Milk and cream are essential dairy products that are enjoyed by people all over the world. In international trade, these products are classified under the HS Code 99040502. This code specifically refers to condensed or evaporated milk and cream.
Condensed milk is produced by removing water from regular milk, resulting in a thick and sweet product. Evaporated milk, on the other hand, is made by heating regular milk to remove a significant amount of water, resulting in a concentrated milk product. Both condensed and evaporated milk have a longer shelf life compared to regular milk, making them popular choices for various culinary applications.
When it comes to international trade, it is crucial to have a standardized system for classifying goods. The HS Code, also known as the Harmonized System Code, is a globally recognized system that is used to classify products for customs and statistical purposes. Each product is assigned a unique HS Code, allowing for easy identification and categorization.
The HS Code 99040502 specifically applies to condensed or evaporated milk and cream. This code helps customs officials and traders accurately identify and classify these products during import and export processes. It ensures that the correct duties, taxes, and regulations are applied to the goods.
In the case of HS Code 99040502, the product description includes milk and cream that fall under the subheadings 0402.91.70 or 0402.91.90. These subheadings refer to specific categories within the broader HS Code system, providing further clarity on the type of milk and cream being traded.
It is important to note that the product described by HS Code 99040502 is subject to a value safeguard period. This means that during a specified period, the product's value should not exceed $0.15 per kilogram. This safeguard period aims to protect domestic industries and ensure fair competition in the market.
When it comes to duties, the bound or most-favored-nation (MFN) duty rate for milk and cream under HS Code 99040502 is 23.6 cents per kilogram. The bound duty rate represents the maximum tariff that a country can impose on a specific product. It ensures that countries cannot arbitrarily increase tariffs beyond a certain level.
Trade barriers and market openings play a significant role in international trade. The MFN principle states that when 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 fairness and equal treatment in international trade.
In terms of quantity, the unit of measurement for milk and cream under HS Code 99040502 is kilograms (KG). This allows for accurate measurement and tracking of the quantity of these products being imported or exported.
Special tariff preference programs may also apply to milk and cream under HS Code 99040502. These programs provide certain benefits or exemptions for specific countries or regions. It is important for traders to be aware of any special programs that may affect the import or export of these products.
When importing milk and cream under HS Code 99040502 into the United States, it is essential to consider the specific regulations and requirements of the importing state. Different states may have additional regulations or restrictions on the import of dairy products, ensuring compliance is crucial for successful trade.
Similarly, when exporting milk and cream from the United States under HS Code 99040502, it is crucial to be aware of the regulations and requirements of the destination country. Each country may have its own import regulations and standards for dairy products.
HS Code 99040502 pertains to condensed or evaporated milk and cream. This code helps classify and identify these products for international trade purposes. Understanding the specific HS Code and its associated regulations is essential for smooth and compliant trade in milk and cream.