Soybean oil is a versatile and widely used cooking oil. It is derived from soybeans and is known for its mild flavor and high nutritional value. In international trade, soybean oil falls under HS Code 15079040. This code classifies soybean oil, other than crude, and its fractions, whether or not refined, but not chemically modified.
When importing soybean oil, it is important to understand the duty rates associated with the product. The bound or Most Favored Nation (MFN) duty rate for soybean oil is 19.1%. This means 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 soybean oil is kilograms (KG). This unit is commonly used in international trade to measure the weight of the product being imported or exported.
There are also special tariff preference programs available for soybean oil, which provide reduced or duty-free treatment for certain countries. These programs include:
When it comes to importing soybean oil into the United States, certain states play a significant role in both importing and exporting. The top importing states for soybean oil include Alaska, Louisiana, and Virginia. These states have a high demand for soybean oil, whether for domestic consumption or further processing.
HS Code 15079040 covers soybean oil, other than crude, and its fractions, whether or not refined, but not chemically modified. Importers should be aware of the duty rates and special tariff preference programs available for this product. Additionally, the importing and exporting states play a crucial role in the soybean oil trade, with Alaska, Louisiana, and Virginia being prominent players in the United States.