The HS Code 07112018 refers to a specific product: Olives, non-pitted, green, in saline solution, packed in containers weighing more than 8 kg and drained weight, intended for repacking or sale. This HS code is subject to additional regulations specified in US note 5 to Chapter 7 of the Harmonized System.
When importing or exporting this product, it is important to understand the associated duty rates, quantity unit, and special tariff preference programs that may be applicable.
The bound / MFN (Most Favored Nation) duty rate for Olives under HS Code 07112018 is 3.7 cents per kilogram based on the drained weight. This means that every time a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners.
It is important to note that duty rates may vary depending on the specific country and its trade agreements, so it is essential to consult the relevant customs authorities or trade regulations to determine the applicable duty rate for a particular import or export.
The quantity unit specified for Olives under HS Code 07112018 is kilograms (KG). This means that the weight of the olives and their containers will be measured and declared in kilograms during import or export processes.
Proper documentation and accurate declaration of the quantity unit is crucial to ensure compliance with customs regulations and facilitate smooth trade transactions.
There are several special tariff preference programs available for Olives under HS Code 07112018. These programs provide certain countries with preferential treatment, such as duty-free or reduced-duty rates, for the import or export of this product. The countries eligible for these programs include:
These special tariff preference programs aim to promote trade and economic cooperation between countries by providing favorable conditions for the import and export of specific products. Importers and exporters should carefully review the eligibility criteria and requirements of these programs to take full advantage of the benefits they offer.
HS Code 07112018 pertains to Olives, non-pitted, green, in saline solution, packed in containers weighing more than 8 kg and drained weight, intended for repacking or sale. Understanding the duty rates, quantity unit, and special tariff preference programs associated with this HS code is essential for smooth and compliant import and export operations. Importers and exporters should consult relevant trade regulations and customs authorities for detailed and up-to-date information regarding this product's classification and requirements.