The HS Code 15043000 refers to fats and oils and their fractions, specifically those derived from marine mammals. This code is used to classify and identify these products for import and export purposes.
Fats and oils from marine mammals are used for various purposes, including in the production of cosmetics, pharmaceuticals, and food products. These fats and oils are rich in omega-3 fatty acids, which have been found to have numerous health benefits.
When importing or exporting products classified under HS Code 15043000, it is important to be aware of the duty rates and special tariff preference programs that may apply. The bound or most-favored-nation (MFN) duty rate for this code is 1.7 cents/kg plus 5%. This means that a certain amount per kilogram is charged as a duty, along with an additional 5% of the value of the goods.
Furthermore, if 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 principle ensures fair trade practices and equal treatment for all trading partners.
The quantity unit for products classified under HS Code 15043000 is kilograms (KG). This unit of measurement is used to determine the weight of the fats and oils being imported or exported.
There are also special tariff preference programs that may offer duty-free treatment for products under this HS Code. These programs include the Generalized System of Preferences (GSP), which provides duty-free treatment for eligible products from various countries. The countries included in this program for HS Code 15043000 are Australia, Bahrain, Canada (under NAFTA), Chile, the European Union (EU), Israel, Japan, Jordan, Morocco, Mexico (under NAFTA), Oman, Peru, Singapore, and the United States.
In addition to the special tariff preference programs, it is important to consider the specific importing and exporting US states. While the data provided does not specify the exporting US states, it does highlight Alaska as an importing state for these products. This information may be relevant for businesses looking to target specific markets or establish trade relationships.
HS Code 15043000 pertains to fats and oils and their fractions derived from marine mammals. This code is used to classify and identify these products for import and export purposes. The duty rates, special tariff preference programs, and specific importing and exporting US states are important factors to consider when dealing with products under this HS Code.