When it comes to international trade, it is essential to have a system that classifies and categorizes products. The Harmonized System (HS) Code is a globally recognized system used to classify goods and products for import and export purposes. Each HS code represents a specific product or group of products.
One such HS code is 91089060, which represents watch movements that are complete and assembled. These movements fall into the category of "nesoi," which stands for "not elsewhere specified or included." They are specifically defined as measuring over 15.2 mm but not over 33.8 mm, with over 7 but not exceeding 17 jewels. Additionally, these watch movements are valued at no more than $15 each.
Watch movements are crucial components of any timepiece, as they are responsible for the accurate and precise measurement of time. The movements included in HS code 91089060 are ready for installation into watch cases and are considered complete and assembled.
Importing or exporting products under HS code 91089060 comes with specific regulations and considerations. It is important to understand the duty rates, quantity units, and any special tariff preference programs associated with this HS code.
The bound / MFN (Most Favored Nation) duty rate for products classified under HS code 91089060 is $1.80 each. This duty rate applies every time a country lowers a trade barrier or opens up a market. It ensures that all trading partners receive the same treatment for the same goods or services.
The quantity unit for watch movements under HS code 91089060 is "number" (NO). This means that the quantity of these watch movements is measured by the number of individual units.
There are various special tariff preference programs associated with HS code 91089060. These programs provide different tariff rates or even duty-free treatment for specific countries. Here are the programs applicable to this HS code:
These special tariff preference programs aim to promote trade and economic relations between countries by reducing or eliminating import duties for specific products. It is important for importers and exporters to be aware of these programs to take advantage of the tariff benefits they offer.
When it comes to importing or exporting products under HS code 91089060, it is also useful to know the specific US states involved in these transactions. The Virgin Islands is one of the US states where watch movements classified under this HS code may be imported or exported.
Understanding the details and regulations associated with HS code 91089060 is crucial for businesses involved in the import and export of watch movements. By adhering to the specific requirements and taking advantage of special tariff preference programs, businesses can optimize their trading activities and strengthen their partnerships with other countries.