When it comes to trade and international commerce, HS codes play a vital role in identifying and classifying products. In this article, we will explore the HS code 62034910, which refers to men's or boys' bib and brace overalls made of artificial fibers, excluding those that are knitted or crocheted.
The HS code 62034910 helps customs authorities and traders worldwide to categorize and regulate the import and export of these specific products. By using this code, countries can ensure that the same trade barriers and market access opportunities are provided to all trading partners.
The bound or most-favored-nation (MFN) duty rate for products falling under HS code 62034910 is 8.5%. This means that whenever a country reduces trade barriers or opens up its market, it must do so consistently for the same goods or services from all its trading partners.
The quantity unit for these bib and brace overalls is measured in dozens (DOZ), which is a common unit of measurement for garments. This allows for standardized trade and ensures accurate reporting and tracking of imports and exports.
Special tariff preference programs are also available for products classified under HS code 62034910. For example, countries like Bahrain, Canada, Chile, Israel, Jordan, Mexico, Oman, Peru, and Singapore offer duty-free treatment for these overalls. This means that importers from these countries can enjoy preferential rates or no duties when trading with countries that provide these special rates.
Specifically, the United States grants duty-free treatment for these overalls imported from Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, and Singapore. Australia provides a special rate of 7.6%, while Morocco offers a rate of 0.9%.
It is worth noting that the HS code 62034910 is particularly relevant for importers in certain US states. Based on the data provided, Vermont seems to have the highest number of imports for men's or boys' bib and brace overalls. Arkansas, Maine, Mississippi, Nevada, and North Carolina also contribute to the import volume of these products.
On the exporting side, the data does not specify any particular US states. However, it is important to understand that these overalls may be exported to various countries around the world, depending on the demand and market opportunities.
the HS code 62034910 plays a crucial role in the international trade of men's or boys' bib and brace overalls made of artificial fibers. It enables the classification, regulation, and tracking of these products, while also providing opportunities for preferential tariff treatment through special trade programs. Understanding and utilizing this code is essential for importers, exporters, and customs authorities to ensure smooth and compliant trade operations.