The HS Code 60062390 refers to knitted or crocheted fabrics of cotton, specifically those made from yarns of different colors. This code is used to classify and identify these particular types of fabrics for trade and customs purposes.
When importing or exporting goods, it is essential to understand the HS Code as it helps determine the applicable duties, tariffs, and special tariff preference programs. In the case of HS Code 60062390, the bound or most favored nation (MFN) duty rate is 10%. This means that 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.
The quantity unit for products classified under HS Code 60062390 is kilograms (KG). This unit is used to measure the weight of the fabrics being imported or exported.
Additionally, there are various special tariff preference programs associated with HS Code 60062390. These programs provide specific duty rates for certain countries. For example, fabrics classified under this HS Code are eligible for duty-free treatment in Bahrain (BH), Canada (CA) under NAFTA (North American Free Trade Agreement), Chile (CL), Israel (IL), Jordan (JO), Mexico (MX) under NAFTA, Peru (PE), and Singapore (SG).
Furthermore, fabrics classified under HS Code 60062390 are subject to a 3% duty rate in Australia (AU), a 1% duty rate in Morocco (MA), and a 6% duty rate in Oman (OM).
The special tariff preference programs mentioned earlier aim to promote trade and economic cooperation between countries. By offering reduced or eliminated duties, these programs incentivize importers and exporters to engage in trade activities, benefiting both parties involved.
When importing fabrics classified under HS Code 60062390 into the United States, it is important to consider the specific regulations and requirements of each state. Different states may have varying rules regarding the importation of textiles and fabrics.
Similarly, when exporting fabrics classified under HS Code 60062390 from the United States, it is essential to be aware of the regulations and requirements of the destination country. Each country may have its own import regulations and customs procedures that need to be followed.
HS Code 60062390 represents knitted or crocheted fabrics of cotton, made from yarns of different colors. This code helps classify and identify these fabrics for trade and customs purposes. Understanding the HS Code is crucial when importing or exporting goods, as it determines the applicable duties, tariffs, and special tariff preference programs. Additionally, it is important to be aware of the regulations and requirements of both the importing and exporting countries to ensure smooth trade transactions.