The HS Code 99041211 refers to peanuts that fall under specific product descriptions and are imported or exported under certain conditions. This article aims to provide an extensive overview of the HS Code 99041211, including its product description, tariff rates, quantity units, and special tariff preference programs.
Peanuts, categorized under HS Code 99041211, are classified as "other" peanuts. These peanuts are specifically identified as falling under the following subheadings: 1202.20.80, 2008.11.35, and 2008.11.60. They are entered into the value safeguard period and have a price range of $0.40 to $0.499 per kilogram.
The HS Code is an internationally recognized system for classifying goods. It helps in standardizing the identification and categorization of products for import and export purposes. The HS Code 99041211 allows for the proper classification and tracking of peanuts under specific product descriptions.
The bound / MFN (Most Favored Nation) duty rate for peanuts categorized under HS Code 99041211 is 23.3 cents per kilogram. The bound duty rate is the maximum tariff rate that a country can impose on imported goods. It ensures that every time 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 duty rate ensures fair trade practices and promotes equal opportunities for all trading partners. Importers and exporters dealing with peanuts under HS Code 99041211 must consider this duty rate when calculating their costs and pricing strategies.
The quantity unit for peanuts imported or exported under HS Code 99041211 is kilograms (KG). This unit of measurement allows for accurate tracking and recording of the quantity of peanuts involved in trade transactions.
Importers and exporters must ensure that the quantity of peanuts specified in their trade documents is consistent with the quantity unit mentioned under the HS Code. This helps in avoiding any discrepancies or misunderstandings during customs clearance processes.
Special tariff preference programs may apply to peanuts imported or exported under HS Code 99041211. These programs are designed to promote trade and provide certain benefits to eligible countries or regions.
Importing and exporting US states may have different special tariff preference programs in place, depending on their trade agreements and policies. It is important for importers and exporters to stay informed about these programs to take advantage of any available benefits.
Some common special tariff preference programs applicable to peanuts under HS Code 99041211 include Free Trade Agreements (FTAs) and Generalized System of Preferences (GSP). These programs may provide reduced or zero tariff rates for eligible countries or regions.
Importers and exporters dealing with peanuts under HS Code 99041211 should thoroughly research and understand the special tariff preference programs available to them. This knowledge can help them optimize their trade operations and maximize cost savings.
the HS Code 99041211 plays a crucial role in the import and export of peanuts. It provides a standardized classification system, tariff rates, and quantity units for peanuts falling under specific product descriptions. Importers and exporters must familiarize themselves with the HS Code and its associated details to ensure compliant and efficient trade operations.