Harmonized System Codes • Schedule B • Harmonized Commodity Description

HS Code 96020040: Wax, Molded or Carved Articles

When it comes to international trade, understanding the Harmonized System (HS) codes is crucial. These codes are used to classify products and determine the applicable customs duties and regulations. In this article, we will delve into the details of HS Code 96020040, which pertains to wax, molded or carved articles.

HS Code 96020040 specifically applies to wax articles that have been molded or carved. This code helps customs authorities and traders identify and categorize these products for import and export purposes. Whether you are involved in the wax industry or planning to trade in wax articles, understanding this HS code is essential for a smooth and compliant trade process.

The bound or Most Favored Nation (MFN) duty rate for products falling under HS Code 96020040 is 1.8%. The MFN principle states that when 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 means that the duty rate of 1.8% applies uniformly to all countries trading in wax, molded or carved articles.

The quantity unit for HS Code 96020040 is "no units collected (X)." This means that the quantity of the product is not measured or collected in a specific unit. The absence of a quantity unit indicates that the duty is imposed based on the value or weight of the wax articles rather than the number of units.

Furthermore, there are special tariff preference programs that provide exemptions or reduced duty rates for products classified under HS Code 96020040. These programs include:

• Generalized System of Preferences (GSP): Provides duty-free treatment for eligible countries such as Australia, Bahrain, Canada, Chile, European Union (EU), Israel, Japan, Jordan, Morocco, Mexico, Oman, Peru, Singapore, and others.
• Australia Special Rate: Offers a special rate for wax articles imported from Australia.
• Bahrain Special Rate: Provides a preferential rate for wax articles imported from Bahrain.
• NAFTA for Canada: Grants duty-free treatment for wax articles imported from Canada under the North American Free Trade Agreement (NAFTA).
• Chile Special Rate: Offers a special rate for wax articles imported from Chile.
• Caribbean Basin Initiative (CBI): Provides preferential treatment for wax articles imported from eligible countries in the Caribbean region.
• Israel Special Rate: Offers duty-free treatment for wax articles imported from Israel.
• Andean Trade Preference Act (ATPA): Grants preferential treatment for wax articles imported from eligible countries in the Andean region.
• Jordan Special Rate: Provides a preferential rate for wax articles imported from Jordan.
• Morocco Special Rate: Offers a special rate for wax articles imported from Morocco.
• NAFTA for Mexico: Grants duty-free treatment for wax articles imported from Mexico under NAFTA.
• Oman Special Rate: Provides a preferential rate for wax articles imported from Oman.
• Dominican Republic-Central American Special Rate (DR-CAFTA): Offers preferential treatment for wax articles imported from eligible countries in the Dominican Republic-Central American region.
• Peru Special Rate: Provides a special rate for wax articles imported from Peru.
• Singapore Special Rate: Offers a preferential rate for wax articles imported from Singapore.

Importing US states and exporting US states can both engage in trade involving wax, molded or carved articles under HS Code 96020040. As long as the necessary customs procedures and regulations are followed, traders can import or export these products from any state within the United States.

HS Code 96020040 plays a crucial role in classifying and regulating the import and export of wax, molded or carved articles. Traders and customs authorities alike rely on this code to determine the applicable duty rates and eligibility for special tariff preference programs. Understanding the details of HS Code 96020040 is essential for a successful and compliant international trade journey in the wax industry.