Wrist watches have become an essential accessory in today's modern world. They not only serve the purpose of telling time but also add style and elegance to one's outfit. The HS Code 91011140 specifically refers to wrist watches with cases made of or clad with precious metal, electrically operated, with mechanical display only, and containing 0-1 jewel in the movement.
The HS Code is an internationally recognized system used to classify products for import and export purposes. It helps in determining the applicable duty rates, special tariff programs, and trade regulations associated with a particular product. In the case of HS Code 91011140, it provides valuable information about the features and characteristics of the wrist watches being imported or exported.
According to the data provided, the bound or most-favored-nation (MFN) duty rate for wrist watches under this HS Code is 51 cents each, with an additional 6.25% duty on the case and strap, band, or bracelet, and 5.3% duty on the battery. It is important to note that duty rates may vary depending on the country and any applicable trade agreements or preferences.
In terms of quantity unit, the wrist watches are measured in numbers (NO), indicating the total number of watches being imported or exported. This helps in determining the volume and value of the trade transactions involving these watches.
Furthermore, the data highlights several special tariff preference programs that provide duty-free treatment for the wrist watches under HS Code 91011140. These programs include:
These special tariff preference programs aim to promote trade and economic development by providing favorable conditions for specific countries or regions. Importers or exporters dealing with wrist watches can take advantage of these programs to reduce or eliminate the duty costs associated with their trade transactions.
When it comes to the importing and exporting states, the provided data mentions the Virgin Islands. This information indicates that the wrist watches under HS Code 91011140 are being imported from or exported to the Virgin Islands. These states play a significant role in the trade of these wrist watches.
the HS Code 91011140 pertains to wrist watches with cases of or clad with precious metal, electrically operated, with mechanical display only, and containing 0-1 jewel in the movement. It provides valuable information about duty rates, special tariff preference programs, quantity units, and the involved importing and exporting states. This data is crucial for importers, exporters, and trade authorities to ensure compliance with trade regulations and take advantage of any available trade benefits.