HS Code 2942.00.05.00

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HS Code 2942.00.05.00 falls under Chapter 29, which encompasses a range of organic chemicals classified as "drugs." This classification typically includes pharmaceutical compounds and intermediates that are used in the production of medications, such as antibiotics, analgesics, and other therapeutic agents. Industries such as pharmaceuticals, biotechnology, and healthcare frequently utilize these substances in drug development and manufacturing processes. Importers should be aware that the general duty rate for products classified under this code is 6.5%, meaning that on top of the product cost, an additional percentage will be levied upon importation. Understanding this duty rate is crucial for accurate cost forecasting and pricing strategies in the competitive pharmaceutical market.

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