When it comes to international trade, the Harmonized System (HS) code plays a crucial role in classifying products. Each HS code is unique and represents a specific product or commodity. In this article, we will explore HS code 99129508, which pertains to MA olives in subheading 2005.70.60. Let's delve into the details of this code and understand its implications.
HS code 99129508 specifically refers to whole pitted MA olives weighing more than 0.3 kg and priced between 64.4?/kg and 96.6?/kg. This code helps customs authorities and traders identify and categorize this particular type of olives during import and export processes.
One important aspect of HS code 99129508 is the bound / Most Favored Nation (MFN) duty rate. The MFN principle ensures that every time a country lowers a trade barrier or opens up a market, it has to do so for the same goods or services from all its trading partners. The duty rate for MA olives in subheading 2005.70.60 is determined based on this principle.
Unfortunately, the specific quantity unit for HS code 99129508 is not available (NA). This means that the quantity of MA olives in subheading 2005.70.60 is not explicitly defined in the code itself. To determine the quantity, one would need to refer to additional documentation or consult with relevant trade authorities.
Under certain circumstances, special tariff preference programs may be applicable to products classified under HS code 99129508. In the case of MA olives in subheading 2005.70.60, there is a special rate of 8 cents/kg on drained weight for imports from Morocco. This special rate provides a favorable advantage for importers dealing with MA olives from Morocco.
HS code 99129508 is relevant for both importing and exporting US states. This means that the code applies to the movement of MA olives in subheading 2005.70.60 between different states within the United States. Whether it is Massachusetts importing olives from California or New York exporting olives to Florida, this HS code helps track and regulate the trade of MA olives within the country.
HS code 99129508 plays a significant role in classifying and regulating the trade of MA olives in subheading 2005.70.60. Understanding the implications of this code, including its duty rates, quantity unit, special tariff preference programs, and relevance to importing and exporting US states, is essential for businesses and individuals involved in the international trade of olives.