Lawn tennis is a popular sport enjoyed by millions of people around the world. The key equipment required to play this game is a tennis racket. In international trade, tennis rackets are classified under HS Code 95065120. This code is used to identify and categorize the specific product for customs and tariff purposes.
The HS Code 95065120 specifically refers to lawn-tennis rackets that are strung. The term "strung" indicates that the racket comes with strings attached, ready for use. It is important to note that this code only applies to tennis rackets and not to any other type of racket used in different sports.
When importing or exporting lawn-tennis rackets under the HS Code 95065120, it is crucial to be aware of the associated trade barriers, tariffs, and special tariff preference programs. Let's explore these aspects in more detail:
The bound / MFN duty rate for HS Code 95065120 is 5.3%. The bound rate represents the maximum tariff that a country can impose on a specific product. The MFN (Most Favored Nation) duty rate is the rate applied to imports from all trading partners equally, without any special preferences.
It is worth noting that the bound / MFN duty rate of 5.3% applies every time a country lowers a trade barrier or opens up a market. This means that if a country reduces the tariff rate for lawn-tennis rackets, it must do so for the same goods or services from all its trading partners.
The quantity unit for lawn-tennis rackets under HS Code 95065120 is "number" (NO). This unit indicates that the quantity is measured in individual units of rackets.
Various special tariff preference programs exist for lawn-tennis rackets under HS Code 95065120. These programs provide specific trade benefits, such as duty-free treatment or reduced tariffs, for eligible countries. The following programs apply to this HS code:
These special tariff preference programs aim to promote trade and provide economic benefits for specific countries. Importers and exporters of lawn-tennis rackets under HS Code 95065120 should review these programs to leverage any available advantages.
It is important to stay updated with any changes or amendments to the HS Code 95065120 and associated tariff rates. Customs regulations and trade agreements may evolve over time, affecting the import/export processes and costs.
By understanding the HS Code 95065120 and its implications, importers and exporters of lawn-tennis rackets can navigate international trade more effectively and take advantage of any available tariff preferences or duty-free treatment.