The HS Code 85051930 refers to permanent magnets and articles intended to become permanent magnets after magnetization, other than those made of metal, nesoi (not elsewhere specified or included). This code is used to classify and identify products for international trade. It provides a standardized system for customs authorities and traders to understand the type of goods being imported or exported.
Permanent magnets are materials that can produce their own magnetic fields. They are widely used in various applications such as electric motors, generators, magnetic resonance imaging (MRI) machines, magnetic separators, and speakers. The HS Code 85051930 specifically covers permanent magnets made from non-metal materials.
When importing or exporting products classified under HS Code 85051930, it is important to consider the applicable duty rates. The bound or most-favored-nation (MFN) duty rate for this code is 4.9%. This means that every time a country lowers a trade barrier or opens up a market, it must apply the same duty rate for the same goods or services from all its trading partners.
The quantity unit for products classified under HS Code 85051930 is "number" (NO), indicating the number of individual magnets or magnetized articles being imported or exported.
There are also special tariff preference programs available for products under HS Code 85051930. These programs provide duty-free treatment for eligible countries. The following countries benefit from these programs:
These special tariff preference programs aim to promote trade and economic cooperation between the participating countries by providing them with preferential treatment in terms of duty charges.
When it comes to importing or exporting products classified under HS Code 85051930, it is essential to comply with the regulations and documentation requirements of the importing and exporting countries. Proper classification, accurate declaration of goods, and adherence to customs procedures are crucial to ensure smooth and legal trade operations.
HS Code 85051930 represents permanent magnets and articles intended to become permanent magnets after magnetization, excluding those made of metal. Understanding the code, its duty rates, and special tariff preference programs can greatly facilitate international trade of these products. Importers and exporters should stay informed about the specific requirements and regulations of the countries involved to ensure compliance and successful trade transactions.