When it comes to international trade, it is essential to have a standardized system for classifying goods. The Harmonized System (HS) Code serves this purpose, providing a unique code for each product. In this article, we will delve into the details of HS Code 29163915, specifically focusing on the product description, duty rates, quantity unit, and special tariff preference programs.
HS Code 29163915 is assigned to Ibuprofen, which is a nonsteroidal anti-inflammatory drug (NSAID) commonly used to relieve pain, reduce inflammation, and lower fever. Ibuprofen is particularly effective in treating various conditions, including headaches, menstrual cramps, dental pain, muscle aches, and arthritis.
The Bound / MFN (Most Favored Nation) duty rate for Ibuprofen under HS Code 29163915 is 6.5%. The MFN duty rate is the rate that applies to all trading partners equally. 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 6.5% duty rate is applicable regardless of the country of origin.
When importing or exporting Ibuprofen under HS Code 29163915, the quantity unit is kilograms (KG). This unit of measurement is used to determine the weight of the product being traded. It is essential to accurately measure the weight to calculate shipping costs, customs duties, and other trade-related factors.
HS Code 29163915 for Ibuprofen is eligible for several special tariff preference programs. These programs offer certain countries preferential treatment, including duty-free or reduced-duty rates. The countries and programs applicable to Ibuprofen are as follows:
These special tariff preference programs aim to promote trade and economic cooperation between countries by providing incentives for certain products. Importers and exporters of Ibuprofen can take advantage of these programs to reduce or eliminate customs duties, making their products more competitive in the global market.
HS Code 29163915 is used for Ibuprofen imports and exports in the United States. This code helps in tracking the flow of goods and collecting trade statistics. Ibuprofen can be imported into the US from various countries and exported to different states within the country. The specific importing and exporting US states may vary depending on the trade agreements, market demand, and supply chain dynamics.
HS Code 29163915 represents Ibuprofen, a widely used medication for pain relief and inflammation reduction. Importers and exporters dealing with Ibuprofen need to be aware of the duty rates, quantity unit, and special tariff preference programs applicable to this code. By understanding these details, businesses can make informed decisions, optimize their trade operations, and leverage trade agreements to gain a competitive edge in the global market.