HS Code:
The product category under HS Codes 1202.30.80, 1202.41.80, 1202.42.80, 2008.11.35, and 2008.11.60 primarily includes peanuts (ground-nuts), whether in-shell or shelled, raw or roasted, and peanut products such as peanut butter or peanut preparations. Subheading 1202.30.80 covers seed peanuts not shelled, 1202.41.80 and 1202.42.80 cover other peanuts in-shell and shelled respectively, while 2008.11.35 and 2008.11.60 pertain to peanut butter and other peanut preparations. These products are significant in global agriculture trade due to their widespread use in food production, snacks, and as a source of vegetable oil and protein.
Total Trade Volume
Approximately $3.5 billion USD
Data from 2022
Source
United Nations Comtrade Database, International Trade Centre (ITC)
$900 million USD
25.7% of total trade of total trade
Increasing
$600 million USD
17.1% of total trade of total trade
Stable
$500 million USD
14.3% of total trade of total trade
Increasing
$400 million USD
11.4% of total trade of total trade
Decreasing
$300 million USD
8.6% of total trade of total trade
Stable
Average Rate
5.2% ad valorem
Highest Rate
35% (applied by certain countries for processed peanut products like peanut butter)
Lowest Rate
0% (under free trade agreements or for raw peanuts in some markets)
Increasing demand for organic and non-GMO peanuts
Higher prices for certified organic peanuts and growth in niche markets, especially in North America and Europe
2021-2022
Growth in peanut butter consumption in emerging markets
Expansion of export opportunities for processed peanut products to Asia and Africa
2020-2022
Fluctuations in production due to climate change
Supply chain disruptions and price volatility in major producing countries like India and Argentina
2019-2022
As part of the Phase One trade deal, China agreed to reduce tariffs on US peanuts, boosting export volumes.
January 2020
Increased market access for US exporters, contributing to a 10% rise in trade volume to China.
The European Union implemented stricter limits on aflatoxin levels in imported peanuts, affecting exporters from developing countries.
March 2022
Increased compliance costs for exporters and potential reduction in trade volume to the EU.
Argentina invested in new processing facilities to increase value-added exports like peanut butter and roasted peanuts.
July 2023
Strengthened Argentinaโs position in the global market for processed peanut products.