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How Trade and Harmonized Codes Work
The trade deficit for the United States for February 2010 was approximately $39 billion, and it fluctuates each day. The trade deficit represents the number of purchased (imported) goods by Americans compared to goods sold (exported) to foreign countries. The number is a concern to Americans who hope to increase their economic prominence by creating goods that will be popular in international markets.
Another point considered by businesses and economists is the volume of particular exports and imports that occurs between the United States and countries around the world. For example, in 2007, the United States imported $78 billion in food products.
Managing what enters the U.S. is the responsibility of the U.S. Customs and Border Protection. Whenever a product like oil, furniture, or car parts enters or leaves the country, customs must have a complete description of the item. This accounting of products is made more complex because, for example, a hair dryer manufactured in China may not have the same product description as one manufactured in Holland. The World Customs Organization (WCO), however, developed a solution to this problem of potentially conflicting product descriptions among trading nations.
The WCO developed harmonized codes that “harmonize” the descriptions of products developed between some 200 trading nations. The goal is to accurately identify goods imported or exported from or to any country.
A large issue for importers, and this is true in the United States as well as other countries, is that goods are taxed and tariffs are assessed based on product descriptions. So it is critical that each import or export product is accurately identified, so excessive taxes or tariffs are not levied.
Heavy fines may be assessed to an importer if the descriptions are incorrect, and such fines can be very expensive.
Harmonized codes or HS codes are six digits in length, but countries will often append additional digits to aid in describing these goods. There are over 5,000 HS codes on the U.S. customs books from animals to services. Making sense of these codes requires a good deal of knowledge and experience with these harmonized codes because manufactures must correlate their goods to a single HS code.
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