When it comes to international trade, it is important to have a standardized system for classifying goods. This is where the Harmonized System (HS) Code comes into play. HS Code 62031220 specifically refers to men's or boys' suits, made of synthetic fibers, weighing under 36% of wool, and not knitted or crocheted. Let's take a closer look at this HS Code and the relevant information associated with it.
The product description for HS Code 62031220 is quite specific. It refers to suits for men or boys that are made of synthetic fibers and contain less than 36% wool by weight. These suits are not knitted or crocheted, indicating that they are tailored garments. This description helps customs authorities and traders accurately identify and classify the goods for import or export purposes.
The bound / MFN (Most Favored Nation) duty rate for HS Code 62031220 is set at 27.3%. The MFN principle ensures that whenever a country reduces trade barriers or opens up its market, it must do so for all its trading partners. This means that the same duty rate applies to all countries importing or exporting men's or boys' suits falling under this HS Code.
The quantity unit for HS Code 62031220 is measured in numbers (NO). This means that the quantity of goods imported or exported is counted as individual units of men's or boys' suits. It is important to note that the quantity of goods may vary for each shipment. The NO unit helps in accurately recording and tracking the amount of goods traded.
There are several special tariff preference programs associated with HS Code 62031220. These programs offer different duty rates or exemptions for specific countries. The following are the special tariff preference programs applicable to this HS Code:
These programs provide benefits to countries that have established trade agreements or special relationships with the importing or exporting country. For example, Bahrain, Chile, Israel, Jordan, Mexico, Oman, Peru, and Singapore enjoy duty-free treatment for men's or boys' suits falling under this HS Code. Australia has a special rate of 8%, while Morocco has a rate of 2.7%.
While not explicitly mentioned in the provided data, it is important to note that HS Code 62031220 can be imported into various states in the United States. However, the specific states that import these suits are not mentioned. Further information on the importing US states can be obtained from trade statistics or by consulting customs authorities.
The data does not mention any specific US states that export men's or boys' suits falling under HS Code 62031220. This information can be obtained from trade statistics or by analyzing export data related to this particular HS Code.
HS Code 62031220 refers to men's or boys' suits made of synthetic fibers, containing less than 36% wool by weight, and not knitted or crocheted. It is important for traders, customs authorities, and other stakeholders involved in international trade to accurately classify and understand the details associated with this HS Code. The bound / MFN duty rate, quantity unit, and special tariff preference programs further provide insights into the duties and benefits related to importing or exporting these suits. Stay informed and make the most of the opportunities presented by HS Code 62031220.