When it comes to international trade, one of the most important aspects is the classification of goods using the Harmonized System (HS) code. The HS code 29242310 refers to a specific product called 2-Acetamidobenzoic Acid. In this article, we will explore the details of this HS code, including its product description, duty rates, quantity unit, and special tariff preference programs.
2-Acetamidobenzoic Acid is a chemical compound used in various industries, including pharmaceuticals, dyes, and cosmetics. It is commonly used as an intermediate in the synthesis of other organic compounds. This acid is derived from benzoic acid and has a molecular formula of C9H9NO3.
The bound / MFN (Most Favored Nation) duty rate for HS code 29242310 is 6.5%. This means that every time a country lowers a trade barrier or opens up a market, it must apply the same duty rate of 6.5% to the import of 2-Acetamidobenzoic Acid from all its trading partners. This duty rate is applicable regardless of the country of origin.
The quantity unit for importing and exporting 2-Acetamidobenzoic Acid is kilograms (KG). This unit of measurement is commonly used in international trade to determine the weight of goods being imported or exported.
HS code 29242310 is eligible for various special tariff preference programs that provide certain benefits and exemptions to importers/exporters. Here are some of the programs applicable to 2-Acetamidobenzoic Acid:
These special tariff preference programs aim to promote trade and economic cooperation between countries, providing opportunities for businesses to import or export 2-Acetamidobenzoic Acid at reduced or zero duty rates.
2-Acetamidobenzoic Acid can be imported into and exported from various states within the United States. The exact states involved in the import and export activities may vary depending on market demand and trade agreements. Some of the common states involved in the import and export of 2-Acetamidobenzoic Acid include California, Texas, New York, Florida, and Illinois.
It is important for businesses and traders to understand the specific regulations and requirements of each state when importing or exporting 2-Acetamidobenzoic Acid. This includes compliance with customs procedures, documentation, and any additional state-specific regulations.
HS code 29242310 represents 2-Acetamidobenzoic Acid, a chemical compound used in various industries. Understanding the details of this HS code, including the product description, duty rates, quantity unit, and special tariff preference programs, is essential for businesses involved in international trade. By utilizing the special tariff preference programs available, importers and exporters can take advantage of reduced or duty-free treatment, promoting trade and economic cooperation between countries.