When it comes to international trade, it is crucial to have a standardized system to classify products. The Harmonized System (HS) Code is a globally recognized system used to classify traded goods. In this article, we will delve into the details of HS Code 62114990, which refers to women's or girls' garments made of textile material, excluding swimwear or ski-suits, and containing under 70% by weight of silk, but not made of wool, cotton, or man-made fibers.
The HS Code 62114990 provides a clear and concise description of the product, ensuring that there is no confusion or ambiguity in its classification. It is important to note that the HS Code is used by customs authorities and traders worldwide to determine the applicable tariffs, duties, and regulations for specific goods.
Let's break down the different aspects of HS Code 62114990:
The product covered by HS Code 62114990 is specifically designed for women or girls. It includes garments made of textile material, excluding swimwear or ski-suits. The garments must contain less than 70% by weight of silk and should not be made of wool, cotton, or man-made fibers.
The bound / MFN (Most Favored Nation) duty rate for HS Code 62114990 is 7.3%. This means that whenever a country reduces a trade barrier or opens up a market, it must do so for all its trading partners equally, without discrimination. The 7.3% duty rate applies to all countries importing or exporting goods falling under this HS Code.
The quantity unit for HS Code 62114990 is dozens (DOZ). This unit is used to measure the number of garments being traded. It is important for importers and exporters to accurately indicate the quantity in order to comply with customs regulations and facilitate smooth trade transactions.
Several countries have special tariff preference programs in place that offer reduced or zero-duty rates for goods falling under HS Code 62114990. These programs aim to promote trade and economic cooperation between countries. Here are some examples of special tariff preference programs applicable to this HS Code:
These special tariff preference programs provide importers and exporters with opportunities to reduce costs and increase competitiveness in the global market.
HS Code 62114990 applies to trade transactions involving the United States as well. Importing US states and exporting US states play a significant role in international trade. It is important for traders to be aware of the specific regulations, duties, and requirements imposed by individual states within the United States. This information can vary depending on the state and the product being imported or exported.
HS Code 62114990 covers women's or girls' garments made of textile material, excluding swimwear or ski-suits, containing under 70% by weight of silk, and not made of wool, cotton, or man-made fibers. The bound / MFN duty rate for this HS Code is 7.3%. Importers and exporters should also take advantage of special tariff preference programs available for this HS Code, which offer reduced or zero-duty rates. Understanding the intricacies of HS Code 62114990 is essential for smooth and compliant international trade.