The HS Code 29012420 refers to a specific product known as Isoprene, which has a purity of 95 percent or more by weight. This code is used to classify and identify this particular product in international trade. Understanding the HS Code is essential for importers, exporters, and customs officials as it helps in accurately categorizing goods for customs clearance, trade statistics, and tariff calculations.
Isoprene is a colorless liquid hydrocarbon that is typically obtained as a by-product of the petroleum refining process. It is widely used in the production of various synthetic rubbers, such as polyisoprene, which is used in the manufacturing of tires, belts, hoses, and other rubber products. Isoprene is also used as a starting material for the synthesis of other chemicals, including pharmaceuticals, fragrances, and adhesives.
When importing Isoprene with the HS Code 29012420, the bound or most-favored-nation (MFN) duty rate is free. This means that no import duty is imposed on Isoprene when it enters a country that has lowered its trade barriers or opened up its market. It is important to note that this duty-free treatment applies to all trading partners of the country.
In addition to the MFN duty rate, Isoprene also qualifies for special tariff preference programs. These programs provide additional benefits and preferential treatment to certain countries. For example, Isoprene is eligible for duty-free treatment under the Generalized System of Preferences (GSP) program. This means that eligible countries can import Isoprene without paying any import duty.
Some of the countries that have special tariff preference programs for Isoprene include Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, Singapore, and others. These countries have negotiated specific trade agreements or arrangements that allow for reduced or zero import duties on Isoprene.
The quantity unit for Isoprene, classified under the HS Code 29012420, is kilograms (KG). This means that the weight of Isoprene is measured and reported in kilograms when it is imported or exported. The use of a standardized quantity unit helps in accurately tracking the volume of trade and maintaining consistency in trade statistics.
When it comes to the importation of Isoprene with the HS Code 29012420 into the United States, the following states are known to be involved in its import activities: Montana, Utah, Wyoming, and West Virginia. These states play a role in the distribution and utilization of Isoprene within the country.
On the other hand, the exporting of Isoprene from the United States to other countries is primarily done from states such as Montana, North Dakota, and Pennsylvania. These states are known for their production and export capabilities in the petrochemical industry.
Understanding the HS Code 29012420 and its associated information is crucial for businesses involved in the import and export of Isoprene. It helps in ensuring compliance with customs regulations, determining applicable import duties, and taking advantage of any available tariff preferences. By accurately classifying and reporting goods using the HS Code, businesses can navigate international trade more effectively and efficiently.