Peanuts, known for their rich flavor and nutritional benefits, are a popular snack enjoyed by people all over the world. If you are involved in the import and export of peanuts, it is essential to understand the Harmonized System (HS) code 99041207. This code is used to classify peanuts under specific categories for customs and statistical purposes.
Product Description:
The HS Code 99041207 refers to "Peanuts, other" and includes peanuts imported under the categories 1202.20.80, 2008.11.35, and 2008.11.60. These categories indicate various forms or preparations of peanuts. For example, 1202.20.80 represents peanuts in shell, roasted or otherwise cooked, while 2008.11.35 and 2008.11.60 denote peanuts, not roasted or otherwise cooked, and shelled respectively.
It is important to note that peanuts falling under this HS code are entered during the value safeguard period and are subject to a duty rate of under $0.10/kg.
Bound / MFN Duty Rate:
The bound / MFN (Most Favored Nation) duty rate for peanuts under HS Code 99041207 is 55.4 cents/kg. The MFN principle states that whenever a country reduces trade barriers or opens up a market, it must do so for all its trading partners. This ensures fair and non-discriminatory trade practices across nations.
Quantity Unit:
The quantity unit for peanuts under HS Code 99041207 is kilograms (KG). This unit of measurement is commonly used in international trade to determine the weight or quantity of goods being imported or exported.
Special Tariff Preference Programs:
In addition to the bound / MFN duty rate, peanuts under HS Code 99041207 may also be eligible for special tariff preference programs. These programs aim to promote trade and economic cooperation between certain countries by providing preferential treatment in terms of reduced or zero-duty rates. Some examples of such programs include Free Trade Agreements (FTA), Generalized System of Preferences (GSP), and Regional Trade Agreements (RTA).
Importing and Exporting US States:
When it comes to importing peanuts into the United States, various states play a significant role. Some of the major importing states include California, Georgia, Virginia, Texas, and Florida. These states have favorable climatic conditions for peanut cultivation and have well-established infrastructure for processing and distribution.
On the other hand, the United States is also a significant exporter of peanuts to various countries around the world. The top exporting states include Georgia, Texas, Alabama, North Carolina, and Oklahoma. These states have a strong agricultural base and modern processing facilities, enabling them to meet the global demand for peanuts.
HS Code 99041207 plays a crucial role in the import and export of peanuts. Understanding this code, along with the associated duty rates, quantity units, and special tariff preference programs, is essential for businesses and individuals involved in the peanut trade. By adhering to international trade regulations and leveraging favorable trade programs, one can ensure a smooth and profitable experience in the global peanut market.