The HS Code 29362500 refers to Vitamin B6 (Pyridoxine and related compounds with Vitamin B6 activity) and its derivatives, whether they are natural or synthesized. This HS code plays a crucial role in international trade as it helps in the identification and classification of this specific product for import and export purposes.
When it comes to trade barriers and market access, the HS code ensures that every country follows the same rules for the same goods or services from all its trading partners. This means that whenever a country lowers a trade barrier or opens up a market, it has to do so for products classified under HS Code 29362500 as well.
The quantity unit for this product is measured in kilograms (KG). This information helps in determining the weight and quantity of the product being imported or exported.
Furthermore, HS Code 29362500 is eligible for special tariff preference programs in various countries. For example, it is free from duties in countries such as Australia, Bahrain, Canada (under NAFTA), Chile, and many others. These special rates promote trade and cooperation between countries by providing duty-free treatment or reduced tariff rates for the importation of Vitamin B6 and its derivatives.
Importing the product into the United States is primarily done by several states, including Delaware, Iowa, Missouri, Nebraska, Ohio, and Puerto Rico. These states have identified the importance and demand for Vitamin B6 and its derivatives, leading to a significant volume of imports.
On the other hand, the main exporting states within the United States for HS Code 29362500 are Iowa and Puerto Rico. These states have established a strong production and export infrastructure for Vitamin B6 and its derivatives, making them key players in the global market.
HS Code 29362500 holds immense significance in international trade. It allows for the proper identification and classification of Vitamin B6 and its derivatives, ensuring that trade barriers are eliminated or reduced. The special tariff preference programs further facilitate trade by providing duty-free treatment or reduced tariff rates. With several states in the United States involved in importing and exporting this product, HS Code 29362500 plays a crucial role in promoting economic growth and cooperation in the global market.