When it comes to international trade, having a standardized system for classifying products is essential. The Harmonized System (HS) provides a globally recognized framework for categorizing goods, making it easier for countries to monitor and regulate trade. One such HS code is 62045940, which is assigned to women's or girls' skirts and divided skirts made of textile materials not knitted or crocheted.
Let's dive deeper into the details of HS code 62045940 and understand its implications for trade.
The product description of HS code 62045940 states that it encompasses skirts and divided skirts designed for women and girls. These garments are made of textile materials that are neither knitted nor crocheted. The code is specifically meant for skirts that do not fall under any other category within the HS system.
The bound / most-favored-nation (MFN) duty rate for HS code 62045940 is 6.6%. This means that whenever a country lowers a trade barrier or opens up a market, it must apply the same duty rate of 6.6% to all goods or services from its trading partners. It ensures equal treatment and eliminates any discriminatory practices in international trade.
The quantity unit for HS code 62045940 is dozens (DOZ). This implies that the measurement and pricing of these skirts are typically done in groups of twelve.
HS code 62045940 is eligible for various special tariff preference programs, which provide certain countries with preferential treatment in terms of duty rates. Here are some of the special tariff rates for this HS code:
These special tariff preference programs aim to promote trade and economic cooperation between countries by reducing or eliminating import duties for specific products.
HS code 62045940 is applicable to trade between the United States and various countries. Importing US states and exporting US states can engage in the import and export of women's and girls' skirts and divided skirts falling under this HS code.
HS code 62045940 plays a crucial role in facilitating international trade in women's and girls' skirts and divided skirts made of textile materials not knitted or crocheted. Its standardized classification enables countries to regulate trade, apply appropriate duty rates, and participate in special tariff preference programs. Understanding HS codes is essential for importers, exporters, and governments to ensure smooth and fair international trade.