Twine, cordage, rope, and cables are essential products used in various industries for different purposes. The HS Code 56074925 specifically refers to twine, cordage, rope, and cables made of polyethylene or polypropylene, which are not braided or plaited, and are classified as "nesoi" or "not elsewhere specified or included."
These products are widely used across industries such as agriculture, construction, shipping, and manufacturing. They are known for their durability, strength, and versatility, making them indispensable in many applications.
The HS Code 56074925 carries specific information about the product, including the product description, duty rate, quantity unit, and special tariff preference programs. Let's delve into these details and explore more about this HS code.
The product description for HS Code 56074925 is "Twine (except binder or baler twine), cordage, rope and cables, of polyethylene or polypropylene, not braided or plaited, nesoi." This description provides a clear understanding of the product's composition, construction, and materials used.
Twine, cordage, rope, and cables falling under this HS code are made from either polyethylene or polypropylene, two widely used polymers known for their strength and durability. These products are not braided or plaited, distinguishing them from other types of ropes and cables.
The bound or most-favored-nation (MFN) duty rate for the HS Code 56074925 is 9.8 cents/kg + 5.3%. The MFN duty rate is the rate applied to imports from most countries that are members of the World Trade Organization (WTO).
It's important to note that the duty rate can vary depending on trade agreements, negotiations, and changes in trade barriers. Every time 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 ensures fair and equal treatment among trading nations.
The quantity unit for HS Code 56074925 is kilograms (KG). This unit is used to measure the weight of the twine, cordage, rope, and cables imported or exported under this HS code. Kilograms are a standard unit of measurement widely used in international trade.
HS Code 56074925 is eligible for various special tariff preference programs offered by different countries. These programs aim to promote trade, strengthen bilateral relationships, and provide economic benefits to specific trading partners. Here are some of the special tariff preference programs applicable to this HS code:
These special tariff preference programs provide duty-free treatment or reduced duty rates for the import and export of twine, cordage, rope, and cables under HS Code 56074925. It is important for businesses to take advantage of these programs to enhance their competitiveness and reduce costs.
While the HS Code 56074925 applies worldwide, it is also relevant to specific importing and exporting US states. One such state is Virginia, which engages in the import and export of twine, cordage, rope, and cables under this HS code.
Virginia, known for its diverse economy and strong trade relationships, plays a significant role in the import and export of various goods, including those falling under HS Code 56074925. The state's strategic location and well-developed infrastructure make it an attractive hub for international trade.
HS Code 56074925 encompasses twine, cordage, rope, and cables made of polyethylene or polypropylene, not braided or plaited. This HS code carries specific information about the product, duty rates, quantity unit, and special tariff preference programs. Understanding and utilizing this information can benefit businesses involved in the import and export of these products, promoting international trade and economic growth.