In international trade, the Harmonized System (HS) Code is a standardized numerical system used to classify products for customs purposes. Each product is assigned a unique HS Code, which helps in determining the applicable duty rates, regulations, and restrictions for that specific product.
The HS Code 99045234 corresponds to cotton that is not carded or combed, with a staple length of 34.925 mm or over. This particular cotton is classified under the HS subheading 5201.00.80. It is important to note that this code also specifies that the cotton has entered a quantity safeguard period.
When importing or exporting goods, it is crucial to understand the duty rates associated with the product. The bound or most-favored-nation (MFN) duty rate for HS Code 99045234 is 10.5 cents per kilogram (KG). The MFN duty rate is a standard rate that applies to all trading partners of a country. It ensures that trade barriers are lowered or markets are opened up equally for all countries.
The quantity unit for HS Code 99045234 is kilograms (KG). This unit of measurement is used to determine the quantity of cotton being imported or exported.
There are also special tariff preference programs that may apply to HS Code 99045234. In this case, the product is eligible for free (IL) treatment. This means that when importing this cotton into Israel, it will receive duty-free treatment.
When it comes to importing and exporting HS Code 99045234, it is essential to consider the specific requirements and regulations of the United States. The exporting US states may differ from the importing US states, indicating where the cotton originates from and where it is being shipped to.
Overall, HS Code 99045234 represents a specific type of cotton that is not carded or combed, with a staple length of 34.925 mm or over. The code provides important information about duty rates, quantity units, and any special tariff preference programs that may be applicable. Understanding the HS Code is crucial for international trade and ensuring compliance with customs regulations.