Benzyl acetate falls under the HS Code 29153910, which is used to classify specific goods for international trade. This code helps customs authorities and traders identify and categorize products for import and export purposes. In this article, we will explore the details of HS Code 29153910 and its relevance to Benzyl acetate.
The product description for HS Code 29153910 is Benzyl acetate. Benzyl acetate is a chemical compound commonly used in various industries, including fragrance and flavor manufacturing. It is an ester formed from benzyl alcohol and acetic acid. Benzyl acetate is known for its sweet, fruity scent and is often used as a fragrance in perfumes, soaps, and other personal care products.
When importing or exporting Benzyl acetate, it is essential to be aware of the applicable duty rates. The bound / MFN (Most Favored Nation) duty rate for HS Code 29153910 is 5.5%. This means that every time a country lowers a trade barrier or opens up a market, it has to apply the same 5.5% duty rate for the import or export of Benzyl acetate to all its trading partners. The duty rate is a percentage of the product's value and is paid by the importer or exporter.
The quantity unit for Benzyl acetate under HS Code 29153910 is kilograms (KG). This unit of measurement is used to determine the weight of the product being traded. It helps in calculating transportation costs, inventory management, and compliance with regulatory requirements.
HS Code 29153910 also benefits from various special tariff preference programs. These programs provide specific countries with preferential treatment or reduced duty rates for the import or export of Benzyl acetate. The following countries enjoy duty-free treatment for this HS Code: Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, and the Dominican Republic-Central American countries (under DR-CAFTA). Additionally, Singapore has a special rate of 1.1% for this product.
The Generalized System of Preferences (GSP) allows developing countries to export certain products duty-free to eligible countries. Benzyl acetate falls under this program, making it more accessible to countries participating in the GSP. Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Mexico (under NAFTA), Oman, Peru, and the Dominican Republic-Central American countries (under DR-CAFTA) enjoy this duty-free treatment.
Specific countries such as Singapore have negotiated special rates for Benzyl acetate under HS Code 29153910. Singapore enjoys a reduced duty rate of 1.1%, making it an attractive market for trade in this product.
When importing Benzyl acetate into the United States, various states serve as major importers. These states play a crucial role in the trade of this chemical compound. Exporting US states, on the other hand, are responsible for shipping Benzyl acetate to international markets.
HS Code 29153910 categorizes Benzyl acetate for international trade. Its product description, duty rates, quantity unit, and special tariff preference programs play a vital role in facilitating the import and export of this chemical compound. Importers and exporters must familiarize themselves with the HS Code and its associated regulations to ensure smooth international trade operations.