The HS Code 99042006 refers to peanut butter and paste. This specific HS code was introduced in 2008.11.15 and entered into a value safeguard period. The price range for this product is $0.45 to $0.549 per kilogram (KG).
When it comes to international trade, countries often implement trade barriers or open up their markets. In order to maintain fair trade practices, the World Trade Organization (WTO) enforces the principle of Most Favored Nation (MFN) treatment. This means that 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.
The bound or MFN duty rate for HS Code 99042006 is 8.4 cents per kilogram (KG). This indicates the rate at which customs duties are applied to the imported peanut butter and paste. Importers need to be aware of this duty rate when calculating the overall cost of importing this product.
The quantity unit for HS Code 99042006 is kilograms (KG). This is the standard unit used to measure the weight of the imported peanut butter and paste. It is important for importers and exporters to accurately record and report the quantity in KG to ensure compliance with international trade regulations.
Special tariff preference programs may also be available for peanut butter and paste imported under HS Code 99042006. These programs provide certain benefits, such as reduced duty rates or exemptions, to eligible importers. Importers should research and explore these programs to take advantage of any available benefits.
When it comes to importing peanut butter and paste under HS Code 99042006, it is essential to consider the specific requirements and regulations of the importing and exporting US states. Each state may have its own rules and procedures for importing this product. Importers should thoroughly research and understand these requirements to ensure smooth and compliant trade operations.
HS Code 99042006 represents peanut butter and paste. Understanding the details of this HS code, including the value safeguard period, duty rate, quantity unit, and special tariff preference programs, is crucial for importers and exporters. By complying with these regulations and taking advantage of available programs, businesses can engage in successful international trade of peanut butter and paste.