Wrist watches have been a timeless accessory, serving both functional and fashion purposes. Among the various types of wrist watches available in the market, those with cases made of or clad with precious metals hold a special appeal. HS Code 91012910 specifically refers to wrist watches with cases of or clad with precious metal, which are not electrically operated, not automatic winding, and have 0-1 jewel in the movement.
When importing or exporting wrist watches with these specifications, it is essential to understand the relevant HS code and associated regulations. The HS code acts as a universal identifier for trade and customs purposes, ensuring consistent classification of goods across different countries.
HS Code 91012910 covers wrist watches that meet the following criteria:
These wrist watches are often sought after for their aesthetic appeal and the perceived value associated with precious metals.
The bound / MFN (Most Favored Nation) duty rate for HS Code 91012910 is 40 cents each, plus an additional 5% on the case and strap, band, or bracelet. The duty rate is the amount of tax or tariff imposed on the import or export of goods.
It's important to note that trade barriers and market openness can vary between countries. However, according to the principle of MFN treatment, when a country lowers a trade barrier or opens up a market for certain goods or services, it must do so for all its trading partners. This principle promotes fair and non-discriminatory trade practices.
The quantity unit for HS Code 91012910 is the number (NO). This means that the quantity of wrist watches being imported or exported should be reported as a numerical value.
Several special tariff preference programs are available for wrist watches with HS Code 91012910. These programs provide preferential treatment, such as duty-free access, for imports or exports between specific countries. The following countries or regions offer special rates for this HS code:
These special tariff preference programs aim to foster trade relationships, promote economic growth, and facilitate the movement of goods between participating countries.
When it comes to importing or exporting wrist watches with HS Code 91012910, various states within the United States play a significant role. Some of the notable importing and exporting states for these wrist watches include:
Importing US States:These states serve as key gateways for the import and export of wrist watches with precious metal cases, contributing to the overall trade volume in this category.
HS Code 91012910 covers wrist watches with cases of or clad with precious metal, not electrically operated, not automatic winding, and with 0-1 jewel in the movement. Understanding the HS code, bound duty rate, special tariff preference programs, and relevant importing/exporting states is crucial for businesses and individuals involved in the trade of these exquisite timepieces.