Steam turbines are a crucial component in various industries, providing mechanical power by converting thermal energy from steam into rotational energy. The HS Code 84068110 specifically refers to steam turbines other than those used for marine propulsion, with an output exceeding 40 MW. This code helps in classifying and regulating the international trade of these powerful machines.
When importing or exporting steam turbines falling under HS Code 84068110, it is important to consider the associated duties and tariff preferences. The bound / MFN (Most Favored Nation) duty rate for these turbines is 6.7%. This means that every time 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 quantity unit for this HS Code is expressed in numbers (NO), indicating the numerical count of the steam turbines being imported or exported. This helps in accurately documenting and tracking the quantity of these high-capacity machines involved in international trade.
Furthermore, there are special tariff preference programs that grant certain countries preferential treatment or exemption from duties when trading under HS Code 84068110. The following countries enjoy special tariff rates or duty-free treatment for these steam turbines:
These special tariff preference programs aim to promote trade and economic cooperation between countries, encouraging the import and export of steam turbines for efficient power generation and industrial processes.
It is important to note that the HS Code 84068110 specifically applies to steam turbines exceeding 40 MW in output. This indicates that the turbines falling under this code are designed for large-scale industrial applications, where substantial power generation is required. These turbines are commonly used in power plants, manufacturing facilities, and other energy-intensive industries.
By accurately classifying and documenting steam turbines under the HS Code 84068110, international trade of these powerful machines can be regulated effectively. Both importing and exporting countries can benefit from the preferential tariff rates offered through special programs, enhancing economic cooperation and facilitating the exchange of advanced industrial equipment.