The HS Code 23061000 refers to a specific category of product known as oilcake and other solid residues. These residues are a byproduct of the extraction process of vegetable fats or oils from cotton seeds. In this article, we will explore the details of this HS Code, including its description, duty rates, quantity unit, special tariff preference programs, and the importing and exporting US states.
The product covered under HS Code 23061000 is oilcake and other solid residues derived from the extraction of vegetable fats or oils from cotton seeds. Oilcake is a solid residue left after the oil extraction process, and it is commonly used as animal feed due to its high protein content. This product is classified under the HS Code 23061000 to facilitate international trade and customs procedures.
The bound or Most Favored Nation (MFN) duty rate for HS Code 23061000 is 0.56 cents per kilogram (KG). The MFN duty rate is the standard duty rate applied to imports from all trading partners. It is important to note that whenever a country lowers a trade barrier or opens up a market, it must do so for the same goods or services from all its trading partners.
The quantity unit for HS Code 23061000 is kilograms (KG). This unit of measurement is used to determine the weight of the imported or exported oilcake and solid residues. It is crucial for accurate documentation and calculation of customs duties and taxes.
HS Code 23061000 is eligible for various special tariff preference programs, granting certain countries preferential treatment or duty-free access to the US market. The following programs apply:
These special tariff preference programs aim to promote trade and economic cooperation between the United States and the beneficiary countries. They provide opportunities for duty-free or reduced-duty access to the US market, fostering bilateral relationships and supporting economic development.
The following US states have reported imports under HS Code 23061000:
These states have imported oilcake and solid residues from cotton seeds, contributing to the overall trade volume of this product category.
Various US states have reported exports under HS Code 23061000:
These states are actively involved in exporting oilcake and solid residues derived from cotton seeds, contributing to the global trade of these commodities.
HS Code 23061000 encompasses oilcake and other solid residues obtained from the extraction of vegetable fats or oils from cotton seeds. This article provided an extensive overview of this HS Code, including its product description, duty rates, quantity unit, special tariff preference programs, and the importing and exporting US states. Understanding the details of HS Codes is crucial for international trade and customs compliance, allowing businesses and governments to effectively navigate the complexities of global commerce.