When it comes to international trade, it is essential to have a standardized system to classify and identify different products. One such system is the Harmonized System (HS) code, which is used by countries all over the world. In this article, we will explore the HS code 62079940, which refers to men's or boys' singlets and other undershirts made of wool or fine animal hair, and provide information about its import/export regulations and special tariff preference programs.
The HS code 62079940 specifically covers singlets and undershirts for men and boys that are not knitted or crocheted. These undergarments are made of wool or fine animal hair, providing warmth and comfort. The code ensures that these products can be easily identified and classified during international trade.
The bound / most favored nation (MFN) duty rate for HS code 62079940 is 6.1%. This means 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. The duty rate helps in promoting fair trade practices and maintaining consistency in international commerce.
The quantity unit for HS code 62079940 is dozens (DOZ). This unit of measurement simplifies the process of calculating and tracking the quantity of singlets and undershirts being traded. It allows for efficient inventory management and accurate reporting of import/export data.
Several countries have established special tariff preference programs for products classified under HS code 62079940. These programs offer preferential treatment in terms of duty rates or duty-free status. Here are some notable programs:
These special tariff preference programs aim to facilitate trade and promote economic cooperation between countries. They encourage the import/export of specific goods by reducing or eliminating the customs duties imposed on them.
HS code 62079940 applies to imports and exports of men's or boys' singlets and undershirts made of wool or fine animal hair in the United States. As such, the code is relevant for all states engaging in international trade. Whether it is New York, California, Texas, or any other state, businesses and individuals involved in importing or exporting these products need to comply with the regulations and requirements set forth by the HS code.
HS code 62079940 plays a vital role in classifying and regulating the trade of men's or boys' singlets and undershirts made of wool or fine animal hair. It ensures consistency in trade practices, provides a standardized system for classification, and allows for the implementation of special tariff preference programs. By understanding and adhering to the regulations associated with this HS code, importers and exporters can navigate international trade more efficiently and take advantage of the available benefits and incentives.