When it comes to international trade, there are various codes and regulations in place to ensure smooth transactions and fair practices. One such code is the HS Code, which stands for Harmonized System Code. Each product is assigned a specific HS Code, which helps in identifying and categorizing goods for import and export purposes.
In this article, we will take a closer look at HS Code 29071980, which represents "Other Monophenols." Let's delve into the details and understand more about this product and its implications in the global trade market.
HS Code 29071980 refers to a category of chemicals known as monophenols. Monophenols are organic compounds that contain a single hydroxyl group (-OH) attached to a benzene ring. These substances have various applications in industries such as pharmaceuticals, cosmetics, and chemical manufacturing.
While the HS Code provides a general description, it is important to note that there might be specific variations and subcategories within this code. These variations may include different chemical compositions or specific use cases.
The Bound or MFN (Most Favored Nation) duty rate for HS Code 29071980 is 5.5%. 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 duty rate is applied to the value of the imported goods and is subject to change based on international trade agreements and government policies.
The quantity unit for HS Code 29071980 is kilograms (KG). This unit of measurement is used to quantify the weight of the imported or exported monophenols. It is essential to accurately measure and document the quantity to ensure transparency and accuracy in trade transactions.
HS Code 29071980 is eligible for various special tariff preference programs. These programs provide certain benefits and exemptions to encourage trade and economic growth. Here are some of the special rates and programs applicable to this HS Code:
These special tariff preference programs aim to promote fair trade practices, support developing nations, and strengthen international relations.
HS Code 29071980 can be imported or exported to and from various states within the United States. The specific importing and exporting states may vary based on market demand, supply chain logistics, and regional trade agreements. It is crucial for businesses to understand the regulations and requirements of each state when engaging in trade activities involving HS Code 29071980.
HS Code 29071980 represents "Other Monophenols" and plays a significant role in international trade. This code helps in identifying and categorizing the product for import and export purposes. By understanding the product description, duty rates, quantity unit, special tariff preference programs, and importing/exporting states, businesses can navigate the global trade market more effectively and make informed decisions.