Watches have been an essential accessory for many years. They not only help us keep track of time but also add a touch of style to our outfits. When it comes to watches, there are various types available in the market. One such category is watches (excluding wrist watches) nesoi, not electrically operated, with 8-17 jewels in movement, and a movement valued not over $15 each. This particular category is identified by the HS Code 91029940.
The HS Code, or Harmonized System Code, is an internationally recognized system used to classify and categorize traded products. It is a standardized code that helps customs officials and traders worldwide identify and classify goods for import and export purposes. The HS Code 91029940 specifically refers to watches (excluding wrist watches) with specific characteristics.
The product description of HS Code 91029940 states that it includes watches that are not wrist watches. These watches can be pocket watches or any other type of watch that is not worn on the wrist. Additionally, these watches are not electrically operated, meaning they do not require batteries or any electrical power source to function.
One distinguishing feature of watches falling under HS Code 91029940 is the number of jewels in the movement. These watches have a movement with 8-17 jewels. Jewels in watch movements are small synthetic gemstones that reduce friction and enhance the accuracy and durability of the watch. Having a higher number of jewels indicates a higher quality movement.
Furthermore, the movement of these watches is valued not over $15 each. The movement refers to the internal mechanism of the watch that drives its hands and powers its functions. The value of the movement plays a role in determining the overall value and quality of the watch.
Now, let's discuss the import and export details associated with HS Code 91029940. When importing these watches into the United States, the quantity unit is measured in numbers (NO). This means that the watches are counted individually rather than in weight or volume.
When it comes to the duty rate, the bound or most-favored-nation (MFN) duty rate for watches under HS Code 91029940 is 92 cents each. In addition, there is a 3% duty on the case of the watch. It is important to note that the duty rates may vary depending on the country and any trade agreements or preferences in place.
Speaking of trade preferences, there are several special tariff preference programs applicable to watches under HS Code 91029940. These programs offer duty-free treatment or special rates for specific countries. The countries eligible for these programs include Australia, Bahrain, Canada (under NAFTA), Chile, European Union (E), Israel, Japan, Norway, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and many others.
These special tariff preference programs aim to promote trade and economic cooperation between countries. They provide certain benefits to the countries involved, such as duty-free treatment or reduced duty rates, to encourage trade and enhance economic growth.
It is essential for both importing and exporting US states to be aware of the regulations and requirements associated with HS Code 91029940. This ensures compliance with customs procedures and facilitates smooth trade transactions.
HS Code 91029940 represents watches (excluding wrist watches) nesoi, not electrically operated, with 8-17 jewels in movement, and a movement valued not over $15 each. Understanding the HS Code and its associated details is crucial for importers, exporters, and customs officials to classify and trade these watches accurately.