Published on : 11 January 20233 min reading time
The HS classification is a system used for classifying goods and products in international trade. It is used to collect statistical data and to determine tariffs and other measures that may be applied to imported goods.
The HS Classification
The Harmonized System (HS) is an internationally standardized system of names and numbers for the classification of products. It is used by customs authorities around the world to identify products for taxation purposes, and is also used to track international trade statistics. The HS consists of a 6-digit base code, which is further subdivided into 10-digit, 4-digit, and 2-digit codes. The base code is used to identify the broadest category of goods, while the subsequent digits are used to identify increasingly specific subcategories.
The HS classification is important for businesses that engage in international trade, as it is used to determine tariffs and other trade restrictions. It is also used by customs authorities to track the flow of goods around the world, and to collect data on international trade. The HS classification can be used to identify trends in global trade, and to monitor compliance with trade agreements.
What is the HS Classification?
The Harmonized Commodity Description and Coding System, commonly known as “HS” classification, is a six-digit uniform numbering system developed by the World Customs Organization (WCO) that is used by customs authorities around the world to identify and classify traded goods. The HS system is used to collect international trade statistics and to help countries monitor compliance with trade agreements.
The first two digits of an HS code identify the chapter in which the commodity is classified. The remaining four digits are used to identify the commodity within the chapter. There are 21 chapters in the HS system, which are divided into 99 sections. Each section is further divided into headings, and each heading is divided into subheadings.
The HS system is maintained by the WCO and is periodically updated to keep up with changes in global trade patterns. The most recent version of the HS classification is the HS 2012, which came into effect on January 1, 2017.
Some countries, such as the United States, use their own national classification systems that are similar but not identical to the HS system. In the United States, the Harmonized Tariff Schedule (HTS) is used.
What is the HS Classification Used For?
The HS (Harmonized Commodity Description and Coding System) classification is an internationally standardized system for the classification of traded products. It is used by customs authorities around the world to identify and quantify the dutiable content of imported and exported goods, and is also used to compile international trade statistics. The HS classification is also used for other purposes, such as for statistical analysis, commodity promotion and market research.
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