HS Code 99042005: A Comprehensive Guide to Peanut Butter and Paste
Introduction
Peanut butter and paste have become staple food items in many households around the world. The demand for these products has been steadily increasing, making them significant contributors to international trade. To facilitate this global trade, the World Customs Organization (WCO) has assigned a specific code, known as the Harmonized System (HS) code, to classify and identify peanut butter and paste. In this article, we will delve into the details of HS Code 99042005 and explore various aspects related to its classification, import-export regulations, and more.
Product Description
HS Code 99042005 refers to peanut butter and paste. These products are categorized under the broader classification of food preparations containing nuts or seeds. The specific code for peanut butter and paste helps customs authorities and traders in identifying, categorizing, and tracking these goods during international trade processes.
The code also provides specific information about the product's characteristics. In this case, the code indicates that the peanut butter and paste were entered in a value safeguard period on 2008.11.15. The value safeguard period refers to a specific time frame during which the price or value of the product is protected or regulated. For peanut butter and paste, the value safeguard period was set at $0.35-$0.449 per kilogram.
Bound / MFN Duty Rate
The bound / most-favored-nation (MFN) duty rate for HS Code 99042005 is 13.4 cents per kilogram. This duty rate is applied every time a country lowers a trade barrier or opens up a market. It ensures that any trade concessions or benefits granted by a country are extended to all its trading partners equally, without discrimination. In the case of peanut butter and paste, if a country decides to reduce its import duties or open up its market, it must do so for all its trading partners.
The bound / MFN duty rate is crucial for importers and exporters as it helps them estimate the costs associated with trading peanut butter and paste across different countries. It also promotes fair trade practices and ensures a level playing field for all trading partners.
Quantity Unit
The quantity unit for HS Code 99042005 is kilograms (KG). This unit of measurement helps in determining the weight or quantity of peanut butter and paste being imported or exported. The use of a standardized quantity unit facilitates accurate trade data recording, price calculations, and logistical processes.
Special Tariff Preference Programs
In addition to the bound / MFN duty rate, several countries participate in special tariff preference programs that offer additional benefits or concessions for specific goods. While the available special tariff preference programs may vary from country to country, it is essential for peanut butter and paste traders to be aware of these programs to maximize their cost savings and competitiveness in the market.
Importing US States and Exporting US States
Peanut butter and paste have a significant presence in international trade involving the United States. The importing US states for these products include but are not limited to:
- California
- Texas
- Florida
- New York
- Illinois
These states serve as major entry points for peanut butter and paste into the United States, catering to the demands of consumers across the country.
Similarly, the exporting US states for peanut butter and paste encompass various regions known for their high-quality production. These states include:
- Georgia
- Texas
- Alabama
- Oklahoma
- North Carolina
These states play a crucial role in meeting the global demand for peanut butter and paste, exporting their products to different countries.
Conclusion
HS Code 99042005 serves as a vital tool for the classification, identification, and regulation of peanut butter and paste during international trade. Understanding the details and implications of this code, such as the value safeguard period, bound / MFN duty rate, quantity unit, and special tariff preference programs, is essential for importers, exporters, and policymakers alike. By adhering to these regulations and leveraging the benefits offered by special tariff programs, traders can effectively navigate the global market, ensuring fair trade practices and promoting economic growth.
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