When it comes to international trade, it is essential to have a standardized system for classifying goods. The Harmonized System (HS) Code provides a universally recognized classification for products. In this article, we will explore HS Code 07122040, which pertains to dried onions.
HS Code 07122040 covers dried onions in various forms, including whole, cut, sliced, or broken. However, it does not include any further preparation of the onions. This code specifically applies to onions that have undergone the drying process.
The bound or Most Favored Nation (MFN) duty rate for HS Code 07122040 is 21.3%. The MFN principle ensures that when 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. This duty rate applies consistently to imports of dried onions under this HS code.
The quantity unit for HS Code 07122040 is kilograms (KG). This means that the measurement and pricing of dried onions under this code are based on weight rather than volume or any other unit of measurement.
Under certain circumstances, specific countries may enjoy preferential tariff rates for importing dried onions under HS Code 07122040. Here is a breakdown of the special tariff preference programs and the corresponding rates:
HS Code 07122040 applies to the import and export of dried onions in the United States. It is important to note that this code is not limited to specific US states. Any state within the US can engage in trade involving dried onions under this HS code. Similarly, US exporters can ship dried onions under this code to any country that permits their import.
HS Code 07122040 plays a crucial role in the international trade of dried onions. It provides a standardized classification, duty rate, and quantity unit for these products. Additionally, various special tariff preference programs may apply, offering preferential rates for certain countries. Understanding this HS code is essential for importers, exporters, and anyone involved in the global onion trade.