Palm oil is a versatile and widely used vegetable oil that is extracted from the fruit of the oil palm tree. It is commonly used in cooking, as a component in various food products, and as a raw material for many industries. The HS Code 15119000 refers to palm oil, other than crude, and its fractions, whether or not refined, but not chemically modified.
Under the World Customs Organization's Harmonized System (HS), each product is assigned a specific code to facilitate international trade and customs procedures. The HS Code 15119000 is used to classify and identify palm oil and its derivatives for import and export purposes.
When it comes to trade barriers and market access, countries often implement different tariff rates and regulations. However, the principle of most-favored-nation (MFN) treatment requires that every time 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 means that the MFN duty rate for HS Code 15119000 remains consistent and is applied equally to all countries.
The quantity unit for measuring palm oil and its fractions is in kilograms (KG). This standard unit allows for easy calculation and comparison of quantities when trading this commodity.
In addition to the MFN duty rate, there are special tariff preference programs that offer duty-free treatment for palm oil and its fractions under HS Code 15119000. These programs aim to promote trade and economic development by providing preferential access to certain countries. The following countries enjoy free trade benefits for this product:
These special tariff preference programs allow for duty-free treatment or reduced tariff rates for palm oil and its fractions when traded with the countries mentioned above. This encourages trade and strengthens economic ties between the participating nations.
When it comes to importing palm oil under HS Code 15119000 into the United States, the data shows that the state of Louisiana is the primary destination. However, it is important to note that this information is based on the available data and may vary over time.
As for palm oil exports from the United States, the data indicates that the states of Alaska, Louisiana, and Virginia are involved in the export of palm oil and its fractions. This demonstrates the active participation of these states in the global palm oil trade.
the HS Code 15119000 is used to classify palm oil, other than crude, and its fractions for import and export purposes. It is important for traders and businesses involved in the palm oil industry to understand the tariff rates, special tariff preference programs, and trading patterns associated with this HS Code. By staying informed and leveraging the benefits offered by these programs, businesses can maximize their trade opportunities and contribute to the growth of the global palm oil market.