When it comes to international trade, precise classification and identification of products are crucial. This is where the Harmonized System (HS) Code plays a significant role. In this article, we will delve into the world of HS Code 99042007 and explore the intricacies of peanut butter and paste.
HS Code 99042007 specifically refers to peanut butter and paste. These products are classified under subheading 2008.11.15 in the Harmonized System. Peanut butter and paste are widely consumed and enjoyed for their rich flavor and versatility. From sandwiches to baked goods, they add a delicious touch to various culinary creations.
It is important to note that in 2008.11.15, peanut butter and paste were subject to a value safeguard period. During this period, the price range for these products was set between $0.55 and $0.649 per kilogram. This safeguard period aimed to ensure fair pricing and market stability.
The bound / most-favored nation (MFN) duty rate for HS Code 99042007 is 5.4 cents per kilogram. The MFN principle ensures that 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 promotes fair and non-discriminatory trade practices.
By imposing a duty rate, countries can generate revenue and regulate the flow of imported peanut butter and paste. The 5.4 cents per kilogram duty rate acts as a financial measure to balance trade and protect domestic industries.
The quantity unit for HS Code 99042007 is kilograms (KG). Kilograms serve as a universally recognized unit of measurement, ensuring consistency and accuracy in trade transactions. Whether it is the import or export of peanut butter and paste, kilograms provide a standardized basis for calculating quantities.
Various countries have established special tariff preference programs to promote specific trade relationships and provide preferential treatment for certain products. While specific programs may vary, HS Code 99042007 may be eligible for tariff preferences under these programs.
These are just a few examples, and the list may vary depending on the trade agreements and preferences established by different countries or regions. It is essential for importers and exporters of peanut butter and paste to stay updated with the specific programs applicable to their trade partners.
HS Code 99042007 encompasses the world of peanut butter and paste. From its product description to the bound / MFN duty rate and special tariff preference programs, understanding the nuances of this HS Code is vital for international trade. Whether you are an importer or exporter, being well-versed in the details of HS Code 99042007 will facilitate smooth trade transactions and compliance with trade regulations.