HS Code 15079020: Pharmaceutical Grade Soybean Oil
Pharmaceutical grade soybean oil, classified under HS Code 15079020, is a specialized product that meets the requirements set by the FDA for use in intravenous fat emulsions. This high-quality soybean oil is valued at over $5 per kilogram, making it an important component in the pharmaceutical industry.
The HS Code 15079020 is used to identify and classify this specific product for international trade purposes. It is a standardized code that is recognized worldwide and helps in the smooth flow of goods across borders. Let's delve deeper into the details of this HS Code and explore its implications.
The bound or most-favored-nation (MFN) duty rate for HS Code 15079020 is free. This means that whenever a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. This ensures fairness and equal treatment for all nations involved in trade.
The quantity unit for HS Code 15079020 is kilograms (KG). This unit of measurement is widely used in the pharmaceutical industry to determine the weight of the product being imported or exported.
There are also special tariff preference programs available for products classified under HS Code 15079020. These programs provide certain countries with reduced or duty-free rates. Here are some of the special tariff rates for this HS Code:
- Free: Imports from least-developed beneficiary developing countries eligible for Generalized System of Preferences (GSP) under that subheading receive duty-free treatment. Additionally, imports from Canada under the North American Free Trade Agreement (NAFTA), imports under the Africa Growth and Opportunity Act (AGOA), imports under the Caribbean Basin Initiative (CBI), imports from Israel under the Israel Special Rate, imports under the Andean Trade Preference Act (ATPA), and imports from Jordan under the Jordan Special Rate receive duty-free treatment.
- 7.6%: Imports from Australia receive a special rate of 7.6%.
- 9.5%: Imports from Bahrain and Morocco receive a special rate of 9.5%.
- 7.9%: Imports from Chile receive a special rate of 7.9%.
- 11.4%: Imports from Oman receive a special rate of 11.4%.
- 2.3%: Imports from Singapore receive a special rate of 2.3%.
These special tariff preference programs aim to promote trade and economic development between countries by providing favorable conditions for certain goods. They encourage countries to engage in mutually beneficial trade relationships and support the growth of industries like pharmaceuticals.
When it comes to importing HS Code 15079020 into the United States, there are certain states that are more active in this trade. Alaska, Louisiana, and Virginia are the main importing states for this product. These states play a crucial role in ensuring the availability of pharmaceutical grade soybean oil to meet the demands of the healthcare industry.
HS Code 15079020 represents pharmaceutical grade soybean oil that meets FDA requirements for use in intravenous fat emulsions. This code helps in classifying and identifying the product for international trade purposes. The bound duty rate for this HS Code is usually free, promoting fair trade practices. Additionally, there are special tariff preference programs available for certain countries, providing reduced or duty-free rates. Understanding the implications of HS Code 15079020 is essential for businesses and individuals involved in the pharmaceutical industry and international trade.
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