Harmonized System Codes • Schedule B • Harmonized Commodity Description

HS Code 23040000: Oilcake and other solid residues, resulting from the extraction of soybean oil

The HS Code 23040000 refers to oilcake and other solid residues that are obtained from the extraction process of soybean oil. This code is used for the classification and identification of this specific product in international trade.

Oilcake is the solid residue left after the extraction of oil from soybeans. It is a valuable byproduct that is commonly used in animal feed due to its high protein content. The residues are processed and transformed into a solid form, making it easier to handle, store, and transport.

When it comes to international trade, the HS Code is essential for customs authorities to identify and categorize different products. It helps in determining the applicable duties and tariffs, as well as any special trade programs that may be applicable.

Bound / MFN Duty Rate

The bound / MFN (Most Favored Nation) duty rate for HS Code 23040000 is 0.45 cents/kg. 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.

Quantity Unit

The quantity unit for HS Code 23040000 is kilograms (KG). This unit of measurement is used to quantify the weight of the oilcake and other solid residues being imported or exported.

Special Tariff Preference Programs

There are several special tariff preference programs applicable to imports of oilcake and other solid residues classified under HS Code 23040000. These programs provide certain benefits and exemptions to eligible countries. Some of these programs include:

• Free: Only imports from least-developed beneficiary developing countries eligible for GSP (Generalized System of Preferences) under that subheading receive duty-free treatment.
• Australia Special Rate
• Bahrain Special Rate
• NAFTA (North American Free Trade Agreement) for Canada: Duty-free treatment
• Chile Special Rate
• Africa Growth and Opportunity Act (AGOA): Duty-free treatment
• Caribbean Basin Initiative (CBI)
• Israel Special Rate: Duty-free treatment
• 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
• Singapore Special Rate

These special tariff preference programs aim to promote trade and economic development among participating countries by reducing or eliminating import duties on specific goods.

Importing and Exporting US States

For imports of oilcake and other solid residues under HS Code 23040000, the following US states are recorded as importers:

• Virgin Islands
• District of Columbia
• Nevada

On the other hand, the following US states are recorded as exporters:

• Arkansas
• Alaska
• Nebraska
• Illinois
• Iowa
• Louisiana
• North Dakota
• South Dakota
• Kansas
• Minnesota
• Missouri
• Virginia

These states play a significant role in the import and export of oilcake and other solid residues, contributing to the global trade of this product.

HS Code 23040000 represents oilcake and other solid residues obtained from the extraction of soybean oil. This code is essential for the identification, classification, and regulation of this product in international trade. Various special tariff preference programs and importing/exporting states further impact the trade dynamics and regulations surrounding this HS Code.