When it comes to international trade, it is essential to have a standardized system for classifying goods. The Harmonized System (HS) Code is a globally recognized code that provides a uniform classification for products. In this article, we will explore the HS Code 99040509, which pertains to milk and cream, condensed or evaporated.
The product description for HS Code 99040509 specifically refers to milk and cream that falls under the tariff subheadings 0402.99.45 or 0402.99.55. These products are further classified as being entered in the value safeguard period and have a value of under $0.30 per kilogram (kg).
One important aspect of international trade is the duty rate applied to imported goods. In the case of HS Code 99040509, the bound / Most Favored Nation (MFN) duty rate is 39 cents per kilogram (kg). This means that regardless of the country of origin, the duty rate for milk and cream, condensed or evaporated, will be 39 cents per kilogram (kg). It is worth noting that the MFN duty rate applies whenever a country lowers a trade barrier or opens up a market. This ensures that all trading partners receive the same treatment for their goods or services.
The quantity unit for HS Code 99040509 is kilograms (kg). This means that the product is measured and traded in terms of weight, specifically in kilograms.
In addition to the general duty rate, there may be special tariff preference programs available for HS Code 99040509. These programs provide certain benefits or exemptions for eligible imports. It is important for importers and exporters to research and understand these programs to maximize their cost savings and competitive advantage.
When it comes to importing and exporting milk and cream, condensed or evaporated under HS Code 99040509, the specific states involved play a crucial role. The importing US states are the destinations where the products are being imported into the United States. On the other hand, the exporting US states are the regions within the United States that are responsible for supplying and exporting these products to other countries.
HS Code 99040509 serves as a vital tool in international trade, providing a standardized classification for milk and cream, condensed or evaporated. By understanding the HS Code and its associated data, importers and exporters can navigate the complexities of global trade more effectively.