When it comes to international trade, it is essential to have a standardized system for classifying products. The Harmonized System (HS) Code is a globally recognized code that helps in categorizing goods for customs purposes. In this article, we will explore the HS Code 58061028, which refers to narrow woven pile fabrics, including terry toweling/chenille fabric, made of man-made fibers. It is important to note that this code excludes fastener fabric tape and goods falling under heading 5807.
The HS Code 58061028 is utilized to classify and regulate the import and export of narrow woven pile fabrics. It provides valuable information to customs authorities, businesses, and other stakeholders involved in international trade. By using this code, countries can monitor and control the flow of goods, ensure compliance with trade regulations, and calculate appropriate duties and taxes.
When importing or exporting goods under the HS Code 58061028, it is crucial to understand the associated duty rates. The bound or Most-Favored-Nation (MFN) duty rate for this code is 8.4%. The MFN principle states that whenever 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 promotes fair and equal treatment among trading nations.
The quantity unit for the HS Code 58061028 is kilograms (KG). This unit of measurement helps in accurately determining the quantity of goods being imported or exported.
Additionally, there are special tariff preference programs available for goods classified under HS Code 58061028. Some countries offer preferential treatment, reducing or eliminating the duty rates for specific trading partners. Here are the details of the special tariff preference programs for this code:
These special tariff preference programs can provide significant cost savings and trade advantages for businesses engaging in international commerce.
When it comes to importing goods under HS Code 58061028, it is important to consider the exporting US states. The origin of the goods plays a crucial role in determining the applicability of any special trade agreements or preferences. Similarly, when exporting goods, it is essential to be aware of the importing US states and any specific regulations or requirements they may have.
the HS Code 58061028 is a vital classification for narrow woven pile fabrics, including terry toweling/chenille fabric made of man-made fibers. It assists in regulating international trade, determining duty rates, and facilitating preferential treatment under special tariff preference programs. By understanding this code and its associated information, businesses can navigate the complexities of global trade more effectively.