Milk and cream, condensed or evaporated, falls under the HS Code 99040505. This code is used to classify and identify specific products for international trade. In this article, we will explore the details of this HS code and understand its implications in import and export processes.
The product description for HS Code 99040505 is "Milk and cream, condensed or evaporated, in 0402.91.70 or 0402.91.90 entered in value safeguard period, $0.25-$0.299/kg." This description provides information about the specific type and quality of milk and cream included in this code.
When importing or exporting products classified under HS Code 99040505, it is essential to be aware of the bound/MFN duty rate. For this HS code, the duty rate is 12.8 cents/kg. This means that every time a country lowers a trade barrier or opens up a market, it must apply the same duty rate for milk and cream, condensed or evaporated, from all its trading partners.
The quantity unit for HS Code 99040505 is kilograms (KG). This unit is used to measure the weight or quantity of milk and cream being imported or exported. It is crucial to accurately measure and declare the quantity unit to ensure compliance with international trade regulations.
Special tariff preference programs may apply to the import or export of products classified under HS Code 99040505. These programs offer specific advantages or benefits to encourage trade between countries. Importing and exporting US states can take advantage of these programs to reduce costs or access preferential treatment for milk and cream, condensed or evaporated.
HS Code 99040505 is used to classify milk and cream, condensed or evaporated, for international trade. It provides detailed information about the product, including its description, duty rate, quantity unit, and potential eligibility for special tariff preference programs. Understanding and complying with this HS code is essential for smooth import and export processes.