Wrist watches have been an essential accessory for both men and women for centuries. They not only serve the purpose of telling time but also add elegance and style to one's overall appearance. In this article, we will delve into the details of a specific HS code, 91022955, which refers to wrist watches nesoi (not elsewhere specified or included) that are not electrically operated, not automatic winding, and have over 17 jewels in the movement, with a band made of textiles or base metal.
The HS code system is a standardized international classification system for traded products. It plays a crucial role in facilitating global trade by providing a unique identifier for each product. HS code 91022955 specifically categorizes wrist watches that meet the mentioned specifications. This code helps customs officials, importers, and exporters accurately identify and classify these watches during international trade transactions.
Wrist watches falling under HS code 91022955 are characterized by the following features:
It's important to note that HS code 91022955 specifically excludes electrically operated watches, automatic winding watches, and those with bands made of precious metals such as gold or silver.
When importing wrist watches under HS code 91022955, it's essential to be aware of the applicable duties and tariffs. The bound or Most Favored Nation (MFN) duty rate for these watches is $1.55 each, with an additional 4.2% on the case and 9.9% on the strap, band, or bracelet. These rates may vary depending on the specific country and trade agreements in place.
Furthermore, several special tariff preference programs exist that offer duty-free treatment for wrist watches under HS code 91022955. These programs include:
By taking advantage of these special tariff preference programs, importers can significantly reduce or eliminate the duty costs associated with importing wrist watches under this HS code.
The quantity unit for wrist watches under HS code 91022955 is measured in numbers (NO), which indicates the number of individual watches being imported or exported.
When it comes to exporting from the United States, wrist watches falling under this HS code can be shipped to various countries worldwide. Similarly, the United States imports wrist watches from numerous trading partners across the globe.
HS code 91022955 provides a clear classification for wrist watches that are not electrically operated, not automatic winding, and have over 17 jewels in the movement, with a band made of textiles or base metal. Importers and exporters dealing with these watches must be familiar with the applicable duties, tariffs, and special tariff preference programs to ensure smooth and cost-effective international trade. By understanding the details of this HS code, both businesses and individuals can navigate the complexities of importing and exporting wrist watches with ease.