When it comes to international trade, it is crucial to have a standardized system for classifying goods. This is where the Harmonized System (HS) code comes into play. HS codes are used worldwide to classify products for customs purposes, allowing for uniformity and ease of trade. In this article, we will explore and provide an extensive overview of HS Code 27101905, which covers distillate and residual fuel oil derived from petroleum or oils from bituminous minerals, testing under 25 degrees A.P.I.
HS Code 27101905 specifically refers to distillate and residual fuel oil derived from petroleum or oils from bituminous minerals, testing under 25 degrees A.P.I. Distillate fuel oil is a type of fuel oil that is commonly used in heating systems, power generation, and transportation. It is produced through a refining process that removes impurities and creates a cleaner-burning fuel. Residual fuel oil, on the other hand, is a heavier and more viscous type of fuel that is typically used in industrial applications.
For HS Code 27101905, the bound / MFN (Most Favored Nation) duty rate is 5.25 cents per barrel (BBL). The MFN principle ensures that every time a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners. This promotes fair and equal treatment among trading nations.
The quantity unit for HS Code 27101905 is barrels (BBL). Barrels are a standard unit of measurement for the volume of oil and other petroleum products. It is important to note that this unit of measurement may vary depending on the specific product and industry.
HS Code 27101905 is eligible for various special tariff preference programs, which provide certain countries with preferential treatment or duty-free access to the United States market. These programs aim to promote economic development, strengthen diplomatic relations, and support specific industries. The following special tariff preference programs apply to HS Code 27101905:
These special tariff preference programs offer various benefits to eligible countries, such as reduced or eliminated import duties, which can significantly impact trade and economic relationships.
HS Code 27101905 is imported into several US states. The following states are major importers of distillate and residual fuel oil:
These states have a significant demand for distillate and residual fuel oil due to their industrial activities, transportation needs, and energy consumption.
HS Code 27101905 is exported from the following US states:
These states play a crucial role in supplying distillate and residual fuel oil to international markets, contributing to the global energy trade.
HS Code 27101905 covers distillate and residual fuel oil derived from petroleum or oils from bituminous minerals, testing under 25 degrees A.P.I. It is essential for traders, importers, exporters, and industry professionals to understand the specifics of this HS code to facilitate international trade effectively.