Harmonized System Codes • Schedule B • Harmonized Commodity Description

The Importance of HS Code 73066170 in International Trade

The HS Code 73066170 plays a significant role in international trade as it represents a specific product category: alloy steel, welded, with a square or rectangular cross-section, tubes, pipes, and hollow profiles, with a wall thickness less than 4 mm. This HS code is used to classify and identify this particular type of product for customs and trade purposes.

When importing or exporting goods, it is crucial to accurately determine the HS code to ensure compliance with international trade regulations. The HS code system is a standardized classification system developed by the World Customs Organization (WCO) to facilitate international trade and customs procedures. It enables countries to classify goods uniformly and provides a common language for traders, customs officials, and statisticians.

The HS code 73066170 provides detailed information about the nature, composition, and characteristics of the product. In this case, it specifies that the product is made of alloy steel and is welded, with a square or rectangular cross-section. Additionally, it specifies that the wall thickness of the tubes, pipes, and hollow profiles should be less than 4 mm.

Accurate classification of goods using the HS code is crucial for several reasons:

• Customs Duties: The HS code determines the applicable customs duties and taxes for imported or exported goods. Each HS code is associated with a specific duty rate, which varies from country to country. In the case of HS code 73066170, the bound/MFN (Most Favored Nation) duty rate is free, meaning that there are no tariffs or duties imposed on this product when traded between countries.
• Trade Barriers: The HS code also plays a role in trade negotiations and agreements. When a country lowers a trade barrier or opens up its market, it must do so for the same goods or services from all its trading partners. This principle, known as the Most Favored Nation principle, ensures fair and non-discriminatory trade practices.
• Quantity Unit: The HS code 73066170 specifies that the quantity unit for this product is kilograms (KG). This unit of measurement is used to determine the quantity or weight of the product being imported or exported. It allows for consistent measurement and calculation of trade statistics.
• Special Tariff Preference Programs: Some countries offer special tariff preference programs to promote trade and economic cooperation. These programs provide preferential treatment, such as lower or zero tariffs, for certain goods imported from specific countries or regions. Importers and exporters need to identify the applicable HS code to determine if their products qualify for these programs.

Overall, the HS code 73066170 is an essential tool in international trade. It enables accurate classification of goods, determines applicable customs duties, ensures fair trade practices, and facilitates trade negotiations. Importers and exporters should always consult the HS code to comply with international trade regulations and take advantage of any special tariff preference programs available to them.