Wrist watches have become an essential accessory for many people around the world. They not only tell time but also serve as a fashion statement. Among the wide variety of wrist watches available, those with cases made of or clad with precious metal hold a special place. HS Code 91012990 specifically refers to wrist watches with cases of or clad with precious metal, which are not electrically operated and not automatic winding, and have over 17 jewels in the movement.
When it comes to international trade, HS codes play a crucial role in classifying products for customs purposes. HS Code 91012990 helps customs authorities identify and categorize wrist watches with specific characteristics, making it easier to regulate and monitor trade in this particular category.
One important aspect of trade is the duty rate applied to imported goods. In the case of HS Code 91012990, the bound / most-favored-nation (MFN) duty rate is free. This means that no duty is imposed on these wrist watches when they are imported. It is worth noting that the MFN duty rate applies uniformly to all trading partners of a country, ensuring fair and non-discriminatory treatment for imported goods.
In addition to the MFN duty rate, there are special tariff preference programs that further facilitate trade in wrist watches with cases of or clad with precious metal. Under these programs, certain countries enjoy duty-free treatment when exporting their products to the United States. The countries eligible for this special treatment under HS Code 91012990 include Australia, Bahrain, Canada (under NAFTA), Chile, European Union member states, Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and several others.
The United States has specific importing and exporting states for wrist watches falling under HS Code 91012990. The importing states for these products include Hawaii, New York, and the Virgin Islands. These states have a demand for wrist watches with cases of or clad with precious metal, making them important destinations for imports in this category.
On the other hand, the exporting state for wrist watches under HS Code 91012990 is primarily the Virgin Islands. This suggests that the Virgin Islands have a significant production capacity or sourcing capability for these particular wrist watches. The presence of the Virgin Islands as the primary exporting state highlights its importance in the global wrist watch trade.
HS Code 91012990 represents wrist watches with cases of or clad with precious metal, not electrically operated, not automatic winding, and having over 17 jewels in the movement. This HS code is instrumental in classifying and regulating trade in this specific category of wrist watches. With a bound / MFN duty rate of free, along with special tariff preference programs for eligible countries, importing and exporting states play a crucial role in the trade dynamics of these wrist watches. Understanding the HS code and its associated data helps facilitate smooth and efficient international trade in wrist watches with cases of or clad with precious metal.