When it comes to international trade, various codes and classifications are used to categorize products. One such code is the Harmonized System (HS) code, which is an internationally recognized system used to classify goods. In this article, we will be discussing HS code 85051910, which refers to flexible permanent magnets, other than of metal.
The HS code 85051910 specifically covers a unique category of magnets that are not made of metal. These flexible permanent magnets are commonly used in a wide range of applications, including electronics, automotive, medical devices, and more. They offer the advantage of being easily bendable and can conform to various shapes and sizes.
One important aspect to note about HS code 85051910 is the bound or most-favored-nation (MFN) duty rate. The MFN duty rate for this product is 4.9%. 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 regardless of the country of import or export.
The quantity unit for HS code 85051910 is the number (NO). This unit indicates the quantity of flexible permanent magnets being imported or exported. It is important to consider this unit when dealing with international trade of these magnets.
Furthermore, HS code 85051910 is eligible for special tariff preference programs in several countries. These programs offer preferential treatment in terms of duty rates and allow for easier trade. The countries that provide such preferences for this HS code include:
These special tariff preference programs aim to promote trade and economic cooperation between the countries involved. By providing duty-free treatment or reduced duty rates, they encourage the import and export of flexible permanent magnets, benefiting businesses and consumers.
HS code 85051910 pertains to flexible permanent magnets that are not made of metal. These magnets are widely used in various industries and offer the advantage of flexibility. Understanding the bound duty rate, quantity unit, and special tariff preference programs associated with this HS code is crucial for businesses engaged in international trade. By leveraging these programs, companies can take advantage of reduced duty rates and facilitate smoother trade operations.