When it comes to international trade, it is important to have a clear understanding of the Harmonized System (HS) codes. These codes are used to classify products and facilitate international trade by providing a common language for customs officials and traders. In this article, we will explore the HS code 62041920, which refers to women's or girls' suits made of artificial fibers that are not knitted or crocheted.
The product description mentions that these suits are made of artificial fibers. This means that they are not made of natural materials like cotton or wool. Instead, they are made of synthetic fibers such as polyester or nylon. The suits are specifically designed for women or girls, and they are not knitted or crocheted. This distinction is important as it helps customs officials and traders identify and categorize the product accurately.
The bound / MFN duty rate for this HS code is 35.3 cents per kilogram plus 25.9% of the value of the goods. This means that when importing these suits into a country, a certain amount of duty or tax will be imposed based on the weight and value of the goods. It is important for traders to be aware of these duty rates as they can impact the overall cost of importing the product.
In addition to the duty rate, it is also important to consider any special tariff preference programs that may apply to this HS code. The data provided mentions that the suits are eligible for free trade under several programs such as Bahrain Special Rate, NAFTA for Canada (duty-free treatment), Chile Special Rate, Israel Special Rate (duty-free treatment), Jordan Special Rate, NAFTA for Mexico, Oman Special Rate, Dominican Republic-Central American Special Rate (DR-CAFTA), Peru Special Rate, and Singapore Special Rate. These programs offer reduced or eliminated duties for importing the product from specific countries.
For example, under the NAFTA agreement, suits imported from Canada and Mexico are eligible for duty-free treatment. This means that no duty will be imposed on these imports, making them more cost-effective for traders. Similarly, other special tariff preference programs offer reduced duty rates for importing the suits from countries like Bahrain, Chile, Israel, Jordan, Oman, Dominican Republic, Peru, and Singapore.
When analyzing the data, it is also interesting to note the importing and exporting US states. According to the provided information, the majority of the imports of women's or girls' suits under this HS code come from the state of Vermont. This suggests that Vermont is a significant hub for this particular product. On the other hand, the exporting US states are not specified, indicating that the data focuses on the importing side.
HS Code 62041920 refers to women's or girls' suits made of artificial fibers that are not knitted or crocheted. Traders should be aware of the bound / MFN duty rate and any special tariff preference programs that may apply to this HS code. Additionally, it is interesting to note the concentration of imports in the state of Vermont, indicating its importance in the trade of these suits. Understanding the HS code and its associated data is crucial for international traders to navigate the complexities of global trade.