The HS Code 84485910 refers to parts of knitting machines that fall under the classification of heading 8447 or their auxiliary machinery. These parts are not elsewhere specified, making them classified under the nomenclature "nesi" (not elsewhere specified or included).
The classification of this HS code is essential for international trade as it allows countries to identify and regulate the import and export of these specific parts. By assigning a unique code to each product, customs authorities can apply the appropriate duties, taxes, and regulations for trade purposes.
When importing or exporting parts of knitting machines under HS Code 84485910, it is crucial to understand the specific regulations and requirements that apply. This article will provide an overview of the product description, duty rates, quantity units, and special tariff preference programs related to this HS code.
The product description for HS Code 84485910 is "Parts of knitting machines of heading 8447 or of their auxiliary machinery, nesi." This means that the code encompasses various components and accessories used in knitting machines that are classified under heading 8447.
Heading 8447 refers to machinery for preparing or making textile yarns, such as spinning machines, winding machines, and knitting machines. The parts included in HS Code 84485910 are specifically designed for use in these knitting machines or their auxiliary machinery.
Examples of parts that may fall under this HS code include knitting needles, cylinders, sinkers, yarn carriers, tension devices, and other accessories necessary for the proper functioning of knitting machines.
The bound or Most Favored Nation (MFN) duty rate for HS Code 84485910 is currently free. This means that countries do not impose any tariffs or duties on the import or export of these parts of knitting machines.
The MFN duty rate is a principle of international trade that ensures equal treatment of goods or services from all trading partners. 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 duty-free status encourages international trade and facilitates the exchange of parts of knitting machines between countries without additional financial burdens.
The quantity unit for HS Code 84485910 is "no units collected (X)." This means that there is no specific quantity unit used to measure or collect these parts. The absence of a quantity unit suggests that the import or export of these parts is not subject to strict quantity restrictions.
However, it is important to note that customs authorities may still require accurate documentation and identification of the parts being imported or exported, ensuring compliance with relevant regulations and specifications.
Special tariff preference programs may be available for the import or export of parts of knitting machines under HS Code 84485910. These programs aim to promote trade and economic development by providing preferential treatment to certain countries or regions.
One example of a special tariff preference program is the Generalized System of Preferences (GSP), which grants reduced or zero duty rates to eligible products from developing countries. Countries participating in the GSP program can benefit from lower import duties when exporting parts of knitting machines to countries that offer GSP benefits.
Other regional or bilateral trade agreements may also provide special tariff preferences for parts of knitting machines. These agreements aim to foster economic cooperation and enhance trade relations between countries, often by reducing or eliminating trade barriers.
It is essential for importers and exporters of these parts to be aware of any special tariff preference programs that may apply to their trade transactions. Proper documentation and compliance with the specific requirements of these programs can result in cost savings and improved market access.
HS Code 84485910 represents parts of knitting machines classified under heading 8447 or their auxiliary machinery. Understanding this HS code is crucial for importers and exporters of these parts as it allows for proper classification, application of duty rates, and compliance with trade regulations.
This article provided a comprehensive overview of the product description, duty rates, quantity units, and special tariff preference programs related to HS Code 84485910. By familiarizing themselves with these details, businesses can navigate international trade more efficiently and take advantage of any available benefits or incentives.