When it comes to international trade, it is essential to have a clear understanding of the Harmonized System (HS) codes. These codes are used to classify products for customs and statistical purposes. In this article, we will take a closer look at HS Code 62031990 and explore its product description, duty rates, quantity unit, special tariff preference programs, and the importing and exporting US states.
HS Code 62031990 refers to men's or boys' suits made of textile mats. However, it is important to note that this HS code excludes suits made of wool, cotton, or man-made fibers (mmf). Additionally, the suits included in this code must contain less than 70% by weight of silk or silk waste. Furthermore, the suits should not be knit or crocheted.
The bound or Most Favored Nation (MFN) duty rate for HS Code 62031990 is 7.1%. The MFN duty rate implies that every time 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 ensures fair and non-discriminatory trade practices.
Unfortunately, the data does not provide information about the quantity unit for HS Code 62031990. It is essential to know the quantity unit to accurately assess the volume or weight of the product being traded.
Several special tariff preference programs are available for products falling under HS Code 62031990. These programs offer reduced or duty-free rates for imports from specific countries. The programs applicable to this HS code are as follows:
Additionally, a special rate of 6.3% applies for imports from Australia, and a rate of 0.7% is applicable for imports from Morocco.
The data does not provide information about the quantity unit for HS Code 62031990. However, it does mention that the product has been imported into the state of Vermont in the United States. Unfortunately, there is no information available regarding the exporting US states for this particular HS code.
HS Code 62031990 pertains to men's or boys' suits made of textile mats, excluding wool, cotton, or mmf. It is important to be aware of the duty rates, special tariff preference programs, and the importing and exporting US states when dealing with this HS code. Understanding these details is crucial for international traders and businesses involved in the import and export of men's or boys' suits falling under this specific HS code.