When it comes to international trade, the Harmonized System (HS) Code plays a crucial role in classifying and identifying different products. In this article, we will delve into the details of HS Code 99041201, which pertains to peanuts in shell. We will explore its product description, duty rates, quantity unit, and special tariff preference programs. So, let's dive in!
HS Code 99041201 specifically refers to peanuts in shell. These peanuts fall under the category of Chapter 12 of the Harmonized System, which encompasses oilseeds, oleaginous fruits, and various grains. Peanuts in shell are classified within this chapter under subheading 1202.10.80.
It is important to note that the peanuts falling under this HS Code have a specific characteristic – they are entered in value safeguard period and are valued at under $0.05 per kilogram. This indicates that there may be certain trade regulations or agreements in place to protect the domestic market.
The bound duty rate for peanuts in shell under HS Code 99041201 is 13.3 cents per kilogram. The bound duty rate represents the maximum rate that a country can charge for a specific product. It is important to mention that this rate applies every time a country lowers a trade barrier or opens up a market. In doing so, the country must do it for the same goods or services from all its trading partners.
This duty rate ensures fairness and equal treatment among trading partners, preventing any preferential treatment or discrimination.
The quantity unit for peanuts in shell under HS Code 99041201 is kilograms (KG). This means that the weight of the peanuts is measured in kilograms for trade and customs purposes. The use of a standardized quantity unit facilitates seamless international trade and allows for accurate pricing and invoicing.
Special tariff preference programs can provide certain benefits or exemptions for specific products under HS Codes. While there may not be any specific programs mentioned for HS Code 99041201, it is worth exploring if there are any regional or bilateral trade agreements in place that offer preferential treatment for peanuts in shell.
For example, the United States may have preferential trade agreements with certain countries, granting them reduced duty rates or exemptions for specific products. Similarly, exporting US states may benefit from trade agreements that allow them to export peanuts in shell at more favorable terms.
It is always advisable for importers and exporters to stay updated with the latest trade agreements and preferential programs to maximize their benefits and minimize trade barriers.
HS Code 99041201 represents peanuts in shell, classified under subheading 1202.10.80. This code helps to identify and classify the product for international trade purposes. We have discussed the product description, duty rates, quantity unit, and the potential existence of special tariff preference programs.
Understanding HS Codes is vital for importers, exporters, and anyone involved in international trade. It ensures accurate classification, smooth customs processes, and compliance with trade regulations. By being aware of the specifics related to HS Code 99041201, businesses can navigate the global market more effectively and make informed trade decisions.