When it comes to international trade, the Harmonized System (HS) plays a crucial role in classifying goods. Every product is assigned a specific HS code, which simplifies the process of customs declarations and facilitates the smooth flow of goods across borders. In this article, we will delve into the details of HS Code 99041202 and explore the product it represents - Peanuts in Shell.
Peanuts in Shell, classified under HS Code 99041202, are unshelled peanuts that fall within the category of edible nuts or seeds. The specific HS code for this product is 1202.10.80, indicating its classification within the broader category of peanuts.
During the value safeguard period, Peanuts in Shell are subject to a specific price range of $0.05-$0.099 per kilogram. This serves as a protective measure for the domestic peanut industry, ensuring fair competition and preventing market disruptions.
The bound duty rate for Peanuts in Shell, as per HS Code 99041202, stands at 9.1 cents per kilogram. Bound duty rates refer to the maximum tariff rates that a country can impose on a specific product. These rates are agreed upon during international trade negotiations and are meant to provide predictability and stability to traders.
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. This principle, known as Most Favored Nation (MFN) treatment, ensures equal treatment and non-discriminatory practices in international trade.
The unit of measurement for Peanuts in Shell, as per HS Code 99041202, is kilograms (KG). This standardized quantity unit allows for easy and accurate measurement of the product during customs clearance and trade transactions.
In addition to the bound duty rate, various special tariff preference programs may apply to Peanuts in Shell imported or exported from specific countries. These programs aim to promote economic cooperation, regional integration, and trade facilitation among participating nations.
For importers in the United States, it is essential to be aware of any applicable special tariff preference programs when dealing with Peanuts in Shell under HS Code 99041202. Similarly, exporters from the United States should explore opportunities to leverage such programs when accessing foreign markets.
When importing Peanuts in Shell into the United States, different states may have specific regulations or requirements in addition to the HS code classification. Importers must adhere to these state-level regulations to ensure compliance and avoid any potential penalties or delays.
For exporters from the United States, understanding the regulations and requirements of the destination country is crucial. While HS Code 99041202 provides a standardized classification, each country may have its own import regulations and documentation procedures. Exporters must familiarize themselves with these requirements to ensure smooth and hassle-free trade.
HS Code 99041202 represents Peanuts in Shell, a popular product in the international trade of edible nuts. Understanding the intricacies of this HS code, including its product description, duty rates, quantity unit, and special tariff preference programs, is vital for both importers and exporters. By adhering to the regulations and leveraging available trade facilitation measures, businesses can navigate the global marketplace with confidence and efficiency.