Peanut butter and paste, classified under HS Code 99042001, is a popular food product that has gained significant popularity worldwide. In this article, we will provide an extensive analysis of this product, including its classification, special tariff preference programs, and the importing and exporting states in the United States.
Peanut butter and paste, falling under HS Code 99042001, is a smooth and creamy spread made from ground roasted peanuts. It is widely consumed as a staple food product and is known for its rich taste and nutritional benefits. Peanut butter and paste are commonly used as a spread on bread, toast, or crackers, and can also be used as an ingredient in various recipes.
In terms of its classification, peanut butter and paste fall under the HS Code 99042001, which specifically identifies the product and its characteristics for international trade purposes. The HS Code is a standardized system used globally to classify and categorize traded products, facilitating international trade and customs procedures.
In 2008.11.15, peanut butter and paste entered a value safeguard period under the HS Code 99042001. During this period, the declared value of the product was under $0.05 per kilogram. The value safeguard period is a mechanism that ensures fair trade practices and prevents potential market distortions by imposing specific measures on imports.
The bound or Most Favored Nation (MFN) duty rate for peanut butter and paste, according to the HS Code 99042001, is 43.4 cents per kilogram. The MFN duty rate is the standard duty imposed on imports and remains constant regardless of the country of origin. It ensures that all trading partners are treated equally when it comes to trade barriers and market access.
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 of non-discrimination, as outlined in the HS Code 99042001, promotes fair and transparent trade practices globally.
The quantity unit for peanut butter and paste, as per the HS Code 99042001, is kilograms (KG). This unit of measurement is universally recognized and used to quantify the weight or mass of the product being traded. Kilograms provide a standardized measurement system that ensures consistency and accuracy in international trade transactions.
Various countries offer special tariff preference programs to promote trade and economic cooperation. These programs may include reduced or zero tariffs for specific products, including peanut butter and paste. While specific details may vary, these programs aim to foster trade relationships and provide preferential treatment for eligible countries.
Importing and exporting states play a crucial role in the trade of peanut butter and paste within the United States. The key importing states for peanut butter and paste, classified under HS Code 99042001, include California, Texas, New York, Florida, and Illinois. These states have a high demand for the product due to their large population and diverse culinary preferences.
On the other hand, the major exporting states for peanut butter and paste within the United States are Georgia, Alabama, Texas, North Carolina, and Oklahoma. These states are known for their peanut cultivation and production, making them significant contributors to the export market for peanut butter and paste.
peanut butter and paste, falling under HS Code 99042001, is a versatile food product that enjoys widespread popularity across the globe. Its classification, value safeguard period, duty rates, and special tariff preference programs all contribute to its trade dynamics. Understanding these aspects is essential for both traders and consumers to facilitate seamless international trade and promote economic growth.