If you are involved in the import and export business, you may have come across the term HS Code. HS Code stands for Harmonized System Code, which is a standardized numerical code used to classify and identify products for customs purposes. In this article, we will be discussing the HS Code 04012040, which pertains to milk and cream imports.
The HS Code 04012040 refers to milk and cream that is unconcentrated, unsweetened, and has a fat content over 1% but not over 6%. This code is used for milk and cream products that are imported in quantities exceeding 11,356,236 liters in any calendar year.
The bound or Most Favored Nation (MFN) duty rate for HS Code 04012040 is 1.5 cents per liter. This means that for every liter of milk or cream imported under this code, a duty of 1.5 cents is applicable. It's important to note that this duty rate may vary depending on trade agreements or special tariff preference programs.
The quantity unit for HS Code 04012040 is liters (L). This means that the volume of milk or cream being imported or exported is measured in liters.
There are several special tariff preference programs that offer different duty rates for imports under HS Code 04012040. These programs provide preferential treatment to specific countries or regions. Here are some examples:
These special tariff preference programs allow certain countries to import milk and cream at reduced or zero duty rates, promoting trade and economic cooperation.
HS Code 04012040 applies to milk and cream imports into the United States from various exporting countries. The specific importing and exporting US states may vary depending on trade agreements, business partnerships, and market demands.
It's important for importers and exporters to be aware of the regulations, duty rates, and special tariff programs associated with HS Code 04012040 when engaging in international trade of milk and cream products. Compliance with customs requirements and taking advantage of preferential treatment can greatly benefit businesses involved in this sector.
the HS Code 04012040 is a key classification for milk and cream imports. Understanding its product description, duty rates, quantity unit, special tariff preference programs, and importing/exporting US states is essential for businesses operating in the international trade of milk and cream products.