The HS Code 71081250 refers to gold that is nonmonetary and unwrought, excluding gold bullion and dore. This code is used to classify and track the import and export of this specific type of gold. In this article, we will explore more details about this HS Code, including its product description, duty rates, quantity unit component, and special tariff preference programs.
The product description of HS Code 71081250 is "Gold, nonmonetary, unwrought (o/than gold bullion and dore)." This means that the code is specifically used for categorizing gold that is in its raw and unprocessed form, excluding gold bullion (refined gold bars) and dore (semi-pure gold).
The bound / MFN (Most Favored Nation) duty rate for HS Code 71081250 is 4.1%. The MFN duty rate is the rate that applies to all trading partners equally. This 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. This duty rate is applicable for imports of gold classified under this HS Code.
The quantity unit component for HS Code 71081250 is grams (CGM), which stands for centigrams. This unit is used to measure the weight of the gold being imported or exported. It provides a standardized measurement to ensure consistency in trade transactions.
HS Code 71081250 is eligible for various special tariff preference programs, which provide certain countries with preferential treatment or duty-free access to import or export this type of gold. The following countries and programs offer special rates or duty-free treatment:
These special tariff preference programs aim to promote trade and economic cooperation between countries, providing them with incentives to engage in import and export activities related to gold.
Based on the available data, the following US states have been identified as importers of gold classified under HS Code 71081250:
These states have been involved in importing this type of gold, indicating their role in the gold trade industry.
On the other hand, the following US states have been identified as exporters of gold classified under HS Code 71081250:
These states actively participate in exporting this type of gold, highlighting their contribution to the gold trade industry.
HS Code 71081250 is used to classify nonmonetary, unwrought gold (excluding gold bullion and dore). It has a duty rate of 4.1% and is measured in grams (CGM). Various special tariff preference programs offer preferential treatment or duty-free access for importing or exporting this type of gold. Several US states, such as Nevada, New York, and Florida, are involved in the import and export of this gold, contributing to the global gold trade.