Peanut butter and paste have become increasingly popular food products worldwide. In this educational article, we will delve into the details of HS Code 99042008, which specifically pertains to peanut butter and paste imported in the year 2008.11.15. We will also explore the various aspects related to this HS code, including its product description, value safeguard period, duty rates, quantity unit, and special tariff preference programs.
Peanut butter and paste fall under HS Code 99042008, indicating their classification for international trade purposes. As the name suggests, this HS code covers various forms of peanut butter and paste products.
Peanut butter is a spread made from dry-roasted peanuts, typically processed into a smooth or chunky consistency. It is a popular food item known for its rich taste and nutritional value. Peanut paste, on the other hand, refers to ground peanuts that have been processed into a paste-like form. It is often used as an ingredient in various culinary preparations.
In 2008.11.15, peanut butter and paste entered a value safeguard period. During this time, the price range for these products was set between $0.65 and $0.749 per kilogram (KG). This safeguard period aimed to ensure fair pricing and maintain a balanced market for peanut butter and paste imports.
The bound / most-favored-nation (MFN) duty rate for peanut butter and paste under HS Code 99042008 is 2.4 cents per kilogram (KG). The MFN duty rate is a tariff applied to imports from any country that is a member of the World Trade Organization (WTO). It ensures that whenever a country reduces trade barriers or opens up its market, it must do so for all its trading partners equally.
This duty rate plays a crucial role in regulating international trade and promoting fair competition among nations. It prevents any discriminatory practices and ensures a level playing field for all trading partners.
The quantity unit for peanut butter and paste imports under HS Code 99042008 is kilograms (KG). This unit of measurement is used to determine the weight of the imported products. It helps in accurately calculating the quantity of peanut butter and paste being traded between countries.
Special tariff preference programs aim to provide certain advantages or benefits to specific trading partners. While the data provided does not mention any specific special tariff preference programs for HS Code 99042008, it is worth noting that such programs exist in international trade.
These programs may include preferential duty rates, exemptions, or other incentives for trading partners based on various factors such as economic agreements, regional alliances, or bilateral trade agreements. However, it is essential to refer to the latest legal texts and agreements to determine if any special tariff preference programs apply to peanut butter and paste imports under this HS code.
HS Code 99042008 covers the importation of peanut butter and paste. This article provided an extensive overview of the product description, value safeguard period, duty rates, quantity unit, and special tariff preference programs related to this HS code. Understanding these details is crucial for importers, exporters, and those involved in international trade to ensure compliance and make informed decisions regarding peanut butter and paste trade.
By adhering to the regulations and guidelines associated with HS Code 99042008, countries can maintain a fair and transparent trading environment for peanut butter and paste, facilitating their global exchange and availability to consumers worldwide.