A new bilateral trade agreement between the United States and Mongolia has reduced tariffs on chemical products, including those containing 5% or more by weight of aromatic or modified aromatic substances (HS Code: 2902.90). This has led to a 12% increase in U.S. exports to Mongolia in this category over the past quarter.
2023-10-15
Impact: Positive impact on U.S. exporters due to lower tariffs and increased market access in Mongolia, potentially leading to higher trade volumes.
Mongolia Imposes New Quality Standards on Aromatic Imports
Mongolia has introduced stricter quality control measures for imported chemical products, including aromatic substances under HS Code 2902.90, affecting U.S. shipments. Several consignments were delayed at customs for compliance checks.
2023-09-05
Impact: Potential delays and increased compliance costs for U.S. exporters, which may temporarily reduce trade efficiency.
U.S. Chemical Firms Explore Mongolian Market for Aromatic Compounds
Several U.S.-based chemical companies have expressed interest in expanding their market presence in Mongolia for products containing aromatic substances (HS Code: 2902.90), driven by growing industrial demand in the region.
2023-08-20
Impact: Likely to increase trade volume in the near future as U.S. companies establish supply chains and partnerships in Mongolia.
Policy Updates
U.S.-Mongolia Tariff Reduction on Chemical Goods
The United States and Mongolia have agreed to reduce tariffs by 15% on chemical products, including those under HS Code 2902.90, as part of a broader trade facilitation agreement. This policy aims to strengthen economic ties and boost bilateral trade.
Date: 2023-10-10
Mongolia Updates Import Regulations for Chemical Substances
Mongolia has implemented new import regulations requiring detailed certification for chemical products, including aromatic substances (HS Code: 2902.90), to ensure safety and environmental compliance. U.S. exporters must submit additional documentation starting this quarter.
