HS Code 04029970: Milk & Cream (Except Condensed Milk), Concentrated in Non-Solid Forms, Sweetened
Milk and cream products are essential commodities that are consumed worldwide. These products are widely used in various food and beverage applications, including desserts, baked goods, dairy-based beverages, and more. The HS Code 04029970 specifically refers to milk and cream (except condensed milk) that is concentrated in non-solid forms and sweetened. In this article, we will explore the details of this HS code and its implications for international trade.
The HS code system, also known as the Harmonized System, is an internationally standardized system for classifying products in import and export trade. It provides a unique code for each product, facilitating the smooth flow of goods across borders. The HS code 04029970 is specifically assigned to milk and cream products falling under the specified description.
This HS code is subject to various regulations and trade policies, including bound and MFN (Most Favored Nation) duty rates. The bound duty rate for HS code 04029970 is 17.5%. This means that this rate is the maximum duty that can be imposed on imports of milk and cream products falling under this HS code. The MFN duty rate implies that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners.
The quantity unit for imports and exports of products under HS code 04029970 is kilograms (KG). This unit of measurement ensures uniformity and accuracy in trade transactions involving milk and cream products.
In addition to the duty rates and quantity unit, there are special tariff preference programs associated with HS code 04029970. These programs provide certain countries with preferential treatment or exemptions from duty payments. The following countries benefit from these special tariff preference programs for milk and cream products falling under this HS code:
- Australia (A+)
- Austria (AU)
- Bahrain (BH)
- Canada (CA)
- Chile (CL)
- Denmark (D)
- Egypt (E)
- Israel (IL)
- Japan (J)
- Jordan (JO)
- Morocco (MA)
- Oman (OM)
- Poland (P)
- Peru (PE)
- Singapore (SG)
Each country's special tariff preference program offers specific benefits, such as duty-free treatment or special rates. For example, imports from least-developed beneficiary developing countries under this HS code are eligible for GSP (Generalized System of Preferences) and receive duty-free treatment. Similarly, Canada benefits from NAFTA (North American Free Trade Agreement) and enjoys duty-free treatment for milk and cream products falling under this HS code.
When it comes to importing and exporting milk and cream products under HS code 04029970, certain US states play a significant role. The major importing US states for these products include Idaho, New Mexico, and Nevada. These states have a higher demand for milk and cream products and actively participate in international trade to meet their requirements. On the other hand, Nevada is also a prominent exporting US state for milk and cream products falling under this HS code.
HS code 04029970 plays a vital role in the international trade of milk and cream products. It provides a standardized classification for these products, ensuring smooth trade transactions across borders. The associated duty rates, quantity unit, and special tariff preference programs provide important information for importers, exporters, and policymakers. Understanding these details is crucial for businesses and individuals involved in the milk and cream industry to navigate the complexities of international trade and optimize their operations.
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