The HS Code 27090010 refers to petroleum oils and oils from bituminous minerals, specifically crude oil testing under 25 degrees A.P.I. This educational article aims to provide a detailed understanding of this HS code, including its product description, duty rates, quantity units, special tariff preference programs, and the importing and exporting US states.
The HS Code 27090010 encompasses petroleum oils and oils from bituminous minerals that are in their crude form. Crude oil is a natural resource extracted from the earth and serves as a valuable raw material in various industries, particularly the energy sector. The oils included in this HS code must have a testing measurement of under 25 degrees A.P.I. (American Petroleum Institute).
The bound / MFN (Most Favored Nation) duty rate for HS Code 27090010 is 5.25 cents per barrel (bbl). This duty rate applies whenever a country lowers a trade barrier or opens up a market. It ensures that any changes in trade regulations must be applied to the same goods or services from all trading partners of a country.
The quantity unit for measuring petroleum oils under HS Code 27090010 is barrels (BBL). Barrels are a widely used unit of measurement in the oil and gas industry, representing the volume of crude oil or other petroleum products.
HS Code 27090010 is eligible for various special tariff preference programs. These programs offer different tariff rates or duty-free treatment based on the country of origin and the specific program. Here are some notable programs:
These special tariff preference programs aim to facilitate trade and promote economic development among participating countries.
HS Code 27090010 is imported by several US states. The following states are involved in the importation of petroleum oils under this HS code:
These states play a crucial role in the importation and distribution of petroleum oils within the United States.
HS Code 27090010 is also exported by several US states. The following states are involved in the exportation of petroleum oils under this HS code:
These states contribute to the global export market of petroleum oils, supplying crude oil to various international destinations.
HS Code 27090010 encompasses crude petroleum oils and oils from bituminous minerals. Understanding the product description, duty rates, quantity units, special tariff preference programs, and the importing and exporting US states associated with this HS code provides valuable insights into the international trade of petroleum oils.