Harmonized System Codes • Schedule B • Harmonized Commodity Description

HS Code 15099040: Olive Oil and Its Fractions

When it comes to the international trade of olive oil, the HS code 15099040 plays a crucial role. This code specifically refers to olive oil, other than virgin olive oil, and its fractions, that are not chemically modified and weighing with the immediate container 18 kg or over.

The HS code system is a standardized classification used by countries around the world to classify traded goods. It helps in harmonizing trade statistics, facilitating customs procedures, and ensuring fair trade practices. The HS code 15099040 is part of Chapter 15 of the Harmonized System, which covers animal or vegetable fats and oils and their cleavage products, prepared edible fats, and animal or vegetable waxes.

One important aspect to note is the bound / MFN (Most Favored Nation) duty rate associated with HS code 15099040. The current duty rate for this product is 3.4 cents per kilogram. 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. This principle ensures equal treatment for all trading partners and promotes fair competition.

The quantity unit for olive oil classified under HS code 15099040 is kilograms (KG). This unit of measurement is used to determine the weight of the product being imported or exported.

In terms of tariff preference programs, olive oil classified under HS code 15099040 enjoys special treatment in various trade agreements. The following countries and regions offer special tariff preferences for this product:

• Australia: Special Rate under the Generalized System of Preferences (GSP) with duty-free treatment.
• Bahrain: Special Rate with duty-free treatment.
• Canada: NAFTA (North American Free Trade Agreement) provides duty-free treatment.
• Chile: Special Rate under a specific trade agreement.
• Caribbean Basin Initiative (CBI): Special Rate for participating countries.
• Israel: Special Rate with duty-free treatment.
• Andean Trade Preference Act (ATPA): Special Rate for eligible countries.
• Jordan: Special Rate with duty-free treatment.
• Morocco: Special Rate for specific trade agreement.
• Mexico: NAFTA provides duty-free treatment.
• Oman: Special Rate with duty-free treatment.
• Dominican Republic-Central American Special Rate (DR-CAFTA): Special Rate for participating countries.
• Peru: Special Rate under a specific trade agreement.
• Singapore: Special Rate for specific trade agreement.

Now let's take a look at the importing and exporting US states for olive oil classified under HS code 15099040. According to the available data, the following states are involved in the import and export of this product:

• Importing US states: Alaska
• Exporting US states: Alaska, Louisiana, Virginia

This information gives us insight into the domestic trade of olive oil within the United States and highlights the states that play a significant role in both importing and exporting this product.

HS code 15099040 identifies and categorizes olive oil, other than virgin olive oil, and its fractions that are not chemically modified. It is an essential code for international trade, helping to facilitate customs procedures, promote fair competition, and provide special tariff preference programs for certain countries. The data on importing and exporting US states further emphasizes the significance of this HS code in the olive oil trade market.