Peanut butter and paste are delicious and versatile food products that have gained popularity worldwide. If you are involved in the import or export of these products, it is essential to understand the HS Code 99042003 and its implications. In this article, we will explore the details of this HS Code, including its product description, duty rates, quantity units, and special tariff preference programs.
HS Code 99042003 specifically refers to peanut butter and paste. These products are classified under this HS Code for international trade purposes. Peanut butter is a spread made from ground, dry-roasted peanuts, while peanut paste is a thick, creamy substance made from ground, dry-roasted peanuts without any additional ingredients.
Peanut butter and paste are highly nutritious and are a rich source of protein, healthy fats, and essential vitamins and minerals. They are commonly used as spreads on bread, in baking, and as an ingredient in various culinary preparations.
It is important to note that the HS Code 99042003 is specific to peanut butter and paste and does not include other peanut-related products such as whole peanuts or roasted peanuts.
In 2008.11.15, peanut butter and paste entered a value safeguard period. During this period, the pricing for these products ranged from $0.15 to $0.249 per kilogram. The value safeguard period aims to ensure fair pricing and protect the interests of both importers and exporters.
The duty rate for peanut butter and paste under HS Code 99042003 is 25.8 cents per kilogram. It is important to understand that duty rates can vary depending on the country and trade agreements in place.
Under the principle of Most-Favored Nation (MFN), 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 means that the duty rate of 25.8 cents per kilogram applies consistently across all trading partners for peanut butter and paste.
The quantity unit for peanut butter and paste under HS Code 99042003 is kilograms (KG). This means that the import and export of these products are measured and recorded in kilograms.
It is important to accurately declare the quantity of peanut butter and paste during customs clearance to ensure compliance with international trade regulations.
Special tariff preference programs may exist for peanut butter and paste under HS Code 99042003. These programs aim to promote trade, support developing countries, or foster economic cooperation between specific nations.
Importing and exporting US states may have specific tariff preference programs in place for peanut butter and paste. These programs can include reduced duty rates, exemptions, or other incentives to encourage trade in these products.
It is advisable for importers and exporters to research and understand the applicable special tariff preference programs to maximize their benefits and comply with the necessary requirements.
HS Code 99042003 encompasses peanut butter and paste, two delicious and nutritious food products. Understanding this HS Code is crucial for importers and exporters involved in the trade of these products. From the product description to duty rates, quantity units, and special tariff preference programs, being well-informed will facilitate smooth and compliant trade operations.