Wrist watches have become a staple accessory in our everyday lives. They not only serve the practical purpose of telling time but also make a fashion statement. The HS Code 91021170 specifically refers to wrist watches that are electrically operated, with a mechanical display, and over 1 jewel. These watches are encased in gold or silver and come with a band made of material not specified elsewhere.
When it comes to trade, it's essential to understand the duty rates associated with importing wrist watches under this HS code. The bound or Most Favored Nation (MFN) duty rate for these watches is 80 cents each, with additional percentages applied to specific components. A 6% duty is imposed on the case, 2.8% on the strap, band, or bracelet, and 5.3% on the battery.
Trade barriers are constantly evolving, and countries often lower these barriers or open up their markets. However, when a country does so, it must apply the same changes to all its trading partners for the same goods or services. This principle ensures fair and equal treatment in international trade.
The quantity unit for this HS code is a number (NO), indicating the number of individual wrist watches being imported or exported.
In terms of tariff preference programs, wrist watches classified under HS Code 91021170 enjoy special rates in several countries. These programs provide various benefits, such as duty-free treatment. Here are some of the countries and their respective special rates:
It's important to note that these rates may vary based on specific trade agreements and regulations between countries.
When it comes to importing wrist watches classified under HS Code 91021170, certain US states are prominent in their demand. These states include Hawaii, New York, and the Virgin Islands. These regions have a significant market for wrist watches and contribute to the overall import volume.
On the other hand, the exporting US states for wrist watches under this HS code are primarily the Virgin Islands. It indicates that the Virgin Islands play a significant role in the production and export of these watches to other countries.
As the demand for wrist watches continues to grow globally, it is crucial for importers, exporters, and consumers to understand the intricacies associated with HS Code 91021170. This code not only defines the product but also determines the duty rates and eligibility for special tariff programs. By staying informed about these regulations, stakeholders can navigate the international trade landscape more effectively.