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HS Code Scaled

What is HS Code? HS Code Usage

HS stands for Harmonized System. It was developed by the WCO (World Customs Organization) as a multipurpose international product nomenclature that describes the type of good that is shipped. Today, customs officers must use HS code to clear every commodity that enters or crosses any international borders.

HS Code Structure
The HS code can be described as follows:

It is a six-digit identification code.
It has 5000 commodity groups.
Those groups have 99 chapters.
Those chapters have 21 sections.
It’s arranged in a legal and logical structure.

Well-defined rules support it to realize uniform classification worldwide.
The code follows from the Kyoto Convention of 1974 and facilitates the simplification and harmonization of Customs procedures. The Kyoto Convention details the application of efficient procedures, as well as new and obligatory rules for their implementation. As of January 2017, this convention has about 106 Contracting Signatories/Parties.

Today, HS codes are used extensively in electronic messages like the EDIFACT. This has made it easier for the system to become a worldwide standard for describing a good across various platforms. Its nearly universal usage allows authorities such as Port and Customs departments to identify the products.

HS Code Usage
The HS system is used by over 200 countries and other economies around the world for the collection of international trade statistics, and as a basis for customs tariffs. Over 98% of the goods involved in international trade are classified in terms of the HS Code.

In addition to governments, the code is also used by private-sector firms and international organizations. It is utilized to monitor, update, and optimize controlled goods, internal taxes, rules of origin, trade policies, transport statistics, freight tariffs, compilation of national accounts, quota controls, price monitoring, traffic statistics, and economic research as well as analysis.

Thus, the HS code is regarded as an indispensable tool for international trade, universal economic language, and coding for commodities.

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