The HS Code 99045240 represents a specific category of product in international trade. In this case, it refers to cotton card strips, staple measuring less than 30.1625 mm, as well as cotton lap, sliver, and roving waste. These products are classified under HS subheading 5202.90.30.
When importing or exporting goods, it is essential to understand the HS code assigned to the product. HS codes are used worldwide and allow for easy identification and classification of goods during customs procedures. They are standardized codes developed by the World Customs Organization (WCO) and are utilized by over 200 countries.
The HS code 99045240 is specifically used to identify cotton card strips and waste products related to the cotton spinning industry. These products are typically used in textile manufacturing processes. By using the HS code, customs authorities can quickly recognize and determine the appropriate duties, taxes, and regulations that apply to these goods.
The product description provided for HS code 99045240 includes cotton card strips with a staple length of less than 30.1625 mm. Staple length refers to the average length of individual fibers in a bundle of cotton or other textile material. The description also encompasses cotton lap, sliver, and roving waste.
When importing these goods, the value safeguard per kilogram is set at $5.20-$6.199. This value serves as a reference point for customs valuation purposes. It helps determine the customs duties and taxes applicable to the imported goods.
The bound/MFN duty rate for HS code 99045240 is 34.1 cents per kilogram. The bound duty rate represents the maximum tariff rate that a country can impose on imports. This rate is agreed upon by countries as part of their commitments under the World Trade Organization (WTO).
The MFN duty rate, on the other hand, refers to the most favorable tariff rate applied to imports from all trading partners. The principle of MFN ensures that any trade barrier reduction or market opening must be extended to all trading partners equally. Therefore, if a country lowers its trade barriers or opens up a market, it must do so for the same goods or services from all its trading partners.
The quantity unit for HS code 99045240 is kilograms (KG). This unit represents the weight of the goods being imported or exported. Kilograms are a commonly used unit of measurement for trade in various industries, including textiles.
Under certain circumstances, special tariff preference programs may apply to imports or exports of goods classified under HS code 99045240.
For example, the product may be eligible for duty-free treatment under the Israel Special Rate (IL) program. This program allows for preferential treatment in the form of reduced or eliminated import duties for goods traded between Israel and other participating countries.
HS code 99045240 applies to imports and exports of cotton card strips, staple < 30.1625 mm, and cotton lap, sliver, and roving waste from various US states. The specific states involved in the import or export process may vary depending on market demand, production capabilities, and trade agreements.
Some of the major cotton-producing states in the US include Texas, California, Mississippi, Georgia, and Arkansas. These states contribute significantly to the export of cotton and related products, including those falling under HS code 99045240.
The HS code 99045240 is used to identify cotton card strips, staple < 30.1625 mm, and cotton lap, sliver, and roving waste in international trade. It serves as a standardized code that facilitates the classification and regulation of these goods during customs procedures.
Understanding the HS code is essential for importers, exporters, and customs authorities alike. It enables accurate assessment of duties, taxes, and other regulatory requirements. Additionally, knowledge of special tariff preference programs and the MFN duty rate helps businesses make informed decisions when trading these products.
By adhering to the regulations and requirements associated with HS code 99045240, stakeholders in the cotton spinning industry can ensure smooth cross-border transactions and contribute to the growth of international trade.