What is an HS code?
HS Codes form part of a product classification system used in international trade by most countries that indicate a customs official the specific category of goods being imported.
The HS Code System uses numerical codes to represent different types of commodities described in a country’s HS code manual. The first four digits of an HS code are internationally standardized, and anything after that is country-specific.
What are HS codes used for?
When shipping goods internationally, the HS Codes play a crucial role in getting goods through customs. Their primary purpose is to allow customs to assess proper duty and taxes on the imported goods and streamline the collection of export statistics. Classifying your goods with incorrect HS Codes will lead to unforeseen tax and duty costs, fines, penalties and can result in stuck shipments.
- Establishing the tax and duty rate of the product
- Determining compliance requirements
- Export purposes
How can TecEx help you classify your goods?
Our industry-leading expertise and experience acting as IOR and EOR enable us to quickly and accurately classify Tech and Medical equipment, ensuring a seamless shipping process. We have developed an extensive product database of up-to-date HS code classification information and the associated duty rates for over 200 countries worldwide. Contact us to learn more.