When it comes to international trade, it is essential to have a system in place that classifies products in a standardized way. This is where the Harmonized System (HS) code comes into play. The HS code is a globally recognized product classification code that is used by customs authorities to identify and categorize traded goods. Each HS code corresponds to a specific product or group of products, making it easier for countries to track and regulate international trade.
One such HS code is 84702900, which represents electronic calculating machines that do not incorporate a printing device and are not elsewhere specified or included (NESI). Let's take a closer look at this HS code and understand its implications.
The product description for HS code 84702900 is "Electronic calculating machines, not incorporating a printing device, NESI." This means that the code is used to classify electronic calculators that do not have a built-in printing feature. These machines are designed to perform complex mathematical calculations and are widely used in various industries, including finance, engineering, and education.
The bound or Most Favored Nation (MFN) duty rate for HS code 84702900 is free. This means that when 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. In other words, no import duties or taxes are imposed on electronic calculating machines classified under this HS code.
The quantity unit for HS code 84702900 is a number (NO). This unit represents the number of individual electronic calculating machines being imported or exported.
Several countries and regions have special tariff preference programs in place that offer preferential treatment for imports classified under HS code 84702900. These programs allow for duty-free or reduced-duty access to the respective markets. Here are some of the special tariff preference programs applicable to this HS code:
HS code 84702900 is imported into several US states. The states that import this product are:
On the other hand, the US states that export products classified under HS code 84702900 are:
Understanding the HS code 84702900 and its associated details is crucial for businesses involved in importing or exporting electronic calculating machines. By being aware of the specific tariff rates, special programs, and trading patterns, companies can make informed decisions and optimize their international trade operations.