Watches are a staple accessory in today's fashion-conscious world. They not only tell time but also make a style statement. However, watches come in various types and styles, each designed for different purposes. One specific category of watches is covered under HS Code 91019940. Let's explore this HS code in detail and understand its implications.
The HS Code 91019940 refers to watches (excluding wrist watches) with cases made of or clad with precious metal. These watches are not electrically operated and contain 8-17 jewels in their movement. The value of each watch movement should not exceed $15.
The inclusion of precious metals in the watch cases adds an extra touch of luxury and elegance to these timepieces. The presence of jewels in the watch movement indicates the craftsmanship and precision involved in creating these watches.
When it comes to international trade, duty rates play a crucial role in determining the cost of importing or exporting goods. For HS Code 91019940, the bound / MFN duty rate is 98 cents each. Additionally, a 3% duty is levied on the case of the watch every time a country lowers a trade barrier or opens up a market.
This duty rate ensures that all trading partners are treated equally. If a country decides to reduce trade barriers or open its market for certain goods or services, it must do so for all its trading partners. This promotes fair and transparent trade practices among nations.
The quantity unit number (NO) for HS Code 91019940 refers to the number of watches imported or exported. In this case, the unit is "number," indicating that the quantity is measured in individual watches.
Several special tariff preference programs are available for watches falling under HS Code 91019940. These programs provide certain countries with preferential treatment in terms of duty rates. Here are some of the programs applicable to this HS code:
These special tariff preference programs aim to foster trade relationships and support economic growth between the countries involved. By providing duty-free treatment or special rates, these programs incentivize trade and facilitate the flow of goods across borders.
For HS Code 91019940, specific states within the United States have been identified as importers and exporters of these watches. The states include Hawaii, New York, and the Virgin Islands.
These states play a significant role in the import and export of these watches, contributing to the overall trade volume and economic activity. The presence of these watches in these states indicates the demand for luxury timepieces and the fashion-conscious nature of the local population.
HS Code 91019940 covers watches (excluding wrist watches) with cases made of or clad with precious metal. These watches are not electrically operated and contain 8-17 jewels in their movement. The duty rate, special tariff preference programs, and specific importing and exporting states associated with this HS code all contribute to the global trade dynamics of luxury watches.