The HS Code 27101990 refers to petroleum oils and oils from bituminous minerals or preparations not elsewhere specified. These products must contain at least 70% by weight of petroleum oils or bituminous minerals and must not be waste. The code is used to classify and categorize these specific types of oils for international trade purposes.
When importing or exporting goods, it is important to understand the HS code, as it helps in determining the applicable tariffs, duties, and trade regulations. The HS code is a standardized system used worldwide, ensuring consistency and uniformity in international trade.
The bound or most-favored-nation (MFN) duty rate for HS Code 27101990 is 7%. This means 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. The 7% duty rate applies to the import of petroleum oils and oils from bituminous minerals classified under this HS code.
The quantity unit for HS Code 27101990 is kilograms (KG). This unit of measurement is used to determine the weight of the imported or exported goods for accurate customs documentation and valuation.
There are special tariff preference programs associated with HS Code 27101990. These programs offer preferential treatment or exemptions from duties for specific countries. The following countries and regions have special tariff rates or duty-free treatment for imports classified under this HS code:
When importing petroleum oils and oils from bituminous minerals under HS Code 27101990, it is essential to check if the country of origin or destination qualifies for any of these special tariff preference programs. This can help in reducing or eliminating the applicable duties and taxes.
HS Code 27101990 is imported into several US states, including Alaska, California, Connecticut, Delaware, Florida, Hawaii, Idaho, Louisiana, Maine, Massachusetts, Mississippi, Montana, New Hampshire, New Jersey, New York, North Dakota, Puerto Rico, Texas, Vermont, Virgin Islands, Washington, and Wyoming. These states have a demand for petroleum oils and oils from bituminous minerals classified under this HS code.
On the other hand, the exporting US states for HS Code 27101990 include Alabama, Alaska, California, Connecticut, Delaware, Hawaii, Louisiana, Mississippi, New Jersey, New York, Oklahoma, Pennsylvania, Puerto Rico, Texas, Virgin Islands, Washington, and West Virginia.
Understanding the HS code and its associated information is crucial for businesses involved in international trade. By correctly classifying goods under the appropriate HS code, importers and exporters can ensure compliance with customs regulations, accurately calculate duties and taxes, and take advantage of any available tariff preference programs.