Flax yarn, single is a product that falls under the HS Code 53061000. This code serves as a standardized system for classifying goods in international trade. It helps in simplifying the process of identifying and categorizing products for importers and exporters.
The product description for HS Code 53061000 is "Flax yarn, single." Flax yarn is derived from the flax plant and is known for its strength and durability. It is commonly used in the textile industry for making fabrics, clothing, and household textiles.
The quantity unit for this HS Code is kilograms (KG). This means that the weight of the flax yarn is measured in kilograms when it is being imported or exported.
The bound / Most Favored Nation (MFN) duty rate for HS Code 53061000 is free. This means that there are no import duties or taxes imposed on the flax yarn when it is traded between countries. The MFN principle ensures that every country must lower trade barriers or open up its market for the same goods or services from all its trading partners.
This duty-free status encourages international trade and promotes economic growth. It allows businesses to import and export flax yarn without incurring additional costs, making it more competitive in the global market.
In addition to the MFN duty rate, there are also special tariff preference programs that may apply to HS Code 53061000. These programs offer specific benefits and incentives to eligible countries and can further reduce or eliminate import duties on flax yarn.
One such program is the Generalized System of Preferences (GSP), which provides preferential tariff treatment to developing countries. Under the GSP, certain eligible countries can export flax yarn to the United States at reduced or zero-duty rates, promoting economic development and trade between nations.
HS Code 53061000 is relevant for both importing and exporting flax yarn to and from the United States. Importing states refer to the states within the US that receive flax yarn from other countries, while exporting states are the ones that ship flax yarn to international markets.
Some of the major importing states for flax yarn in the US include California, New York, Texas, Florida, and Illinois. These states have a significant textile industry and demand for flax yarn to meet their manufacturing needs.
On the other hand, exporting states for flax yarn in the US include North Dakota, Minnesota, South Dakota, and Wisconsin. These states have suitable climate conditions for flax cultivation and play a crucial role in supplying flax yarn to the global market.
HS Code 53061000 represents flax yarn, single. It is used in various industries, particularly the textile industry, for the production of fabrics and clothing. The code signifies that the product is duty-free, encouraging international trade. Additionally, special tariff preference programs such as the GSP offer further benefits to eligible countries. Understanding and utilizing the HS code system is essential for importers, exporters, and policymakers in facilitating global trade.