Wrist watches have long been an essential accessory for people around the world. They help us keep track of time and add a touch of style to our outfits. Among the various types of wrist watches, HS Code 91021145 refers to a specific category of electrically operated watches with mechanical display only, 0-1 jewel, and a case and band made of materials not elsewhere specified.
When it comes to international trade, understanding the Harmonized System (HS) code is crucial. The HS code is a standardized system used to classify goods for customs and trade purposes. In the case of HS Code 91021145, it provides detailed information about the characteristics and specifications of the wrist watches in question.
The bound or most favored nation (MFN) duty rate for products falling under HS Code 91021145 is 40 cents each, with additional percentages applied to the case, strap, band, or bracelet, as well as the battery. It is important to note that duty rates can vary depending on the country and trade agreements in place. Every time a country lowers a trade barrier or opens up its market, it must do so for the same goods or services from all its trading partners.
For certain countries, there are special tariff preference programs in effect for wrist watches falling under HS Code 91021145. These programs allow for reduced or duty-free rates on imports. Some of the countries offering special tariff preferences for these watches include Australia, Bahrain, Canada, Denmark, Israel, Japan, Jordan, Morocco, Mexico, Peru, Oman, Singapore, and the United States.
When importing wrist watches under this HS code, specific US states have been identified as major importers. These states include Hawaii, New York, and the Virgin Islands. It is important for businesses involved in the wrist watch industry to consider these states as potential markets for their products.
On the other hand, the exporting of wrist watches falling under HS Code 91021145 does not have any specific states listed as major exporters. This suggests that the production and distribution of these watches may be concentrated in other countries or regions.
HS Code 91021145 represents a specific category of wrist watches that are electrically operated, have a mechanical display only, and come with a case and band made of materials not elsewhere specified. Understanding the HS code is essential for businesses involved in international trade, as it provides detailed information about the product and its associated duty rates. The special tariff preference programs and importing/exporting states mentioned further highlight the importance of considering these factors when engaging in the wrist watch industry.