HS Code:
Subheading 0402.29.50 of the Harmonized System (HS) Code pertains to milk and cream, concentrated or containing added sugar or other sweetening matter, in powder, granules, or other solid forms, with a fat content exceeding 1.5% by weight, not elsewhere specified or included. This category typically includes products like sweetened condensed milk powder used in various food preparations and industries.
Total Trade Volume
Approximately $1.2 billion USD
Data from 2022
Source
United Nations Comtrade Database
$350 million USD
29.2% of total trade of total trade
Increasing
$280 million USD
23.3% of total trade of total trade
Stable
$150 million USD
12.5% of total trade of total trade
Increasing
$100 million USD
8.3% of total trade of total trade
Stable
$80 million USD
6.7% of total trade of total trade
Decreasing
Average Rate
8.5% ad valorem
Highest Rate
Up to 25% in certain markets (e.g., protective tariffs in some Asian countries)
Lowest Rate
0% under free trade agreements (e.g., EU-New Zealand FTA)
Growing demand in developing economies
Increased exports to Asia and Africa due to rising populations and demand for dairy-based products in food processing
2021-2022
Shift towards plant-based alternatives
Moderate decline in demand in Western markets as consumers opt for non-dairy milk products due to health and environmental concerns
2020-2022
Sustainability in production
Producers in key exporting countries like New Zealand are adopting sustainable farming practices, influencing buyer preferences
2022
The agreement, finalized in mid-2022, reduces tariffs on dairy products, including those under HS 0402.29.50, boosting trade between the regions.
July 2022
Expected to increase New Zealand’s dairy exports to the EU by 15% over the next five years.
Under the USMCA, adjustments to dairy import quotas have allowed for increased Canadian exports to the US, impacting market shares for other exporters.
January 2023
Slight reduction in US market share for non-North American exporters.
China has ramped up imports of dairy products due to domestic supply shortages and growing consumer demand for processed foods.
March 2023
Significant growth opportunities for top exporters like New Zealand and the Netherlands.