Cotton fibers are an essential raw material in the textile industry. These fibers go through various processing stages before they can be spun into yarn or used in other textile applications. HS Code 99045248 specifically refers to processed cotton fibers that are not yet spun.
The HS Code is an international system for classifying products traded between countries. It helps in standardizing the classification of goods for customs and trade purposes. By using the HS Code, customs officials and traders can easily identify and categorize products.
In the case of HS Code 99045248, it is used to classify cotton fibers that have undergone processing but not yet transformed into yarn. This specific HS Code allows for easy tracking and identification of the product, ensuring smooth trade transactions.
The product description for HS Code 99045248 is "Cotton fibers, processed, not spun, in 5203.00.30, entered in value safeguard period, $0.40-$0.499/kg." Let's break down the details:
The bound / MFN (Most Favored Nation) duty rate for HS Code 99045248 is 2.2 cents/kg. The MFN principle ensures that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners.
This means that regardless of the country of origin, the duty rate for processed cotton fibers falling under HS Code 99045248 will be 2.2 cents/kg. This helps in promoting fair and equal trade practices among countries.
The quantity unit for HS Code 99045248 is kilograms (KG). This means that the product is measured and traded in kilograms. The KG unit is widely used in international trade to standardize the measurement of goods, making it easier for buyers and sellers to calculate quantities and prices.
HS Code 99045248 is eligible for a special tariff preference program known as "Free (IL)". This stands for "Israel Special Rate" and provides duty-free treatment for the import of the product into Israel.
Under this special program, processed cotton fibers falling under HS Code 99045248 can be imported into Israel without any duties or tariffs. This encourages trade between countries and strengthens economic ties.
HS Code 99045248 applies to trade between various importing and exporting states in the United States. The specific states involved in the import and export of processed cotton fibers can vary based on market demand, production capabilities, and other factors.
It is important for traders and businesses involved in the cotton industry to understand the specific requirements and regulations of the importing and exporting states when dealing with HS Code 99045248. Complying with these regulations ensures smooth and legal trade operations.
HS Code 99045248 refers to processed cotton fibers that are not yet spun. It is an important classification for customs and trade purposes, allowing for easy identification and tracking of the product. Understanding the details of the product description, duty rates, quantity unit, special tariff preference programs, and the states involved in trade is crucial for businesses engaged in the import and export of processed cotton fibers.