Wrist watches have been an essential accessory for both men and women for centuries. They not only serve as a timekeeping device but also add style and sophistication to any outfit. In this article, we will delve into the intricacies of wrist watches categorized under HS Code 91022945. This code specifically refers to wrist watches that are not electrically operated, not auto winding, have 8-17 jewels, and a movement cost over $15 each, with a band made of textiles or base metal.
When it comes to international trade, understanding the HS code is crucial. The HS code is a standardized system that classifies products for customs purposes. It ensures uniformity in trade, allowing countries to facilitate the movement of goods and apply appropriate duties and tariffs. HS Code 91022945 is specifically used to identify and classify wrist watches falling under the aforementioned description.
The bound or MFN (Most Favored Nation) duty rate for wrist watches under HS Code 91022945 is 93 cents each, with an additional 4.8% on the case and 11.2% on the strap, band, or bracelet. It's important to note that duty rates may vary depending on the country of origin and destination. 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. This principle ensures fair and equal treatment in international trade.
Wrist watches under HS Code 91022945 are typically measured in the quantity unit of "number" (NO). This unit indicates the number of individual wrist watches being imported or exported.
Several special tariff preference programs exist for wrist watches under HS Code 91022945. These programs offer duty-free treatment to specific countries, promoting trade and economic cooperation. Some of the countries benefiting from these programs include Australia, Bahrain, Canada (under NAFTA), Chile, Denmark, Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and many more.
Importing and exporting wrist watches under HS Code 91022945 involves various US states. While the specific states involved may vary depending on the trade partners, some commonly involved states include New York, California, Texas, Florida, and Illinois. These states serve as major hubs for international trade and have well-established logistics and customs infrastructure.
wrist watches falling under HS Code 91022945 are a sought-after product in the global market. The accurate classification and understanding of this HS code are vital for importers, exporters, and customs authorities. By adhering to the specific requirements and duty rates associated with this code, businesses can ensure smooth and compliant international trade operations. Whether you are a watch enthusiast or a business professional, being aware of the HS code and its implications is essential for navigating the world of wrist watches.