HS code stands for “Harmonized System code.” It is an internationally recognized system used to classify and identify products traded globally. The Harmonized System code is a six-digit numerical code that categorizes goods based on their nature, composition, and intended use. The system was developed by the World Customs Organization (WCO) to facilitate international trade and customs procedures.
Each HS code represents a specific product or group of products, and it is used by customs authorities and other regulatory bodies to determine applicable tariffs, import and export duties, and other trade-related regulations. The first six digits of the HS code are standardized worldwide, but individual countries may add extra digits to create more specific subcategories tailored to their needs. This allows for a standardized and efficient method of classifying goods, streamlining customs processes, and facilitating the flow of goods across borders.