When it comes to international trade, it is crucial to have a standardized system that classifies goods for customs purposes. The Harmonized System (HS) Code is an internationally recognized system used to classify products in a systematic and uniform manner. One such HS Code is 29072990, which represents "Other Polyphenols, nesoi."
Polyphenols are a class of organic compounds that are widely present in plants and have been studied for their potential health benefits. They are known for their antioxidant properties and are found in various fruits, vegetables, and beverages like tea and wine.
The HS Code 29072990 specifically covers polyphenols that do not fall under any other specific category. This code helps customs authorities and traders in identifying and classifying these products accurately.
The product description for HS Code 29072990 is "Other polyphenols, nesoi." This means that it includes polyphenols that are not classified under any other specific HS Code. The term "nesoi" stands for "not elsewhere specified or included," indicating that this HS Code encompasses a wide range of polyphenols that do not have a specific classification within the Harmonized System.
The bound or Most Favored Nation (MFN) duty rate for HS Code 29072990 is 5.5%. The MFN duty rate is the rate applied to imports from all trading partners when a country lowers a trade barrier or opens up a market. This ensures that the same goods or services from all trading partners receive equal treatment in terms of customs duties.
It is important to note that duty rates can vary depending on the specific country and any applicable trade agreements or special tariff preference programs.
The quantity unit for HS Code 29072990 is kilograms (KG). This means that the measurement of the product, whether it is in the form of powder, liquid, or any other physical state, is calculated in kilograms.
HS Code 29072990 is eligible for various special tariff preference programs, which provide certain countries with preferential treatment in terms of customs duties. These programs include:
These special tariff preference programs aim to promote trade and economic development between countries by providing favorable conditions for importers and exporters.
HS Code 29072990 can be imported and exported to and from various states in the United States. The specific states involved in importing and exporting this product may vary depending on market demand and trade relationships.
Some of the notable importing states in the US for HS Code 29072990 include:
On the other hand, the exporting states in the US for HS Code 29072990 may include:
These states play a significant role in the import and export of polyphenols classified under HS Code 29072990.
HS Code 29072990 represents "Other Polyphenols, nesoi" and serves as a standardized classification for these products in international trade. It is important for traders, customs authorities, and businesses involved in the import and export of polyphenols to be aware of this HS Code and its associated regulations, duty rates, and special tariff preference programs. Understanding the intricacies of HS Codes helps facilitate smooth trade and compliance with customs requirements.