Edible oil is a vital component of our daily diet, widely used for cooking, baking, and various other culinary purposes. In international trade, edible oil is classified under HS Code 15100060. This article provides an extensive overview of this HS code, including its product description, tariff rates, quantity units, and special tariff preference programs. Let's delve into the details.
HS Code 15100060 encompasses edible oils, including blends, and their fractions, which are not chemically modified. These oils weigh 18 kilograms or more. This classification ensures that the product under this HS code remains distinct from chemically modified oils and other types of oils.
The bound or most-favored-nation (MFN) duty rate for HS Code 15100060 is 3.4 cents per kilogram. The MFN duty rate is a uniform tariff rate applied by a country to imports from all its trading partners. It ensures that when 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 promotes fair trade practices and equal treatment among nations.
The quantity unit for HS Code 15100060 is kilograms (KG). This unit of measurement is universally recognized and allows for accurate trade transactions and logistics planning. It ensures that the quantity of edible oil being imported or exported is precisely measured and accounted for.
HS Code 15100060 is eligible for several special tariff preference programs, which provide favorable treatment or exemptions from duty payments. These programs are designed to promote trade and economic cooperation between countries. The following countries and regions offer special tariff rates for edible oil imports under this HS code:
These special tariff preference programs create opportunities for duty-free or reduced tariff imports, contributing to the growth of international trade and fostering economic relationships between participating countries.
HS Code 15100060 is imported and exported by various states in the United States. Some of the notable states involved in the import and export of edible oil under this HS code include:
These states play a significant role in the trade of edible oil, contributing to the overall supply and demand dynamics in the United States.
HS Code 15100060 represents edible oils and their fractions, not chemically modified, weighing 18 kilograms or more. Understanding this HS code is crucial for importers, exporters, and traders involved in the international edible oil market. Being aware of the tariff rates, quantity units, and special tariff preference programs can help businesses make informed decisions and navigate the complexities of international trade.