Cotton is one of the most widely used natural fibers in the world, with a myriad of applications in various industries. It is a versatile and durable material that has been used for centuries in the production of textiles, clothing, and other consumer goods. The International Convention on the Harmonized Commodity Description and Coding System (HS Code) provides a standardized classification for goods traded internationally, allowing for easier identification and tracking of products.
HS Code 99045228 specifically refers to cotton that is not carded or combed, with a staple length of 34.925 mm or over. This particular classification helps differentiate this type of cotton from others in terms of its processing and quality. When imported, it falls under HS Code 5201.00.80, which further specifies its categorization.
When importing cotton under HS Code 99045228, it is important to be aware of any relevant trade barriers or special tariff preference programs. This information can have a significant impact on the cost and overall feasibility of importing this product. In the case of this HS Code, the cotton enters the market during a value safeguard period, with a price range of $1.40 to $1.699 per kilogram.
Bound / MFN duty rate is an important factor to consider when importing goods. In the case of HS Code 99045228, the duty rate is 23.3 cents per kilogram. This means that for every kilogram of cotton imported, an additional cost of 23.3 cents is incurred as a duty. It is crucial to factor this into the overall cost calculations when importing cotton under this particular HS Code.
It is worth noting that trade agreements often dictate that when a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. This principle of non-discrimination ensures fair and equitable trade practices. Therefore, any changes in trade barriers or market access for cotton under HS Code 99045228 should be applied universally to all trading partners.
The quantity unit for measuring cotton under HS Code 99045228 is kilograms (KG). This standard unit of measurement allows for consistency and comparability when dealing with international trade data. It is essential to accurately record and report the quantity of cotton imported or exported to ensure transparency and compliance with customs regulations.
HS Code 99045228 represents cotton that is not carded or combed, with a staple length of 34.925 mm or over. This HS Code plays a crucial role in the classification and international trade of cotton. Understanding the bound / MFN duty rate, special tariff preference programs, and quantity unit is essential for importers and exporters dealing with cotton under this HS Code. By adhering to international trade regulations and practices, the global cotton trade can thrive and contribute to the growth and development of various industries.