Virgin olive oil is a popular and sought-after product in the global market. It is known for its health benefits and culinary uses. HS Code 15091020 specifically refers to virgin olive oil and its fractions, whether or not refined, that weigh under 18 kg with the immediate container included.
When it comes to international trade, countries often apply specific codes to classify goods for import and export purposes. The Harmonized System (HS) is a standardized system used worldwide to classify products. HS Code 15091020 helps customs authorities and traders identify and track virgin olive oil and its fractions.
Bound and MFN duty rates play a significant role in international trade. The bound duty rate for HS Code 15091020 is set at 5 cents per kilogram (kg) on the contents and container. It is important to note that whenever 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 and equal treatment for all parties involved.
The quantity unit for HS Code 15091020 is kilograms (KG). This unit of measurement allows for easy calculation and comparison of the weight of virgin olive oil and its fractions during import and export transactions.
Several special tariff preference programs exist for HS Code 15091020. These programs provide certain countries with advantageous trade conditions, such as duty-free treatment. The countries that benefit from these programs for virgin olive oil and its fractions include:
These special tariff preference programs aim to promote economic cooperation and development between countries. They encourage trade and provide benefits to specific trading partners.
When it comes to importing virgin olive oil and its fractions into the United States, certain states play a significant role. The major importing states for HS Code 15091020 are:
These states serve as key entry points for the importation of virgin olive oil and its fractions, ensuring their distribution and availability across the country.
Overall, HS Code 15091020 encompasses the import and export of virgin olive oil and its fractions. It provides a standardized classification system, duty rates, and special tariff preference programs that contribute to the smooth flow of international trade. Understanding the details and implications of this HS code is essential for traders, customs authorities, and anyone involved in the global olive oil market.