Trade is a vital aspect of the global economy, promoting economic growth and providing access to a wide range of goods and services. To facilitate international trade, countries use a harmonized system known as the Harmonized Commodity Description and Coding System (HS Code). Each product is assigned a unique HS code, enabling countries to classify and regulate imports and exports effectively.
The HS Code 29349903 refers to a specific product: 2-Acetylbenzo(b)thiophene and two other specified aromatic or modified aromatic compounds. Let's explore this product in more detail to understand its composition and applications.
2-Acetylbenzo(b)thiophene, also known as 2-ABT, is a chemical compound with a molecular formula C12H10OS. It is an aromatic compound that belongs to the thiophene family. The compound is characterized by a benzene ring fused with a thiophene ring, along with an acetyl group attached to the benzene ring. 2-ABT is widely used in the pharmaceutical industry as a building block for the synthesis of various drugs.
In addition to 2-ABT, the HS Code 29349903 includes two other specified aromatic or modified aromatic compounds. The exact nature of these compounds may vary, and their applications depend on their specific chemical structure.
The bound/MFN (Most Favored Nation) duty rate associated with HS Code 29349903 is free. This means that when a country lowers a trade barrier or opens up a market, it must apply the same duty rate of zero to all its trading partners for this particular product. This encourages fair and equal treatment among trading nations and promotes global trade.
The quantity unit for HS Code 29349903 is kilograms (KG). This unit of measurement is used to determine the quantity of the product being imported or exported. It provides a standardized metric system to ensure accurate and consistent trade data.
Special tariff preference programs often exist between countries to promote trade and economic cooperation. While specific information about such programs related to HS Code 29349903 is not provided, it is worth noting that certain countries may offer preferential tariffs or trade benefits for this product. Importers and exporters should research and explore these programs to benefit from reduced tariffs or other advantages.
HS Code 29349903 is imported by the following US states: Delaware, Iowa, Missouri, Nebraska, Ohio, and Puerto Rico. These states have recognized the significance of this product and have facilitated its importation to meet the demands of various industries.
On the other hand, HS Code 29349903 is exported by the US states of Iowa and Puerto Rico. These states have become significant exporters of this product, possibly due to their production capabilities and market demand.
HS Code 29349903 represents 2-Acetylbenzo(b)thiophene and two other specified aromatic or modified aromatic compounds. This code enables countries to classify and regulate the import and export of this product effectively. Understanding the composition, duty rates, and trade preferences associated with HS Code 29349903 is crucial for businesses and individuals involved in the global trade of these aromatic compounds. By adhering to the regulations and taking advantage of trade programs, importers and exporters can benefit from the opportunities presented by this unique HS code.