Gold, a precious metal with a wide range of applications, is classified under HS Code 71082000. This HS code refers to gold in its monetary form, whether it is in unwrought, semimanufactured, or powder form. In this article, we will explore the product description, duty rates, quantity unit, special tariff preference programs, and the importing and exporting US states for this particular HS Code.
Under HS Code 71082000, gold is described as a monetary product that can exist in various forms. It can be in its purest form, known as unwrought gold, which includes bars, ingots, and coins. Additionally, gold can also be semimanufactured, meaning it has undergone some processing but is not yet in its final form. Lastly, gold can be in powder form, which is often used in various industrial applications.
The bound or most-favored-nation (MFN) duty rate for HS Code 71082000 is free. This means that countries must lower any trade barriers or open up their markets for gold in unwrought, semimanufactured, or powder form from all their trading partners. This encourages international trade and ensures equal treatment for all countries involved in the exchange of gold.
The quantity unit for HS Code 71082000 is grams (GM). This unit of measurement is commonly used to determine the weight or quantity of gold being traded. It provides a standardized measurement that allows for easy comparison and calculation when buying or selling gold.
Several special tariff preference programs apply to HS Code 71082000. These programs offer duty-free treatment for gold in unwrought, semimanufactured, or powder form. The countries that benefit from these programs include:
These special tariff preference programs aim to promote trade between countries and provide economic benefits for both exporters and importers of gold. By offering duty-free treatment, these programs incentivize trade and contribute to the growth of the global gold market.
When it comes to importing gold under HS Code 71082000, several US states have been actively involved. The states that import gold in unwrought, semimanufactured, or powder form are:
These states play a significant role in the importation of gold, potentially indicating their involvement in the gold industry or their demand for gold for various purposes such as jewelry production, investment, or industrial applications.
On the other hand, certain US states are actively involved in the exportation of gold under HS Code 71082000. The states that export gold in unwrought, semimanufactured, or powder form are:
These states serve as significant exporters of gold, potentially indicating their involvement in gold mining, refining, or processing activities. They contribute to the global gold supply and participate in international trade to meet the demand for gold in various markets.
HS Code 71082000 encompasses gold in unwrought, semimanufactured, or powder form. This HS code facilitates international trade by providing a standardized classification for gold and ensuring equal treatment for all trading partners. With duty-free treatment under special tariff preference programs, countries can promote the exchange of gold and boost their respective economies. The importing and exporting US states mentioned in this article play crucial roles in the gold trade, either as major importers or exporters, further highlighting the significance of this HS Code in the global gold market.