The HS Code 99041219 corresponds to peanuts classified under several subheadings, namely 1202.20.80, 2008.11.35, and 2008.11.60. These peanuts are subject to specific trade regulations, including the requirement of being entered within a quantity safeguard period. In this article, we will dive deeper into the details of HS Code 99041219, discussing the product description, duty rates, quantity units, and special tariff preference programs.
Peanuts falling under HS Code 99041219 are classified under subheadings 1202.20.80, 2008.11.35, and 2008.11.60. This code is used to identify peanuts that are not covered by other more specific HS codes. Peanuts are a popular legume cultivated worldwide and are widely consumed as a snack or used in various culinary applications.
It is important to note that the HS Code provides a standardized classification system that enables international trade by ensuring a common understanding of goods across different countries.
When importing or exporting peanuts classified under HS Code 99041219, it is crucial to be aware of the applicable duty rates. The bound or most-favored-nation (MFN) duty rate for this HS Code is 43.9%. The MFN duty rate represents the maximum tariff rate that a country can impose on imports of a specific product.
Trade barriers, such as import duties, can have a significant impact on international trade. To promote fair and equal trade, countries are encouraged to lower trade barriers and open up their markets to all trading partners. This principle ensures that the same goods or services from all trading partners are treated equally, fostering a level playing field in international trade.
The quantity unit for peanuts classified under HS Code 99041219 is kilograms (KG). This unit of measurement is widely used in international trade to quantify the weight of goods being imported or exported. It is important to accurately measure and declare the quantity of peanuts to comply with trade regulations and ensure proper valuation for customs purposes.
Special tariff preference programs may exist for peanuts classified under HS Code 99041219. These programs provide certain benefits or concessions to eligible importers or exporters, aiming to promote trade, economic development, or other specific objectives. These programs can include preferential duty rates, reduced administrative requirements, or simplified customs procedures.
Importing and exporting US states play a crucial role in the trade of peanuts classified under HS Code 99041219. The specific regulations and requirements may vary between different US states, and it is important for traders to be familiar with the regulations applicable in their specific states.
Overall, understanding the HS Code 99041219 is essential for importers, exporters, and traders involved in the peanut trade. By complying with the relevant trade regulations, duty rates, and quantity units, businesses can ensure smooth and legally compliant international trade transactions.