When it comes to international trade, it is important to have a standardized system to classify and categorize products. The Harmonized System (HS) Code is a globally recognized system used to classify goods and products for import and export purposes. In this article, we will dive into the details of HS Code 90328940, which refers to automatic voltage and voltage-current regulators that are not designed for use in a 6, 12, or 24 V system.
HS Code 90328940 specifically covers automatic voltage and voltage-current regulators. These devices are used to regulate and stabilize electrical voltages and currents in various applications. They are designed to ensure a consistent and reliable power supply, especially in situations where fluctuations in voltage and current can cause damage to sensitive equipment.
One important aspect of HS Code 90328940 is the bound or Most Favored Nation (MFN) duty rate. The duty rate for this HS code is 1.7%. This means that when 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 every time this specific product is imported or exported.
The quantity unit for HS Code 90328940 is "no units collected (X)". This indicates that the collection of units for this product is not applicable or not recorded. It is important to note that the absence of quantity units does not diminish the significance or importance of this HS code.
There are also special tariff preference programs associated with HS Code 90328940. These programs offer preferential treatment in terms of tariffs and duties for countries participating in these programs. The following countries are eligible for special tariff preferences for this HS code: Australia, Bahrain, Canada, Chile, Israel, Jordan, Morocco, Mexico, Oman, Dominican Republic, Peru, Singapore, and various Caribbean Basin Initiative (CBI) countries.
Additionally, it is worth mentioning that the United States imports this product from the Virgin Islands. This indicates that the Virgin Islands are a significant source of this product for the US market. On the other hand, the US exports this product to the Virgin Islands, Pennsylvania, Montana, Arizona, and the District of Columbia. These states play a role in the distribution and export of HS Code 90328940.
HS Code 90328940 represents automatic voltage and voltage-current regulators that are essential for maintaining stable and reliable power supply in various applications. This HS code carries a 1.7% duty rate and is eligible for special tariff preference programs in multiple countries. The Virgin Islands and several US states are involved in both the import and export of this product. Understanding the details and implications of HS Code 90328940 is crucial for businesses involved in international trade and the electrical industry.