When it comes to international trade and commerce, it is crucial to have a standardized system for classifying products. This is where the Harmonized System (HS) Code comes into play. The HS Code is a globally recognized system that assigns a unique code to each product, making it easier to identify and categorize goods for import and export purposes.
One such HS Code is 84099992, which is used to classify "Parts nesi, used solely or principally with compression-ignition internal-combustion piston engines for marine propulsion." This code specifically applies to components that are designed to work exclusively or primarily with diesel engines used for propelling marine vessels.
Importers and exporters dealing with products falling under HS Code 84099992 need to be aware of the relevant details and regulations associated with this code. Let's dive into some key information:
The product description covered by HS Code 84099992 includes various parts that are specifically designed for compression-ignition internal-combustion piston engines used in marine propulsion. These parts play a crucial role in ensuring the proper functioning and performance of marine engines.
The bound or Most Favored Nation (MFN) duty rate for HS Code 84099992 is 2.5%. 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. It is essential for importers and exporters to consider this duty rate when calculating the overall cost of their trade transactions.
HS Code 84099992 is eligible for various special tariff preference programs, which can help reduce or eliminate import duties. The following programs provide special rates or duty-free treatment for products falling under this HS Code:
These special tariff preference programs aim to promote trade and economic cooperation between countries by providing favorable treatment to certain goods.
HS Code 84099992 is imported by several US states. The states that import this product include Alabama, Kentucky, Michigan, Missouri, Ohio, and South Carolina. Importers from these states should be familiar with the regulations and documentation required for importing goods falling under this HS Code.
On the other hand, HS Code 84099992 is exported from various US states. Some of the states that export products falling under this HS Code are Alabama, Michigan, Ohio, Tennessee, and West Virginia. Exporters from these states should ensure compliance with export regulations and take advantage of trade opportunities in international markets.
HS Code 84099992 plays a vital role in classifying and regulating the import and export of parts used with compression-ignition internal-combustion piston engines for marine propulsion. Importers, exporters, and traders dealing with products falling under this HS Code should be aware of the relevant duty rates, special tariff preference programs, and the specific states involved in the import and export of these goods.