Fishing reels, valued over $2.70 but not over $8.45 each, fall under the HS Code 95073040. This code is used to classify and track the import and export of fishing reels. Understanding the HS Code and its associated data is essential for businesses involved in international trade.
The HS Code system is a standardized international system for classifying goods. It is used by customs authorities around the world to identify and categorize products for the purpose of levying tariffs, collecting trade statistics, and implementing trade policies. The HS Code consists of a series of numbers and is harmonized globally to ensure consistency in trade documentation.
For fishing reels falling under HS Code 95073040, the bound/MFN duty rate is 24 cents each. This means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. This duty rate applies to fishing reels regardless of the country of origin.
The quantity unit for fishing reels is the number (NO). This unit indicates the number of fishing reels being imported or exported.
There are several special tariff preference programs associated with HS Code 95073040. These programs provide certain countries with preferential treatment in terms of duty rates. The countries eligible for these programs include:
These special tariff preference programs allow eligible countries to import fishing reels at reduced or duty-free rates, promoting trade and economic development.
When importing fishing reels to the United States, it is important to consider the specific regulations and requirements of the exporting US states. Different states may have additional regulations or restrictions on the importation of fishing reels. It is crucial to comply with all applicable laws to ensure smooth importation and avoid any penalties or delays.
HS Code 95073040 is used to classify fishing reels valued over $2.70 but not over $8.45 each. It provides information on the bound/MFN duty rate, quantity unit, and special tariff preference programs. Understanding the HS Code and its associated data is vital for businesses engaged in international trade of fishing reels.