Cherries are a delicious and popular fruit that can be enjoyed in many different forms. One such form is when they are prepared or preserved, resulting in a product that can be stored and enjoyed for a longer period of time. In international trade, these cherries fall under HS Code 20086000.
The HS Code 20086000 specifically refers to cherries that have been prepared or preserved in a way that is not specified elsewhere. This code helps in classifying and identifying these cherries in trade transactions and customs procedures.
When it comes to the import and export of cherries under HS Code 20086000, there are certain regulations and tariffs to be considered. The bound or Most Favored Nation (MFN) duty rate for these cherries is 6.9 cents per kilogram, along with an additional 4.5% duty. It is important to note that this duty rate may change if a country lowers a trade barrier or opens up a market, as the same treatment must be given to all trading partners.
The quantity unit for cherries under HS Code 20086000 is kilograms (KG). This unit helps in determining the weight and quantity of cherries being imported or exported.
There are also special tariff preference programs available for cherries under this HS Code. These programs provide certain countries with preferential treatment in terms of duty rates. For example, imports from least-developed beneficiary developing countries are eligible for Generalized System of Preferences (GSP) under this subheading, which grants them duty-free treatment. Other special rate programs include Bahrain Special Rate, NAFTA for Canada, Africa Growth and Opportunity Act (AGOA), Caribbean Basin Initiative (CBI), Israel Special Rate, Andean Trade Preference Act (ATPA), Jordan Special Rate, Morocco Special Rate, NAFTA for Mexico, Oman Special Rate, Dominican Republic-Central American Special Rate (DR-CAFTA), Peru Special Rate, and Singapore Special Rate.
When it comes to importing cherries under HS Code 20086000, various US states engage in this trade. These states act as importers of cherries from other countries, allowing consumers to enjoy these delicious fruits all year round. On the other hand, exporting US states are those that produce and sell cherries to other countries, contributing to the global trade of this product.
Overall, HS Code 20086000 plays a crucial role in the international trade of prepared or preserved cherries. It helps in classifying and identifying these cherries, determining the applicable duty rates, and providing preferential treatment to certain countries. Whether you are an importer or exporter, understanding this HS Code is essential for a smooth and compliant trade transaction.