Reduce Risk when Exporting and Importing

Which of the following is a core aspect of marketing? performance.

Some economists believe that a trade surplus creates employment and increases GDP growth. Others believe that the balance of trade has little impact. A trade surplus is also called a favorable balance of trade.

1. Develop formal import/export policies and standard operating procedures. This will ensure that no step is overlooked when importing or exporting.
2. Establish compliant recordkeeping processes.
3. Conduct self-audits.

The World Customs Organization

The HS was developed and is maintained by the World Customs Organization (WCO), an independent intergovernmental organization with over 179 members and is based in Brussels, Belgium. The HS is the standard coding structure and related product descriptions used in international trade.

The HS code for your product will be listed on the commercial invoice a buyer receives with their order. It may be used to classify products upon export and to calculate applicable taxes and duties upon import.

At the international level, the Harmonized System (HS) for classifying goods is a six-digit code system. The HS comprises approximately 5,300 article/product descriptions that appear as headings and subheadings, arranged in 99 chapters, grouped in 21 sections. The six digits can be broken down into three parts.

What is an HS Code? The HS (Harmonized Commodity Description and Coding System) Code is a 6–10 digit number that is required for all international shipments. This number is used by customs to identify the products shipped across international borders.

HS Codes are important for government officials to identify goods being imported and exported in order to collect the proper taxes. They identify products that are being imported or exported through a country’s borders. They classify and categorize products in a worldwide system used for customs clearance purposes.

Harmonized System

The World Customs Organization (WCO) has been administering 6 digits HS codes schedule. However, each country can modify by adding two digits or four digits as per their requirements without changing first six digits. In other words, first six digits of HS code (HTS code) are same in all countries.

HS Code used for Services – Import

Import and Export

Code in Export – Import Industry. Code is the Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally-standardized system of names and numbers to classify traded products. …

6 digits