Harmonized System Codes • Schedule B • Harmonized Commodity Description

HS Code 34031950: Lubricating Preparations Containing Less Than 50% Petroleum Oils or Oils from Bituminous Minerals

Lubricating preparations play a vital role in ensuring the smooth operation of machinery and equipment. These preparations are formulated to reduce friction and wear between moving parts, thereby extending the lifespan of various mechanical components. HS Code 34031950 specifically refers to lubricating preparations that contain less than 50% by weight of petroleum oils or oils from bituminous minerals.

When it comes to international trade, understanding the HS code of a product is crucial. The HS code serves as a standardized system for classifying goods, facilitating trade negotiations, and ensuring uniformity in tariff rates. In the case of HS Code 34031950, it helps customs authorities and traders identify and classify lubricating preparations falling within this category.

The bound or most-favored-nation (MFN) duty rate for products classified under HS Code 34031950 is 5.8%. This means that whenever 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 ensures fairness and equal treatment among countries involved in international trade.

The unit of quantity for lubricating preparations under HS Code 34031950 is kilograms (KG). This unit helps in accurately measuring and quantifying the amount of lubricating preparations being imported or exported.

There are several special tariff preference programs that offer favorable treatment for lubricating preparations classified under HS Code 34031950. These programs include:

• Generalized System of Preferences (GSP): This program grants duty-free treatment for eligible products, promoting economic growth and development in beneficiary countries.
• Australia Special Rate: Australia offers a special rate for lubricating preparations under HS Code 34031950, fostering trade relations between Australia and the exporting country.
• Bahrain Special Rate: Bahrain provides a special rate for lubricating preparations, contributing to the expansion of trade between Bahrain and the exporting country.
• NAFTA for Canada: Under the North American Free Trade Agreement (NAFTA), lubricating preparations from Canada enjoy duty-free treatment, encouraging trade between Canada and the importing country.
• Chile Special Rate: Chile offers a special rate for lubricating preparations, enhancing trade cooperation between Chile and the exporting country.
• Caribbean Basin Initiative (CBI): The CBI provides duty-free treatment for eligible products from designated Caribbean countries, promoting economic development and integration in the region.
• Israel Special Rate: Israel grants duty-free treatment for lubricating preparations, fostering trade relations between Israel and the exporting country.
• Andean Trade Preference Act (ATPA): The ATPA offers preferential treatment for products originating from Andean countries, promoting trade and economic cooperation in the region.
• Jordan Special Rate: Jordan provides a special rate for lubricating preparations, facilitating trade between Jordan and the exporting country.
• Morocco Special Rate: Morocco offers a special rate for lubricating preparations, contributing to the expansion of trade between Morocco and the exporting country.
• NAFTA for Mexico: Similar to NAFTA for Canada, lubricating preparations from Mexico enjoy duty-free treatment under the North American Free Trade Agreement (NAFTA).
• Oman Special Rate: Oman provides a special rate for lubricating preparations, enhancing trade cooperation between Oman and the exporting country.
• Dominican Republic-Central American Special Rate (DR-CAFTA): The DR-CAFTA grants preferential treatment for products from the Dominican Republic and Central American countries, promoting trade and economic integration in the region.
• Peru Special Rate: Peru offers a special rate for lubricating preparations, fostering trade relations between Peru and the exporting country.
• Singapore Special Rate: Singapore grants a special rate for lubricating preparations, contributing to trade cooperation between Singapore and the exporting country.

When it comes to importing lubricating preparations classified under HS Code 34031950, the data shows that West Virginia and Ohio are the major importing US states. These states have a significant demand for lubricating preparations, likely due to their industrial activities and manufacturing sectors.

Overall, HS Code 34031950 plays a crucial role in classifying and facilitating the trade of lubricating preparations containing less than 50% petroleum oils or oils from bituminous minerals. Understanding the HS code and its associated tariff rates and special tariff preference programs is essential for businesses engaged in international trade.