Harmonized System Codes • Schedule B • Harmonized Commodity Description

The Importance of HS Code 99042002: Peanut Butter and Paste

HS Code 99042002 refers to peanut butter and paste. This code is used to classify and identify this specific product for international trade purposes. Understanding HS codes is crucial for importers, exporters, and customs officials as it facilitates the smooth flow of goods across borders. In this article, we will explore the significance of HS Code 99042002 and delve into its details.

Product Description

Peanut butter and paste fall under HS Code 99042002. This code specifically refers to the product imported or exported in 2008.11.15. It is essential to note that this product entered a value safeguard period during this time, with a price range of $0.05-$0.149 per kilogram.

Bound / MFN Duty Rate

The bound or Most Favored Nation (MFN) duty rate for HS Code 99042002 is 34.4 cents per kilogram. The MFN principle dictates that when 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 ensures fair and non-discriminatory treatment among trading nations.

Quantity Unit

The quantity unit for HS Code 99042002 is kilograms (KG). This means that the product is measured and traded in kilograms, providing a standardized unit for importers, exporters, and customs officials to determine quantities accurately.

Special Tariff Preference Programs

In addition to the bound duty rate, there are various special tariff preference programs available for peanut butter and paste under HS Code 99042002. These programs aim to promote trade and economic development among participating countries. Some notable programs include:

• Generalized System of Preferences (GSP): GSP offers reduced or zero-duty rates for eligible products from developing countries, fostering their economic growth.
• Free Trade Agreements (FTAs): FTAs establish preferential trade terms between participating countries, often leading to reduced or eliminated tariffs for specific goods.
• Regional Trade Agreements (RTAs): RTAs aim to deepen economic integration among neighboring countries, providing preferential treatment for goods traded within the region.

Importing and Exporting US States

Peanut butter and paste under HS Code 99042002 are imported and exported by various US states. The specific states involved in the trade of this product may vary over time based on market demand and supply. Some of the prominent importing and exporting US states for peanut butter and paste include:

• California
• Texas
• New York
• Florida
• Illinois

• Georgia
• Texas
• North Carolina
• Oklahoma
• Virginia

These states play a significant role in the import and export of peanut butter and paste, contributing to the overall trade volume and economic growth of the United States.

Conclusion

HS Code 99042002 for peanut butter and paste holds immense importance in international trade. Understanding the product description, bound duty rate, quantity unit, and special tariff preference programs associated with this code enables smooth trade operations and compliance with trade regulations. Importing and exporting US states actively participate in the trade of peanut butter and paste, further emphasizing the significance of this HS code in the global market.