When it comes to international trade, it is essential to have a standardized system that classifies and categorizes products. One such system is the Harmonized System (HS) code, which is used by customs authorities worldwide to identify and classify traded goods. Each product is assigned a unique HS code, which helps streamline trade processes and ensure consistency in tariffs and regulations.
In this article, we will focus on HS Code 62031210, which refers to men's or boys' suits made of synthetic fibers. These suits are not knitted or crocheted and contain 36 percent or more by weight of wool or fine animal hair. Let's explore more about this specific HS code and the implications it carries.
The HS Code 62031210 provides a detailed description of the product, ensuring that there is no ambiguity in its classification. It specifically mentions that the suits are for men or boys, made of synthetic fibers, and have a significant percentage of wool or fine animal hair. This level of specificity helps customs authorities accurately identify the product and apply the appropriate tariffs and regulations.
Speaking of tariffs, the bound or most-favored-nation (MFN) duty rate for HS Code 62031210 is 17.5%. The MFN duty rate signifies 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 ensures fair and non-discriminatory trade practices.
The quantity unit for HS Code 62031210 is "number" (NO), which suggests that the product is measured and traded in individual units.
Now let's delve into the special tariff preference programs associated with HS Code 62031210. These programs provide certain countries with preferential treatment in terms of reduced or eliminated tariffs. For this HS code, the following special tariff preference programs apply:
These special tariff preference programs aim to promote trade and economic cooperation between countries. By reducing or eliminating tariffs, they facilitate the import and export of goods, fostering international business relationships.
When it comes to importing this specific product into the United States, the data does not provide information about the exporting countries. However, the data does mention that the state of Vermont is the destination for these imports.
HS Code 62031210 represents men's or boys' suits made of synthetic fibers, containing a significant amount of wool or fine animal hair. This code allows customs authorities to accurately classify and regulate the import and export of these suits. The associated tariffs and special preference programs further impact the trade dynamics and promote international cooperation. Whether you are a trader, customs official, or simply interested in understanding global trade, having knowledge about HS codes and their implications is crucial.