Trade Markets affected: All
Measure: HS 2022 entered into force on January 1, 2022.
Why this matters: The Harmonized System (HS) nomenclature is used worldwide for the uniform classification of goods traded internationally. Every five years, they are updated by the World Customs Organization (WCO), and HS 2022 is the seventh edition of the HS. (The WCO represents 183 Customs administrations across the globe that collectively process approximately 98% of world trade.) The WCO adopted 351 sets of amendments relating to a wide variety of products and product groups. HS 2022 became effective on January 1, 2022. In the United States, Presidential Proclamation 10326 of December 23, 2021, implemented these revisions. Please note that the changes made at the WCO are only at the six-digit level; there may be two or four additional digits in a country’s tariff code that are specific to that market, and these may also change at any time irrespective of changes to the HS.
Potential action: If you or your clients know the HS-code for the product(s) you/they export, then it is recommended that you/they check to see if there are any changes to the relevant HS-code, as well as to confirm whether there are any changes to the tariff codes in your export markets. Regardless of these revisions, it is always recommended that exporters work with a logistics professional – for example, a customs broker – to ensure that your products are properly classified for the market to which you are exporting.