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What is HS Codes List and how it is Useful for International Trade?
HS Codes stands for harmonized system codes and is an internationally used and accepted system of nomenclature for the goods and commodities that are sold and purchased in the international market. These are six, eight and four digit codes and all the goods that are traded globally are categorically classified according to these HS Codes and all the information relating to these goods are available under this HS codes list. This list is developed and maintained by the world customs department and is accepted by all the nation if the world as a centralized system of product classification. The process of assigning HS codes to the products is known as HS classification and it is mostly developed to unify the international tariffs and customs all across the world and to make a make an international system of product classification.

HS Code List

HS code list is divided into 21 sections which are further subdivided into 98 chapters each section comprises of a specific type of goods which are detailed in subsequent chapters. Importers and exporters need HS Codes it get all the information that they need about the goods that they want to import or export and they get all the information about the goods in relation to the quantities exported or imported, the international customs and tariffs that are applicable on these goods, item name, product description and shipment details by simply typing the HS codes of the products that they want to search. The HS codes list is available online and anyone can get access to these on the websites and portals that provide information about international trade and exports and imports worldwide to get information about all the goods that are traded in the global markets.

This data is used by customs authority’s statistical agencies and other governmental organizations for a number of purposes like monitoring and controlling the import and export of goods through customs tariffs, collection of international trade statistics controlling transport tariffs, collecting internal taxes and monitoring import and export of controlled goods. The HS code list also provides a resource for statistical analysis of international trade because it provides all the information related to sale and purchase of a particular commodity in the international market in a particular year by different nations of the world in a particular year along with the product description. HS Codes are very important for anyone dealing with international trade as all the information about all the goods traded in international market are available on the basis of these HS codes.

  • Seair Exim
  • 30-Mar-2017

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