HS Code 72029200: Ferrovanadium
Ferrovanadium is a product classified under HS Code 72029200. This HS code is used to identify and classify specific goods in international trade. In this article, we will explore the details of this HS code, its product description, duty rates, quantity units, special tariff preference programs, and the importing and exporting US states.
Product Description:
Ferrovanadium is a type of ferroalloy, which is an alloy of iron and vanadium. It is produced by smelting a mixture of iron and vanadium ore, typically with high carbon content. Ferrovanadium is primarily used as an additive in the steel industry to enhance the strength and durability of steel products. It improves the tensile strength, corrosion resistance, and heat resistance of steel.
HS Code 72029200:
The HS code 72029200 specifically identifies and classifies Ferrovanadium in international trade. The HS code system is an internationally recognized standard for classifying goods and products. It ensures uniformity in trade documentation and facilitates the smooth flow of goods across borders.
Bound / MFN Duty Rate:
The bound or most-favored-nation (MFN) duty rate for Ferrovanadium is 4.2%. The MFN duty rate is the maximum tariff rate that a country can impose on imports from all its trading partners. This rate applies every time a country lowers a trade barrier or opens up a market.
Quantity Unit:
The quantity unit for Ferrovanadium is kilograms (KG). This unit is used to measure the weight or quantity of the product being traded.
Special Tariff Preference Programs:
Ferrovanadium may be eligible for special tariff preference programs that offer reduced or duty-free rates. The following programs apply to Ferrovanadium:
1. Free: Imports from least-developed beneficiary developing countries eligible for Generalized System of Preferences (GSP) under that subheading receive duty-free treatment. This program promotes trade with countries that are in need of assistance for their economic development.
2. Australia Special Rate: Australia offers a special rate for Ferrovanadium, allowing it to be imported at a reduced duty rate.
3. Bahrain Special Rate: Bahrain also provides a special rate for Ferrovanadium, reducing the duty imposed on its import.
4. NAFTA for Canada: Under the North American Free Trade Agreement (NAFTA), Ferrovanadium imported from Canada receives duty-free treatment.
5. Chile Special Rate: Chile offers a special rate for Ferrovanadium, reducing the duty applied to its import.
6. Caribbean Basin Initiative (CBI): Ferrovanadium imported from countries eligible under the CBI program receives duty-free treatment. This program aims to promote economic development in the Caribbean region.
7. Israel Special Rate: Israel provides duty-free treatment for Ferrovanadium imported from eligible countries. This encourages trade between Israel and its trading partners.
8. Andean Trade Preference Act (ATPA): Under the ATPA, Ferrovanadium imported from eligible countries receives a special rate, reducing the duty imposed.
9. Jordan Special Rate: Jordan offers a special rate for Ferrovanadium, allowing it to be imported at a reduced duty rate.
10. NAFTA for Mexico: Similar to the agreement with Canada, Ferrovanadium imported from Mexico under NAFTA receives duty-free treatment.
11. Oman Special Rate: Oman provides a special rate for Ferrovanadium, reducing the duty applied to its import.
12. Dominican Republic-Central American Special Rate (DR-CAFTA): Ferrovanadium imported from countries eligible under the DR-CAFTA program receives a special rate, reducing the duty imposed.
13. Peru Special Rate: Peru offers a special rate for Ferrovanadium, allowing it to be imported at a reduced duty rate.
14. Singapore Special Rate: Singapore provides a special rate for Ferrovanadium, reducing the duty imposed on its import.
15. 1.8%: Morocco offers a special rate of 1.8% for Ferrovanadium, reducing the duty applied to its import.
Importing US States:
Ferrovanadium is imported into various US states. According to the available data, the following states are major importers of Ferrovanadium:
- Rhode Island
- Nevada
- Illinois
- Mississippi
- Ohio
- Louisiana
- West Virginia
- Delaware
- Alabama
- Maryland
Exporting US States:
Ferrovanadium is exported from Nevada to other US states.
HS Code 72029200 represents Ferrovanadium, an essential additive in the steel industry. This HS code enables the standardized classification and identification of this product in international trade. The duty rates, quantity units, and special tariff preference programs associated with this HS code play a crucial role in promoting trade and economic development. Importing US states such as Rhode Island, Nevada, and Louisiana are significant destinations for Ferrovanadium, while Nevada serves as a major exporter to other US states.
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