Palm kernel oil, also known as babassu oil, falls under HS Code 15132900. This code is used to classify and identify specific products for international trade. It is important for importers, exporters, and customs officials to understand the HS code system to ensure smooth and accurate trade transactions.
The product description of HS Code 15132900 is as follows: Palm kernel oil or babassu oil, other than crude, and their fractions, whether or not refined, but not chemically modified. This description provides a clear understanding of the nature and characteristics of the product.
When it comes to trade barriers and market access, the bound or most favored nation (MFN) duty rate for HS Code 15132900 is free. 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 promotes fair and equal trade opportunities for all.
The quantity unit for HS Code 15132900 is kilograms (KG). This unit of measurement allows for accurate and standardized trade transactions, making it easier for all parties involved to understand the quantity of the product being traded.
There are also special tariff preference programs associated with HS Code 15132900. These programs provide certain countries with preferential treatment and reduced or zero-duty rates. The countries and their respective special rates are as follows:
It is essential for importers and exporters to be aware of these special rates and programs, as they can significantly impact the cost and competitiveness of their products in the international market.
When importing HS Code 15132900 into the United States, it is important to consider the specific regulations and requirements of the importing states. Similarly, when exporting from the United States, it is necessary to comply with the regulations and requirements of the destination states. This ensures compliance with local laws and facilitates smooth trade operations.
HS Code 15132900 classifies and describes palm kernel oil or babassu oil for international trade purposes. Understanding this code, along with its associated duty rates and special tariff preference programs, is crucial for importers, exporters, and customs officials. It allows for accurate classification, smooth trade transactions, and compliance with international trade regulations.