When it comes to the world of fashion and timekeeping, wrist watches play a significant role. These small accessories not only serve the purpose of telling time but also make a fashion statement. In this article, we will delve into the details of the HS Code 91022960, which refers to wrist watches that are not electrically operated, not automatic winding, and have over 17 jewels in the movement, with a band of material nesoi.
The HS Code, also known as the Harmonized System Code, is an international standard for classifying products in the global trade market. It is a unique code assigned to each product, allowing customs officials and traders to identify and categorize goods accurately. The HS Code 91022960 specifically pertains to wrist watches that meet the aforementioned specifications.
For importers and exporters dealing with wrist watches, understanding the HS Code is crucial. It helps in determining the applicable duty rates and any special tariff preference programs that may be available. Let's take a closer look at the details related to the HS Code 91022960.
The product description for the HS Code 91022960 clearly outlines the characteristics of the wrist watches it encompasses. These watches are not electrically operated, which means they do not rely on batteries or any other external power source. Additionally, they are not automatic winding, indicating that manual winding or self-winding mechanisms are not present.
Furthermore, wrist watches falling under this HS Code must have over 17 jewels in the movement. Jewels in watch movements serve as bearings for the rotating components, reducing friction and ensuring smooth operation. The presence of over 17 jewels demonstrates the watch's high-quality craftsmanship and precision.
Lastly, the watches included in this HS Code feature a band made of material nesoi. "Nesoi" is an abbreviation for "not elsewhere specified or included," indicating that the specific material used for the band is not mentioned in the HS Code description.
Understanding the duty rates associated with the HS Code 91022960 is vital for importers and exporters to assess the financial implications of trading wrist watches. The bound or most-favored-nation (MFN) duty rate for these watches is $1.75 each, with additional percentages applied to the case and strap, band, or bracelet.
Specifically, a 4.8% duty is levied on the case of each watch, while a 2.2% duty is imposed on the strap, band, or bracelet. Importers need to consider these rates while calculating the total cost of importing wrist watches falling under this HS Code.
It is important to note that duty rates can vary depending on the country of import. Additionally, duty rates may change when a country lowers a trade barrier or opens up a market. In such cases, the same goods or services from all trading partners must receive the same treatment.
Importers and exporters dealing with wrist watches falling under the HS Code 91022960 may benefit from various special tariff preference programs. These programs offer preferential treatment in terms of duty rates or even duty-free treatment for specific countries.
Some of the special tariff preference programs applicable to this HS Code include:
These special tariff preference programs allow importers and exporters to take advantage of reduced or eliminated duties, making trade more favorable and cost-effective.
It is worth noting that the HS Code 91022960 applies to both importing and exporting US states. This means that the code is relevant for businesses involved in the importation or exportation of wrist watches, regardless of the specific US state they are located in.
Whether a business is based in California, Texas, New York, or any other state, understanding the HS Code and its associated regulations is essential for compliance and successful trade operations.
the HS Code 91022960 plays a vital role in the classification and trade of wrist watches that meet specific criteria. Importers and exporters dealing with these watches must be familiar with the product description, duty rates, and any special tariff preference programs that may apply. By understanding these details, businesses can navigate the global trade market more effectively and make informed decisions.