If you are involved in international trade or have an interest in the agricultural industry, chances are you have come across the HS Code system. HS Codes, or Harmonized System Codes, are a standardized classification system used to classify goods for international trade. In this article, we will be focusing on HS Code 99041210, which relates to peanuts.
The product description for HS Code 99041210 is "Peanuts, other, in 1202.20.80, 2008.11.35 & 2008.11.60, entered in value safeguard period, $0.30-$0.399/kg." Let's break down this description to understand it better.
The bound / MFN (Most Favored Nation) duty rate for HS Code 99041210 is 30.2 cents/kg. The MFN duty rate is the tariff rate applied to imports from all trading partners of a country. It ensures that when a country lowers trade barriers or opens up its market, it must do so for the same goods or services from all its trading partners.
The quantity unit for HS Code 99041210 is kilograms (KG). This means that the weight of peanuts being imported or exported is measured in kilograms.
Special tariff preference programs are trade agreements or arrangements that provide preferential treatment to certain goods or countries. These programs aim to promote economic cooperation and facilitate trade between participating countries. While specific programs may vary, they generally offer reduced or eliminated tariffs for eligible goods. However, it is important to note that the availability of these programs for HS Code 99041210 may vary depending on the countries involved in the trade.
When it comes to peanuts, the United States is both an importer and an exporter. Different states within the US have varying levels of peanut production and consumption. Some of the major peanut-producing states in the US include Georgia, Texas, Alabama, Florida, and North Carolina. These states not only meet domestic demand but also export peanuts to other countries. On the other hand, states that may not have significant peanut production rely on imports to meet their demand.
HS Code 99041210 relates to peanuts and provides important information about their classification, duty rates, quantity unit, and special tariff preference programs. Understanding HS Codes is crucial for anyone involved in international trade as it helps ensure accurate classification, efficient customs procedures, and compliance with trade regulations.