1-Hydroxy-2-naphthoic acid, classified under HS Code 99022519, is a chemical compound with the CAS No. 86-48-6. It is provided for in subheading 2918.29.04 of the Harmonized System (HS) classification. This article will provide an in-depth analysis of this specific HS code, including its product description, duty rates, quantity unit, and special tariff preference programs.
1-Hydroxy-2-naphthoic acid, also known as ?-hydroxy-2-naphthoic acid, is an organic compound widely used in the chemical industry. It is a white crystalline powder with a molecular formula of C11H8O3. This compound is primarily used in the production of dyes, pigments, and pharmaceutical intermediates.
The inclusion of 1-Hydroxy-2-naphthoic acid in the HS Code 99022519 indicates that it falls under the broader category of naphthoic acids and their derivatives. This HS code helps in classifying and tracking the import and export of this specific chemical compound.
The Bound / Most Favored Nation (MFN) duty rate refers to the rate of duty that a country imposes on imports of a specific product. In the case of HS Code 99022519, the duty rate is free. This means that there are no tariffs or taxes applied to the importation of 1-Hydroxy-2-naphthoic acid into countries that follow the HS classification system.
The free duty rate signifies that countries are willing to promote the trade of this chemical compound without imposing any additional financial burden on the importers. It encourages international trade and ensures equal treatment for all trading partners in terms of lowering trade barriers and opening up markets.
The quantity unit for HS Code 99022519 is not available (NA). This means that the specific unit of measurement for the quantity of 1-Hydroxy-2-naphthoic acid is not explicitly mentioned in the HS classification system. The absence of a quantity unit suggests that the import and export of this chemical compound may vary based on the specific requirements of the trading partners.
However, it is important to note that while the quantity unit is not available, the HS code itself provides a standardized classification for tracking and regulating the international trade of 1-Hydroxy-2-naphthoic acid.
Special tariff preference programs are initiatives developed by countries to promote trade and provide preferential treatment to specific products or trading partners. These programs aim to reduce or eliminate import duties, making the trade more favorable for the involved parties.
For HS Code 99022519, it is essential to explore whether any special tariff preference programs are applicable. These programs could potentially provide additional benefits or exemptions for the importation or exportation of 1-Hydroxy-2-naphthoic acid.
However, the available data does not specify any special tariff preference programs associated with this particular HS code. It is advisable for importers and exporters of 1-Hydroxy-2-naphthoic acid to consult with relevant trade authorities or conduct further research to determine if any special programs apply to their specific trade routes or countries.
HS Code 99022519 represents 1-Hydroxy-2-naphthoic acid, a chemical compound with various industrial applications. The code helps in the classification, tracking, and regulation of the import and export of this specific compound. With a free duty rate, this HS code promotes international trade by eliminating tariffs or taxes. While the quantity unit is not available, the HS code ensures standardized classification. Importers and exporters should further explore special tariff preference programs to determine if any additional benefits or exemptions apply to their trade activities involving 1-Hydroxy-2-naphthoic acid.