The HS Code 23050000 represents oilcake and other solid residues that are obtained from the extraction of peanut (ground-nut) oil. This code is used for the classification and identification of this specific product in international trade. Understanding the HS Code and its associated data is crucial for importers, exporters, and customs officials to ensure accurate classification, proper documentation, and appropriate tariffs.
The product description of HS Code 23050000 clearly states that it includes oilcake and other solid residues resulting from the extraction process of peanut oil. Oilcake refers to the solid remains of crushed peanuts after the oil has been extracted. These residues are typically used as animal feed or for further processing in different industries.
The quantity unit for this HS Code is kilograms (KG). This means that the weight of the oilcake and residues is measured and recorded in kilograms for import and export purposes. It is important to accurately report the quantity in order to comply with regulations and calculate the appropriate duties and taxes.
When it comes to the tariff rates for HS Code 23050000, the Bound / MFN (Most Favored Nation) duty rate is 0.32 cents/kg. This rate is applicable every time a country lowers a trade barrier or opens up a market. The principle of MFN treatment requires that any trade benefits or concessions granted to one trading partner must be extended to all other trading partners equally. Therefore, when a country reduces the duty rate for this HS Code, it must do so for all its trading partners.
In addition to the general tariff rates, there are also special tariff preference programs that offer duty-free treatment for certain countries. For HS Code 23050000, the following countries have special tariff rates: Australia, Bahrain, Canada (under NAFTA), Chile, Israel, Jordan, Morocco, Mexico (under NAFTA), Oman, Dominican Republic-Central American countries (DR-CAFTA), Peru, and Singapore. These countries enjoy preferential treatment and are exempt from paying duties when importing this specific product.
When examining the import and export data for HS Code 23050000, certain patterns can be observed. The importing US states for this product are primarily the Virgin Islands and the District of Columbia. These states have a higher demand for oilcake and residues resulting from peanut oil extraction. On the other hand, the exporting US states include Arkansas, Alaska, Nebraska, Illinois, Iowa, Louisiana, North Dakota, South Dakota, Iowa, Kansas, Louisiana, Minnesota, Missouri, Nebraska, North Dakota, South Dakota, and Virginia. These states have a higher production and supply of this specific product.
HS Code 23050000 represents oilcake and other solid residues obtained from peanut oil extraction. It is essential to understand the HS Code and its associated data to ensure proper classification, documentation, and tariff calculation. Importers and exporters need to be aware of the tariff rates and special preference programs applicable to this HS Code, while customs officials must accurately identify and verify the product based on the provided code. Overall, the HS Code system plays a vital role in facilitating international trade and ensuring consistency in the classification of goods.