Silver powder, classified under HS Code 71061000, is a valuable and versatile product that holds significant importance in various industries. In this article, we will explore the details of this HS code, its product description, duty rates, quantity units, special tariff preference programs, and the importing and exporting states in the United States. Let's dive in!
Silver powder, as indicated by its name, refers to a fine powder form of silver. It is produced through various methods, including chemical reduction of silver compounds or atomizing molten silver. The resulting powder possesses unique characteristics that make it suitable for a wide range of applications.
The HS code 71061000 is used to specifically classify silver powder in international trade. HS codes, also known as Harmonized System codes, are standardized codes used globally to identify and classify traded products. This code helps customs authorities, businesses, and researchers to track and analyze trade statistics accurately.
The bound duty rate for silver powder under HS code 71061000 is free. The term "bound duty rate" refers to the maximum tariff rate that a country can impose on a particular product under its commitments to the World Trade Organization (WTO). In this case, countries are not allowed to impose any tariffs on silver powder imports.
It is worth mentioning that the concept of "Most Favored Nation (MFN) duty rate" is closely related to the bound duty rate. MFN means that every time 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. Therefore, the MFN duty rate for silver powder is also free.
The quantity unit for silver powder is measured in grams (GM). This unit allows for precise measurement and easy conversion for various applications and trade transactions.
Silver powder under HS code 71061000 is eligible for several special tariff preference programs. These programs provide certain countries with preferential treatment or duty-free access to the United States market. The following countries enjoy special tariff rates for silver powder:
These special tariff preference programs aim to promote trade and strengthen economic ties between the United States and these countries.
When it comes to importing silver powder under HS code 71061000, New York is one of the significant destinations within the United States. It serves as a primary hub for silver powder imports, indicating a high demand within the state.
Regarding exporting US states, New York plays a prominent role as well. The state serves as a major exporter of silver powder, highlighting its position as a significant player in the global silver powder trade. Additionally, Rhode Island is also involved in exporting silver powder.
HS Code 71061000 classifies silver powder in international trade. This fine powder of silver holds immense value and finds applications in various industries. With its duty-free and preferential treatment under special tariff preference programs, silver powder continues to foster trade relationships between the United States and several countries. New York stands out as a vital location in both importing and exporting silver powder, indicating its importance in the silver powder trade network.