Terms & Glossaries of Shipping and Trading

HS (Harmonized System)

The Harmonized Commodity Description and Coding System, is an internationally standardized system of names and numbers to classify traded products. It came into effect in 1988 and has since been developed and maintained by the World Customs Organization (WCO). Under the HS Convention, the contracting parties are obliged to base their tariff schedules on the HS nomenclature, although parties set their own rates of duty.