What is the HS code for 40101200?

What is the HS code for 40101200?

The HS code for 40101200 is an important classification used in international trade. The HS code system, also known as the Harmonized System, is a standard classification used by customs authorities worldwide for the identification and classification of products. It plays a crucial role in facilitating international trade by providing a unified system for the classification of goods.

The HS code for 40101200 specifically refers to "Pneumatic rubber tires, new, of a kind used on bicycles." This code provides a unique identification and classification for these specific types of tires. Let's delve further into the origins and significance of this HS code.

The harmonized system was first implemented by the World Customs Organization (WCO) in 1988. It was developed to create a globally recognized standard for the classification of goods. The HS code consists of a six-digit code, with additional digits for more specific classification if needed. Each code represents a specific product or group of products. The system is regularly updated to reflect changes in technology, trade patterns, and new products.

The HS code for 40101200 falls under Chapter 40 of the HS code system, which is dedicated to "Rubber and Articles Thereof." This chapter further subdivides into different sections and headings, providing a detailed breakdown of various rubber products. The specific digits in the code help to specify the exact type and characteristics of the product.

The HS code classification system is of great importance in international trade. It serves several key purposes. Firstly, it allows customs authorities to easily identify and classify goods, ensuring accurate tariffs and customs duties are applied. This uniform identification system helps to prevent potential disputes or misunderstandings regarding the classification of products.

Furthermore, the HS code system enables governments and international organizations to collect and analyze trade statistics. It provides valuable data on the trade of specific goods, which aids in monitoring trade flows, assessing economic trends, and formulating trade policies. The harmonized system also facilitates the exchange of trade-related information between countries, fostering international cooperation and standardization.

In conclusion, the HS code for 40101200 represents pneumatic rubber tires used on bicycles. This HS code is derived from the larger harmonized system, which provides a standardized classification for products in international trade. The HS code system serves as a crucial tool for customs authorities, facilitates accurate tariff calculation, and enables the gathering of essential trade statistics. Its implementation ensures smooth and efficient international trade, benefiting both governments and businesses worldwide.

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