{"id":9489,"date":"2023-12-31T08:05:53","date_gmt":"2023-12-31T13:05:53","guid":{"rendered":"https:\/\/faisalkhan.com\/?page_id=9489"},"modified":"2023-12-31T08:05:58","modified_gmt":"2023-12-31T13:05:58","slug":"hs-code","status":"publish","type":"page","link":"https:\/\/faisalkhan.com\/learn\/payments-wiki\/hs-code\/","title":{"rendered":"HS Code"},"content":{"rendered":"\n
HS Code, short for Harmonized System Code, is a standardized numerical method of classifying traded products. It is used by customs authorities around the world to identify products when assessing duties and taxes and for gathering statistics. The HS Code system is maintained by the World Customs Organization (WCO), an independent intergovernmental organization with over 180 member countries based in Brussels, Belgium.<\/p>\n\n\n\n
The HS Code is a six-digit code that classifies and defines internationally traded goods. It’s based on the Harmonized Commodity Description and Coding System. The system is harmonized, meaning that it’s consistent across countries, simplifying international trade.<\/p>\n\n\n\n
The “HS” in HS Code stands for “Harmonized System”. The system is designed to classify goods in a systematic and uniform manner, facilitating international trade and tariff determination.<\/p>\n\n\n\n
HS Codes are used by exporters, importers, customs officials, and other participants in international trade. They are essential for:<\/p>\n\n\n\n
The WCO revises the HS Code system every five years to keep up with changes in technology or trade patterns. While the WCO develops and maintains the system, individual countries can add additional digits to classify goods more specifically according to their own tariff and statistical needs.<\/p>\n\n\n\n
Pros:<\/strong><\/p>\n\n\n\n Cons:<\/strong><\/p>\n\n\n\n\n
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Real-World Examples<\/h3>\n\n\n\n
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10 Random but Useful HS Codes<\/h3>\n\n\n\n
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Official Websites for HS Codes<\/h3>\n\n\n\n