HS Code 91022930: A Comprehensive Guide to Wrist Watches
Wrist watches have become an essential accessory for many people around the world. They not only serve the purpose of telling time but also make a fashion statement. In this article, we will explore the HS Code 91022930, which pertains to wrist watches that are not electrically operated, not automatic winding, with 8-17 jewels, movement not exceeding $15 and 15.2 mm, and made from materials not specified elsewhere.
The HS Code 91022930 is used to classify wrist watches that fall under this specific description. This code is essential for importers, exporters, and customs officials to ensure proper documentation and accurate classification of goods. It helps in determining the appropriate duty rates and eligibility for special tariff preference programs.
When it comes to the duty rates for wrist watches classified under HS Code 91022930, there are several components to consider. The bound or Most Favored Nation (MFN) duty rate is $2.19 each, and there are additional percentages applied to the case, strap, band, or bracelet. Specifically, there is a 4.8% duty rate on the case and a 2.2% duty rate on the strap, band, or bracelet.
It is important to note that duty rates are subject to change, and it is advisable to consult the latest official sources to obtain the most accurate information. Additionally, duty rates may vary depending on the importing and exporting countries involved in the trade transaction.
One significant aspect of international trade is the concept of trade barriers and market access. When a country lowers a trade barrier or opens up a market, it is obligated to do so for the same goods or services from all its trading partners. This principle ensures fair and non-discriminatory trade practices among nations.
In terms of quantity units, the HS Code 91022930 is measured in numbers (NO). This unit refers to the number of wrist watches being imported or exported.
Now let's explore the special tariff preference programs applicable to wrist watches classified under HS Code 91022930. The following countries or regions offer duty-free treatment for these products: Australia (Special Rate), Bahrain (Special Rate), Canada (NAFTA - duty-free treatment), Chile (Special Rate), Denmark (Duty-free treatment), Israel (Special Rate - duty-free treatment), Japan (Special Rate), Jordan (Special Rate), Morocco (Special Rate), Mexico (NAFTA - duty-free treatment), Oman (Special Rate), Panama (Special Rate), Peru (Special Rate), Singapore (Special Rate), and many more.
These special tariff preference programs aim to promote trade and economic cooperation between countries by reducing or eliminating import duties on specific goods. Importers and exporters should carefully review the requirements and conditions of each program to take advantage of the benefits they offer.
Finally, it is crucial to consider the importing and exporting US states when dealing with products classified under HS Code 91022930. Different states within the United States may have specific regulations, requirements, or incentives for the importation or exportation of wrist watches. It is advisable to consult with local authorities or trade experts in the respective states to ensure compliance with all applicable laws and regulations.
the HS Code 91022930 plays a vital role in classifying wrist watches that meet specific criteria. It helps in determining duty rates, eligibility for special tariff preference programs, and ensuring compliance with trade regulations. Importers, exporters, and customs officials should familiarize themselves with this code and its associated details to facilitate smooth and efficient trade transactions involving wrist watches.
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