When it comes to international trade, the Harmonized System (HS) codes play a crucial role in categorizing and classifying products. In this educational article, we will delve into the details of HS Code 20081160, which covers peanuts that are otherwise prepared or preserved, not subject to general note 15 or add US note 2 to Ch. 12.
The HS Code 20081160 refers specifically to peanuts that have undergone preparation or preservation processes. This code excludes peanuts that fall under general note 15 or add US note 2 to Ch. 12. By using this HS code, it becomes easier for customs authorities and traders to identify and classify this particular type of peanuts during import and export procedures.
The bound or Most Favored Nation (MFN) duty rate for HS Code 20081160 is 131.8%. This means that when a country lowers a trade barrier or opens up a market, it must apply the same duty rate for peanuts falling under this HS code from all its trading partners. The duty rate acts as a form of tariff imposed by the importing country on the imported peanuts.
The quantity unit for peanuts falling under HS Code 20081160 is kilograms (KG). This unit of measurement is used to determine the weight of the peanuts during import and export processes. It allows for accurate calculation of quantities and ensures transparency in international trade transactions.
HS Code 20081160 is eligible for various special tariff preference programs in different countries. These programs offer preferential or reduced duty rates for peanuts falling under this HS code. Let's take a closer look at some of the special tariff rates applicable to different countries:
It's important for importers and exporters to be aware of these special tariff preference programs to take advantage of reduced duty rates and facilitate international trade.
HS Code 20081160 is relevant for importing peanuts into the United States, specifically the District of Columbia. The District of Columbia is one of the states where importers can bring in peanuts falling under this HS code. However, it's important to note that this information does not cover the exporting US states for peanuts falling under HS Code 20081160.
HS Code 20081160 is a specific code used to classify peanuts that have undergone preparation or preservation processes. It is crucial for importers, exporters, and customs authorities to correctly identify and use this HS code during international trade transactions. By understanding the product description, duty rates, quantity unit, special tariff preference programs, and relevant importing/exporting states, stakeholders can navigate the complexities of trading peanuts falling under this HS code more effectively.