When it comes to international trade, HS Code 62071100 plays a crucial role. This code is used to classify a specific type of product: men's or boys' underpants and briefs made of cotton, which are not knitted or crocheted. The code helps in identifying and tracking these products throughout the global market.
The code itself, 62071100, is a unique identifier that is recognized worldwide. It is used by customs authorities, importers, exporters, and other trade professionals to facilitate the smooth flow of goods across borders. By using this code, everyone involved in the trade process can easily understand what product is being referred to.
One important aspect of HS Code 62071100 is the bound or most-favored-nation (MFN) duty rate associated with it. The bound duty rate for this product is 6.1%. The MFN principle states that whenever a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. This principle ensures fair and non-discriminatory treatment in international trade.
The unit of quantity for men's or boys' underpants and briefs of cotton is dozens (DOZ). This unit helps in measuring and quantifying the number of products being traded. It provides a standardized way to determine the quantity of goods involved in a transaction.
Furthermore, there are special tariff preference programs associated with HS Code 62071100. Some countries offer preferential treatment, either by reducing or eliminating import duties, for these products. Let's take a look at some of these special rates:
This information is important for importers and exporters as it allows them to take advantage of preferential rates and make informed decisions about their trade activities. By understanding the special tariff preference programs, businesses can save costs and increase their competitiveness in the global market.
As for the importing US states, Maine is listed as a destination for these men's or boys' underpants and briefs. This means that businesses involved in the trade of these products can export them to Maine without any additional restrictions or requirements.
HS Code 62071100 is a significant code for the international trade of men's or boys' underpants and briefs made of cotton. It helps in identifying and classifying these products, determining duty rates, and accessing preferential tariff programs. By understanding and utilizing this code, businesses can navigate the global market more effectively and efficiently.