The HS Code 27090020 refers to petroleum oils and oils from bituminous minerals in their crude form, specifically those that have been tested to have a density of 25 degrees A.P.I. or more. This code is used to classify these products for import and export purposes, allowing for easier identification and tracking of these goods in international trade.
When importing or exporting petroleum oils and oils from bituminous minerals under HS Code 27090020, it is important to be aware of the associated duty rates and any special tariff preference programs that may be applicable. The bound / MFN (Most Favored Nation) duty rate for this HS code is 10.5 cents per barrel (BBL). 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 barrels (BBL), which is the standard unit of measurement for crude oil and other petroleum products. This allows for easy calculation and tracking of the volume being imported or exported.
There are also special tariff preference programs that provide certain countries with preferential treatment for this HS code. Some countries, such as Australia, Bahrain, Canada, Chile, Dominican Republic, Israel, Jordan, Mexico, Oman, Peru, Singapore, and several others, enjoy duty-free treatment for imports of petroleum oils and oils from bituminous minerals under specific conditions outlined in the program details. For example, only imports from least-developed beneficiary developing countries are eligible for duty-free treatment under the Generalized System of Preferences (GSP) subheading. These special rates aim to promote trade and economic cooperation between countries.
In the United States, the importing states for HS Code 27090020 include Hawaii, Puerto Rico, Alabama, California, Colorado, Delaware, Illinois, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Montana, New Jersey, North Dakota, Ohio, Oklahoma, Pennsylvania, Texas, Virgin Islands, Washington, and Wyoming. These states receive imports of petroleum oils and oils from bituminous minerals under this HS code for various purposes such as refining, distribution, and consumption.
On the other hand, the exporting states in the United States for HS Code 27090020 are Alabama, Colorado, Louisiana, Maryland, Missouri, Montana, Pennsylvania, Utah, Virginia, and West Virginia, among others. These states are known for their production and export of crude oil and other petroleum products.
Overall, HS Code 27090020 plays a crucial role in classifying and tracking the import and export of petroleum oils and oils from bituminous minerals in their crude form. It helps facilitate international trade by providing a standardized system for identifying and categorizing these goods, allowing for efficient customs procedures and accurate trade statistics.