The HS Code 87120015 refers to bicycles that are not motorized and have both wheels not exceeding 63.5 cm in diameter. This code is used to classify and identify these specific types of bicycles for trade and customs purposes.
When importing bicycles with this HS code, it is important to consider the bound/MFN duty rate. The bound/MFN duty rate for HS Code 87120015 is 11%. 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 applies to the value of the imported bicycles.
The quantity unit for HS Code 87120015 is number (NO). This unit indicates that the quantity of bicycles being imported or exported is measured in the number of units.
There are also special tariff preference programs available for bicycles classified under HS Code 87120015. These programs offer reduced or duty-free rates for certain countries. The following countries have special tariff preference programs for these bicycles:
Under these special tariff preference programs, imports from least-developed beneficiary developing countries are eligible for GSP (Generalized System of Preferences) treatment, which means they receive duty-free treatment. Additionally, specific countries like Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Morocco, Mexico (under NAFTA), Oman, the Dominican Republic (under DR-CAFTA), Peru, and Singapore have their own special rates for these bicycles.
When it comes to importing HS Code 87120015 bicycles into the United States, the data provided does not specify any exporting US states. However, it is important for importers in the US to consider the customs regulations and requirements set by the US government for the importation of bicycles.
HS Code 87120015 is used to classify bicycles that are not motorized and have both wheels not exceeding 63.5 cm in diameter. Importers and exporters need to be aware of the bound/MFN duty rate, quantity unit, and special tariff preference programs applicable to these bicycles. Understanding these details can help facilitate international trade and ensure compliance with customs regulations.