Most Favored Nation (MFN) duty rate for HS Code 62031190 is 17.5%. The MFN principle states that every time a country lowers a trade barrier or opens up a market, it must apply the same treatment to all its trading partners for the same goods or services.
The quantity unit for HS Code 62031190 is "number" (NO), indicating that the unit of measurement for this product is a numerical count.
Several countries have established special tariff preference programs for imports classified under HS Code 62031190. These programs offer preferential duty rates or duty-free treatment, promoting trade and economic cooperation. Here are some examples:
These special tariff preference programs aim to foster trade relationships, incentivize imports, and promote economic growth between the countries involved.
While the provided data does not specify exporting US states, it mentions that the product has been imported into Vermont multiple times. Vermont seems to be a significant destination for imports of men's or boys' suits of wool or fine animal hair.
HS Code 62031190 is an essential classification for men's or boys' suits made of wool or fine animal hair. Understanding this code helps ensure accurate trade data, facilitates international transactions, and enables countries to implement appropriate trade policies and incentives. By leveraging special tariff preference programs, importers and exporters can further enhance their trade relationships and reap the benefits of reduced duty rates or duty-free treatment.