When it comes to international trade, it is crucial to have a standardized system for classifying products. This is where the Harmonized System (HS) codes come into play. Each product is assigned a unique HS code that helps in identifying and categorizing it for customs and regulatory purposes.
One such HS code is 62031920, which represents men's or boys' suits made of artificial fibers, not knitted or crocheted, and containing 36 percent or more of wool or fine animal hair. Let's dive deeper into this HS code and understand its implications in international trade.
The product description for HS code 62031920 is quite specific. It refers to suits for men or boys that are made of artificial fibers, such as polyester or nylon, and do not have a knitted or crocheted construction. Additionally, these suits must contain at least 36 percent wool or fine animal hair.
It is important to note that the inclusion of wool or fine animal hair in the suits adds a level of quality and luxury to the product. This composition ensures that the suits are warm, comfortable, and durable.
The bound / MFN duty rate for HS code 62031920 is 52.9 cents per kilogram, along with an additional 21% of the product value. This means that whenever a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners.
This duty rate helps in regulating and controlling the import and export of these suits. It also ensures fair competition among different countries by maintaining a level playing field.
The quantity unit for HS code 62031920 is "number" (NO). This means that the suits are measured and traded based on the number of units rather than weight or volume.
Using a quantity unit of "number" helps in simplifying the trade process and allows for a more straightforward calculation of costs and logistics.
HS code 62031920 is eligible for various special tariff preference programs, which offer reduced or duty-free rates for imports. These programs are designed to promote trade and economic cooperation between countries. Here are some of the special tariff preference programs applicable to this HS code:
These special tariff preference programs provide significant benefits for countries involved in trade with the United States. They help in fostering economic relationships and encourage the import and export of goods.
Although the provided data does not specify the exporting US states, it mentions Vermont as an importing US state for HS code 62031920. This suggests that Vermont has a demand for men's or boys' suits made of artificial fibers, containing at least 36 percent wool or fine animal hair.
Vermont's preference for such suits could be due to its climate or the fashion preferences of its residents. Importers in Vermont can take advantage of the special tariff preference programs mentioned earlier to reduce the cost of importing these suits.
HS code 62031920 represents men's or boys' suits made of artificial fibers, not knitted or crocheted, and containing 36 percent or more of wool or fine animal hair. This HS code is subject to a bound / MFN duty rate of 52.9 cents per kilogram and 21% of the product value.
Importers and exporters dealing with this HS code can benefit from various special tariff preference programs, which offer reduced or duty-free rates for imports. It is crucial to consider these programs when conducting international trade to optimize costs and promote economic cooperation.
Furthermore, the inclusion of Vermont as an importing US state for this HS code suggests a potential market for these suits. Importers in Vermont can leverage the special tariff preference programs to enhance their competitiveness and meet the demand for high-quality men's or boys' suits.
Overall, understanding the details and implications of HS code 62031920 is essential for anyone involved in the import and export of men's or boys' suits made of artificial fibers with a significant wool or fine animal hair content.