When it comes to international trade, it is important to have a standardized system for classifying goods. This is where the Harmonized System (HS) code comes into play. The HS code is an internationally recognized system used to classify and categorize products for customs and trade purposes. Each product is assigned a unique HS code, which helps streamline the import and export process.
One such HS code is 55039090, which is assigned to synthetic staple fibers that are not carded, combed, or otherwise processed for spinning. These fibers are categorized as "not elsewhere specified or included" (NESOI), meaning they do not fall into any other specific category.
Synthetic staple fibers refer to fibers that are produced by man-made processes, such as chemical or mechanical methods. These fibers are typically used in a wide range of industries, including textiles, automotive, and construction.
The HS code 55039090 is used to identify and classify these synthetic staple fibers for customs and trade purposes. It is important for importers and exporters to accurately declare the HS code of their goods to ensure compliance with customs regulations and to facilitate smooth trade transactions.
Bound / MFN duty rate for HS code 55039090 is 4.3%. 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. The duty rate is the percentage of the declared value of the goods that needs to be paid as a tariff or import duty.
The quantity unit for HS code 55039090 is kilograms (KG). This is the standard unit of measurement used to determine the quantity of goods being imported or exported.
In addition to the duty rate, there are also special tariff preference programs available for goods classified under HS code 55039090. These programs provide preferential treatment, such as reduced or duty-free rates, for eligible countries. Some of the special tariff preference programs for HS code 55039090 include:
These special tariff preference programs aim to promote trade and economic cooperation between countries by reducing or eliminating trade barriers for eligible goods. Importers and exporters should take advantage of these programs to benefit from preferential treatment and enhance their competitiveness in the international market.
When it comes to importing goods classified under HS code 55039090 into the United States, there are no specific restrictions on the importing US states. This means that goods can be imported into any state within the United States without any additional restrictions or requirements.
Overall, HS code 55039090 plays a crucial role in international trade by providing a standardized classification system for synthetic staple fibers. It helps facilitate customs clearance, determine applicable duty rates, and access special tariff preference programs. Importers and exporters should be familiar with the HS code of their goods and understand its implications on trade transactions.