Platinum, a precious metal, is widely used in various industries due to its exceptional properties. It is highly valued for its rarity, durability, and resistance to corrosion, making it an ideal material for a range of applications. In this article, we will explore the HS code 71101900, which specifically refers to platinum in semimanufactured forms, and delve into its significance in international trade.
The HS code 71101900 is a part of the Harmonized System (HS), which is an internationally recognized system for classifying traded products. It is used by customs authorities to identify and categorize goods for the purpose of tariff and trade statistics. The HS code 71101900 specifically pertains to platinum in semimanufactured forms, indicating that it includes products that have undergone some level of processing but are not yet in their final form.
When it comes to trade regulations, the HS code plays a crucial role in determining the applicable duties and tariffs. The bound or MFN (Most Favored Nation) duty rate for platinum in semimanufactured forms under the HS code 71101900 is free. This means that countries are not required to impose any import duties on this product. 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.
The quantity unit component for platinum in semimanufactured forms is measured in grams (CGM). This unit is used to determine the quantity of the product being imported or exported.
There are also special tariff preference programs associated with the HS code 71101900. These programs provide certain countries with preferential treatment, offering duty-free access to their markets. The countries eligible for such benefits include Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Morocco, Mexico (under NAFTA), Oman, the Dominican Republic-Central America (under DR-CAFTA), Peru, and Singapore.
Now, let's take a closer look at the importing and exporting US states for platinum in semimanufactured forms under the HS code 71101900. The top importing states include Nevada, New York, Connecticut, Florida, Utah, and Delaware. These states have a significant demand for platinum and actively engage in its importation.
On the other hand, the top exporting states for platinum in semimanufactured forms are New York, California, Nevada, Virgin Islands, Rhode Island, New Mexico, Florida, Massachusetts, Utah, and New Jersey. These states play a vital role in supplying platinum to domestic and international markets.
the HS code 71101900 represents platinum in semimanufactured forms and serves as a crucial identifier for customs authorities and traders. Understanding this code and its associated regulations is essential for businesses involved in the import and export of platinum. By leveraging the special tariff preference programs and identifying key importing and exporting states, businesses can make informed decisions and seize opportunities in the platinum market.