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Harmonized System Code List and Its Importance in Business




For every businessman it is must know what is HS Codes list and why is it important to understand in the International Trade market. If you are a businessman no matter local or international you should know the detail about HS code and HS code list.

Harmonized System Code List is the list of some specific digit codes which is used to classify the goods and products traded in the international market. It is the most common and relevant six-digit code system followed by most of the countries at the international level. It is mainly used for the objective of price checking, economic investigation & to know the fright tariffs, transport statistics, and internal duty etc. HS code is the most common way to get the complete details of products- Name, Type, and Price, fright tariffs, custom duty and so on.

What is HS Code?
HS code is a universal six-digit code followed by around 200 countries in the world. It is considered the easiest and simple way to categorize the import export data  to know international trade statistics. Every trading business takes place at the international level from one nation to another is listed along with the product code or HS Code. It permits different nations to identify the products /goods and can be used for the customs.

Why it should be known by everyone in the business of export and import?
In the international import export market, anyone who is in the business of import & export must know the HS codes list to know the customs duty & tariff applicable on the goods/items. Every importer/buyer or exporter/supplier in the global market must know the HS code and usage of HS classification. This system is like a common language that is understandable by almost every country. This classification can be used for economic research and various custom purposes.


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