Wrist watches have become an essential accessory in today's fast-paced world. They not only help us keep track of time but also add a touch of style to our outfits. One specific type of wrist watch is the HS Code 91021165, which refers to electrically operated watches with a mechanical display only, containing over 1 jewel. These watches come with a case and a band made of either textile material or base metal.
When importing HS Code 91021165 watches, it is important to note the applicable duty rates. The bound or most-favored-nation (MFN) duty rate for these watches is 76 cents each, with an additional 8.5% duty on the case, 14% duty on the strap, band, or bracelet, and 5.3% duty on the battery. These rates apply to all countries that trade with the importing country, ensuring fair treatment for all trading partners.
However, there are special tariff preference programs that offer reduced or duty-free rates for HS Code 91021165 watches. For example, Australia, Bahrain, Canada, Denmark, Ecuador, Israel, Japan, Jordan, Morocco, Mexico, Oman, Peru, Singapore, and many other countries offer duty-free treatment for these watches. The specific rates vary slightly among these countries, but they generally range from 9.5 cents each to 1% on the case, 1.7% on the strap, band, or bracelet, and 0.6% on the battery.
It is important to understand the specific tariff preferences of each country while exporting HS Code 91021165 watches. For instance, the Caribbean Basin Initiative (CBI), the Andean Trade Preference Act (ATPA), the Andean Trade Promotion and Drug Eradication Act (ATPDEA), the Dominican Republic-Central American Free Trade Agreement (DR-CAFTA), and the Caribbean Basin Trade Partnership Act (CBTPA) offer duty-free treatment for these watches when exporting to certain countries in the Americas.
When it comes to importing HS Code 91021165 watches into the United States, several states have shown considerable demand. These states include Hawaii, New York, and the Virgin Islands. These states account for a significant portion of the US market for these watches. Therefore, businesses looking to import or distribute HS Code 91021165 watches should pay close attention to these states to ensure maximum market penetration and profitability.
Overall, HS Code 91021165 encompasses a specific category of wrist watches that are electrically operated, have a mechanical display only, contain over 1 jewel, and come with a case and band made of textile material or base metal. Understanding the applicable duty rates and special tariff preference programs is crucial for importers and exporters of these watches. By staying informed and strategically targeting key markets, businesses can make the most of the opportunities presented by HS Code 91021165 watches.