When it comes to international trade, a standardized system is necessary to classify and identify different products. The Harmonized System (HS) code is a globally recognized system that assigns a unique code to each product, facilitating trade across borders. In this article, we will delve into the details of HS Code 55169200, which corresponds to woven fabrics of artificial staple fibers nesoi, dyed, nesoi.
HS Code 55169200 specifically refers to woven fabrics made of artificial staple fibers that are not classified under any other specific HS code. These fabrics are dyed, meaning they have undergone a coloring process to achieve a desired hue. The fabrics included in this HS code are not further specified, indicating their versatility and application in various industries.
It is important to note that the HS code is used by customs authorities and traders worldwide to determine the applicable customs duties and regulations for a specific product. By using the HS code, importers and exporters can easily identify the relevant trade barriers and market access conditions.
The bound or Most Favored Nation (MFN) duty rate for products falling under HS Code 55169200 is 12%. The MFN duty rate is the maximum rate of duty that a country may charge on imports from all its trading partners. It ensures that trade barriers are not selectively applied and that all countries receive equal treatment in terms of customs duties.
The quantity unit used for measuring the fabrics in HS Code 55169200 is square meters (M2). This unit allows for accurate measurement and calculation of the fabric's size and quantity during trade transactions.
Several special tariff preference programs exist for products classified under HS Code 55169200. These programs offer reduced or duty-free rates for specific countries. The countries that enjoy a duty-free rate for this HS code include Bahrain (BH), Canada (CA) under NAFTA, Chile (CL), Israel (IL), Jordan (JO), Mexico (MX) under NAFTA, Oman (OM), Peru (P), and Singapore (SG).
Additionally, Australia (AU) enjoys a reduced duty rate of 3% for products falling under HS Code 55169200, while Morocco (MA) benefits from a reduced duty rate of 1.2%. These special tariff preference programs aim to promote trade and strengthen economic ties between the participating countries.
Importing states in the United States and exporting states play a significant role in the trade of products classified under HS Code 55169200. The specific states involved in the import and export of these fabrics may vary depending on market demand, production capabilities, and regional trade agreements.
HS Code 55169200 encompasses woven fabrics of artificial staple fibers nesoi, dyed, nesoi. This HS code is crucial in facilitating international trade by providing a standardized classification system for customs authorities and traders. Understanding the details and implications of HS Code 55169200 is essential for importers, exporters, and anyone involved in the global textile trade.