Wrist watches have become an essential accessory for people all around the world. They not only help individuals keep track of time but also serve as a fashion statement. HS Code 91022920 refers to wrist watches that are not electrically operated, not automatic winding, and have 2-7 jewels. These watches also come with a strap, band, or bracelet made of material not specified elsewhere.
When it comes to international trade, understanding HS codes is crucial. HS codes are a standardized system used by countries to classify products for customs and trade purposes. The HS code 91022920 specifically identifies the type of wrist watches being imported or exported.
The bound or MFN (Most Favored Nation) duty rate for wrist watches under HS code 91022920 is 56 cents each, with an additional 4.4% on the case and 2% on the strap, band, or bracelet. This means that for every wrist watch imported or exported, a specific amount must be paid as customs duty based on these rates.
Trade barriers and market openness are important aspects of international trade. According to the principle of MFN, whenever 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. This ensures fair and non-discriminatory treatment in international trade.
HS Code 91022920 is used to track the quantity of wrist watches being imported or exported. The quantity unit for this code is "number" (NO), indicating that the quantity is measured in individual watches.
There are several special tariff preference programs associated with HS Code 91022920. These programs provide certain countries with preferential treatment, reducing or eliminating the duty rates for importing or exporting wrist watches. The countries eligible for special tariff preference programs under HS Code 91022920 include Australia, Bahrain, Canada (under NAFTA), Chile, Denmark, Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and many others. These programs aim to promote trade and economic cooperation between countries.
Importing and exporting wrist watches under HS Code 91022920 is not limited to specific states in the United States. Any state can engage in the import or export of these watches, provided they comply with the relevant customs regulations and requirements.
HS Code 91022920 encompasses wrist watches that are not electrically operated, not automatic winding, and have 2-7 jewels. It also includes watches with a strap, band, or bracelet made of material not specified elsewhere. Understanding this HS code is essential for importers, exporters, and customs authorities involved in international trade of wrist watches. The associated duty rates, special tariff preference programs, and quantity measurement help facilitate smooth and fair trade practices.
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