Formic acid is a versatile and important chemical compound that is used in a wide range of industries. In this article, we will explore the HS code 29151100, which specifically refers to formic acid. We will discuss its product description, duty rates, quantity unit, and special tariff preference programs. So, let's dive into the world of formic acid and understand its significance in international trade.
Formic acid, with the HS code 29151100, is a colorless liquid with a pungent odor. It is also known by its systematic name, methanoic acid. The chemical formula for formic acid is HCOOH, and it has a molecular weight of 46.03 g/mol. Formic acid is an organic compound that occurs naturally in various sources, including ants, bees, and certain plants.
Formic acid has a wide range of applications across different industries. It is commonly used as a preservative and antibacterial agent in livestock feed and silage. It is also utilized as a coagulant in the rubber and textile industries. Additionally, formic acid is employed in the production of various chemicals, such as pharmaceuticals, dyes, and pesticides.
When it comes to international trade, duty rates play a crucial role in determining the cost of importing or exporting goods. For formic acid (HS code 29151100), the bound / MFN (Most Favored Nation) duty rate is 5.5%. This means that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners.
However, there are certain special tariff preference programs that offer duty-free treatment for formic acid imports. Some of these programs include:
These special tariff preference programs aim to promote trade and economic cooperation between countries by reducing or eliminating trade barriers for specific goods, such as formic acid.
The quantity unit for formic acid imports and exports is measured in kilograms (KG). This unit of measurement is used to determine the weight or mass of the formic acid being traded. It provides a standardized way of quantifying the amount of formic acid involved in international transactions.
Knowing the quantity unit is essential for accurate trade documentation, customs clearance, and logistics planning. It ensures that the correct amount of formic acid is accounted for during import or export processes.
Formic acid, classified under HS code 29151100, is imported and exported by various US states. Some of the major importing states include:
These states have a significant demand for formic acid due to their industrial activities and manufacturing sectors. They rely on formic acid imports to meet their production needs and support their respective industries.
On the other hand, the US states that are major exporters of formic acid include:
These states have a strong production base for formic acid and export it to various countries around the world. Their high-quality formic acid contributes to global supply chains and helps fulfill the demand in international markets.
formic acid (HS code 29151100) is an important chemical compound with diverse applications. Its versatile nature makes it a valuable product in various industries, including agriculture, textiles, and chemicals.
Understanding the HS code 29151100 is essential for importers, exporters, and traders involved in the formic acid trade. The duty rates, quantity unit, and special tariff preference programs associated with formic acid play a significant role in determining the cost and feasibility of international transactions.
By delving into the details of the HS code 29151100, we have gained a comprehensive understanding of formic acid and its significance in international trade.
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