HS Code:
The 'Containing peanuts or peanut products' category includes a wide range of food items that incorporate peanuts or peanut derivatives such as peanut butter, peanut oil, roasted peanuts, and other processed peanut-based products. These products fall under various HS codes depending on their specific nature, such as 2008.11 (peanuts, prepared or preserved) and 1508.90 (peanut oil). This category is significant in global trade due to the widespread use of peanuts in snacks, confectionery, and cooking oils, as well as their nutritional value. Trade in this category is influenced by factors like agricultural production, food safety regulations, and consumer demand for plant-based and protein-rich foods.
Total Trade Volume
USD 5.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
12.5%
Highest Rate
35% (imposed by certain developing countries to protect local agriculture)
Lowest Rate
0% (under free trade agreements like EU-USMCA)
Rising demand for plant-based protein products
Increased exports of peanut butter and peanut-based snacks, particularly to North America and Europe
2021-2022
Growing health consciousness among consumers
Boost in trade of organic and non-GMO peanut products with a premium price point
2020-2022
Supply chain disruptions due to climate change
Fluctuations in peanut production in key regions like Africa and India, affecting export volumes
2022
A new phase of the US-China trade agreement has reduced tariffs on peanut products exported from the US to China, boosting trade volume.
January 2023
Expected to increase US exports by 10-15% over the next two years.
The European Union has introduced stricter labeling requirements for peanut-containing products to protect consumers with allergies.
March 2023
Exporters to the EU must invest in compliance, potentially increasing costs but ensuring market access.
Severe drought conditions in Argentina have led to a 20% reduction in peanut harvest, impacting global supply chains.
February 2023
Prices for peanut products are expected to rise, benefiting other exporters like the US and India.