The HS Code 29051120 refers to methanol, also known as methyl alcohol, which is imported specifically for the production of synthetic natural gas (SNG) or for direct use as fuel. This article will provide extensive information about the HS code, including its description, duty rates, quantity unit, special tariff preference programs, and the states involved in importing and exporting.
Methanol, classified under HS Code 29051120, is a colorless liquid with a strong odor. It is commonly used as a solvent, antifreeze, and fuel. However, this HS code specifically pertains to methanol that is imported for the purpose of producing synthetic natural gas (SNG) or for direct use as fuel.
The bound or most-favored-nation (MFN) duty rate for HS Code 29051120 is 5.5%. The MFN duty rate implies 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. Therefore, this duty rate applies consistently for all countries importing methanol for SNG production or fuel use.
The quantity unit for HS Code 29051120 is liters (L). This unit of measurement is used to determine the volume of methanol being imported or exported.
Methanol imported under HS Code 29051120 may be eligible for special tariff preference programs. These programs provide certain countries with preferential treatment in terms of duty rates. The following special tariff preference programs apply:
The following US states are involved in importing methanol under HS Code 29051120:
The primary exporting US state for methanol under HS Code 29051120 is Louisiana.
In summary, HS Code 29051120 represents methanol imported specifically for synthetic natural gas production or direct fuel use. It is subject to a 5.5% duty rate and is measured in liters. Various special tariff preference programs may apply, depending on the importing country. The US states involved in importing methanol under this HS code are Alaska, Louisiana, and Montana.