Petroleum bitumen is a type of bitumen that is derived from petroleum. It is commonly used in the construction industry for various purposes, such as road surfacing and waterproofing. This article provides an overview of HS Code 27132000, which is the specific code used to classify and identify petroleum bitumen in international trade.
HS Code 27132000 refers to petroleum bitumen. Bitumen is a black, sticky, and highly viscous substance that is derived from crude oil. It is commonly used as a binder in asphalt for road construction and as a waterproofing material in various applications. Petroleum bitumen is produced through the refining process of crude oil and is classified under HS Code 27132000.
The bound or most-favored-nation (MFN) duty rate for HS Code 27132000 is free. This means that countries do not impose any import duties or tariffs on petroleum bitumen when it is traded between them. The MFN principle ensures that countries lower trade barriers and open up markets for the same goods or services from all their trading partners.
The quantity unit for HS Code 27132000 is metric tons (T). This unit of measurement is commonly used in international trade to quantify the weight or volume of goods being imported or exported. It allows for standardized calculations and measurements across different countries and trading partners.
There are no specific special tariff preference programs associated with HS Code 27132000. However, countries may have their own trade agreements or preferential trade arrangements that provide certain benefits or exemptions for the import or export of petroleum bitumen. It is important for traders and importers/exporters to be aware of any such programs or agreements that may apply to their specific trade transactions.
HS Code 27132000 represents petroleum bitumen, a crucial material in the construction industry. It is classified under this code for international trade purposes and is commonly used for road surfacing and waterproofing. The bound or MFN duty rate for this code is free, promoting open and barrier-free trade. Traders and importers/exporters should be aware of any special tariff preference programs or trade agreements that may apply to their specific transactions. Additionally, the quantity unit for this code is metric tons (T), allowing for standardized measurements across different countries. Understanding and complying with the regulations and requirements associated with HS Code 27132000 is essential for smooth and efficient international trade.