The HS Code 71159060 refers to articles of precious metal, excluding gold or silver. These articles may include metal clad with precious metal, and they fall under the category of "not elsewhere specified or included" (nesoi). This code is used to classify and regulate the import and export of these specific products.
When importing or exporting products under HS Code 71159060, it is important to understand the associated trade regulations and tariff rates. The bound or MFN (Most Favored Nation) duty rate for these articles is 4%. 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 quantity unit for products under this HS Code is grams (GM). This unit helps in determining the weight and measurement of the articles being imported or exported.
There are also special tariff preference programs available for products classified under HS Code 71159060. These programs provide certain countries with preferential treatment, including duty-free access to the respective markets. The countries that currently enjoy these benefits for articles of precious metal (nesoi) are:
It is important for importers and exporters to be aware of these special tariff rates and take advantage of the benefits they provide for their trade activities.
When it comes to importing articles of precious metal (nesoi) under HS Code 71159060, certain US states are more engaged in this trade. The states that commonly import these products include Connecticut, Florida, Hawaii, New York, Rhode Island, and the Virgin Islands.
On the other hand, the US states that are actively involved in exporting articles of precious metal (nesoi) are California, Florida, Hawaii, Nevada, New Jersey, New York, Rhode Island, Virgin Islands, and Idaho.
Understanding the HS Code 71159060 and its associated regulations is crucial for businesses involved in the import and export of articles of precious metal (nesoi). By complying with the tariff rates and utilizing special tariff preference programs, importers and exporters can effectively navigate the international trade landscape and maximize their business opportunities.