Wrist watches have become an essential accessory for people all around the world. They not only help us keep track of time but also make a fashion statement. The HS Code 91022915 refers to wrist watches that are not electrically operated, not automatic winding, and have 2-7 jewels. Additionally, these watches come with a strap or band made of textile material or base metal. In this article, we will delve into the details of this HS code and explore its various aspects.
The HS Code 91022915 specifically covers wrist watches that meet certain criteria. These watches are not powered by electricity and do not have automatic winding mechanisms. Instead, they rely on manual winding to keep them running. They also feature a limited number of jewels, ranging from 2 to 7, which are used to reduce friction and enhance the watch's accuracy.
What sets these watches apart is their strap or band, which can be made of either textile material or base metal. The choice of material for the strap or band often depends on the overall design and intended use of the watch. Textile straps provide a casual and comfortable feel, while metal bands offer a more formal and elegant look.
When importing wrist watches under the HS Code 91022915, it is crucial to be aware of the applicable duty rates. The bound duty rate for these watches is 58 cents each. Additionally, there is a 4.6% duty on the case of the watch and a 10.6% duty on the strap, band, or bracelet. These duty rates are imposed on a per-watch basis.
It's important to note that duty rates can vary depending on the country of import. However, according to the principle of Most Favored Nation (MFN), every time a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. This ensures fair and equal treatment for all countries involved in international trade.
The quantity unit for wrist watches under the HS Code 91022915 is "number" (NO). This means that the watches are counted individually, and the duty rates mentioned earlier apply to each watch imported.
Several special tariff preference programs are available for wrist watches under the HS Code 91022915. These programs offer reduced or duty-free rates for importing watches from specific countries. Some of the notable programs include:
These special rates are designed to promote trade and economic cooperation between the countries involved. Importers should carefully consider these programs to take advantage of the reduced or duty-free rates available.
When it comes to importing wrist watches under the HS Code 91022915, the choice of US state can impact the import process. Different states may have varying regulations and procedures for importing goods. Likewise, exporting US states play a crucial role in facilitating international trade by ensuring smooth export procedures.
Importers and exporters should consult with the relevant authorities and research the specific requirements of their chosen states. This will help them navigate the import and export process efficiently and ensure compliance with all applicable regulations.
The HS Code 91022915 covers a specific category of wrist watches that are not electrically operated, not automatic winding, and have a limited number of jewels. These watches come with a strap or band made of textile material or base metal. Importers of these watches should be aware of the applicable duty rates, special tariff preference programs, and the importance of selecting the appropriate US states for importation and exportation. By understanding the details of this HS code, importers and exporters can effectively navigate the international trade landscape and maximize their business opportunities.