Olive oil is a widely consumed and highly valued product around the world. It is not only a staple in Mediterranean cuisine but also renowned for its numerous health benefits. In international trade, olive oil is classified under HS Code 15099020, which specifically refers to olive oil, other than virgin olive oil, and its fractions, that are not chemically modified, and weigh less than 18 kg with the immediate container.
HS Code 15099020 plays a crucial role in regulating the import and export of olive oil. It is essential for both importers and exporters to understand the implications of this HS code to ensure compliance with trade regulations and take advantage of any special tariff preference programs that may be applicable.
The product description covered by HS Code 15099020 includes all types of olive oil, except virgin olive oil. This code also encompasses the various fractions of olive oil, which are derived from the refining process. It is important to note that the olive oil covered by this HS code should not be chemically modified.
Additionally, the weight of the olive oil, including the immediate container, should be under 18 kg. This weight limitation ensures that the code is applicable to smaller packaging sizes commonly used in retail and commercial distribution.
The bound / MFN (Most Favored Nation) duty rate for HS Code 15099020 is 5 cents per kilogram (kg) on the contents and container. The MFN duty rate represents the base rate applicable to all countries unless they qualify for a special tariff preference program.
It is important to understand that trade agreements and international trade practices require countries to provide the same treatment to all their trading partners. Therefore, if a country lowers a trade barrier or opens up a market for a specific product, it must do so for the same goods or services from all its trading partners.
The quantity unit associated with HS Code 15099020 is kilograms (KG). This unit of measurement is used to determine the weight of the olive oil being imported or exported. It is crucial for accurate record-keeping and valuation purposes.
HS Code 15099020 is eligible for several special tariff preference programs that offer reduced or duty-free treatment. These programs aim to promote trade and economic cooperation between countries. The following countries or regions currently offer special tariff preferences for olive oil imports under this HS code:
These special tariff preference programs allow importers to benefit from reduced or eliminated duties, making olive oil imports more cost-effective and competitive in these markets.
When it comes to olive oil trade involving the United States, specific states play a significant role in importing and exporting. The following US states are involved in the import and export of olive oil:
These states serve as important hubs for olive oil distribution and trade within the United States. Importers and exporters should consider these locations for efficient supply chain management and market access.
HS Code 15099020 encompasses olive oil, other than virgin olive oil, and its fractions. It is crucial for importers and exporters to understand the product description, bound / MFN duty rate, quantity unit, and special tariff preference programs associated with this HS code. Compliance with trade regulations and taking advantage of applicable special tariff programs can significantly benefit businesses involved in the olive oil trade.