The HS Code 20057012 refers to olives that are green, not pitted, and preserved in saline, and are not yet ripe. This code is used to classify and identify this specific type of olives for international trade purposes. Understanding the HS code is essential for importers, exporters, and customs officials to accurately classify and track goods as they move across borders.
When importing or exporting olives under HS Code 20057012, it is important to note the details provided in the product description. These olives are not pitted, meaning they still have the stone inside. They are preserved in saline, which helps to enhance their flavor and extend their shelf life. Additionally, these olives are not yet ripe, providing a unique taste and texture compared to fully ripe olives.
The quantity unit for olives under this HS code is kilograms (KG). This unit of measurement helps to determine the weight of the olives being traded, ensuring accuracy in calculating duties and taxes.
One key aspect to consider when importing or exporting goods under any HS code is the bound / MFN (Most Favored Nation) duty rate. For olives under HS Code 20057012, the duty rate is 3.7 cents/kg on drained weight. This means that for every kilogram of olives, a duty of 3.7 cents is applied based on the weight of the drained olives. It is important to note that this duty rate remains the same unless a country lowers a trade barrier or opens up a market, in which case it must do so for all its trading partners.
There are also special tariff preference programs available for olives under HS Code 20057012. These programs provide certain countries with preferential treatment, including duty-free access to the market. The countries eligible for these special rates include:
When importing olives under HS Code 20057012 into the United States, the Virgin Islands is listed as the importing state. On the other hand, the exporting states from the United States for these olives are Oregon and Washington. These details help to track the movement of goods and ensure compliance with import and export regulations.
HS Code 20057012 is used to classify olives that are green, not pitted, in saline, and not yet ripe. Understanding this code is crucial for international trade, as it helps to accurately identify and categorize goods, determine duty rates, and comply with special tariff preference programs. Importers, exporters, and customs officials can utilize this code to facilitate smooth and efficient trade operations.