HS Code:
Subheading 2008.11.61 of the Harmonized System (HS) Code pertains to peanut butter and other peanut-based products, prepared or preserved, not elsewhere specified or included. This category includes products such as peanut spreads and pastes that are ready for consumption or further processing. These goods are significant in the global food industry, often used as ingredients in confectionery, bakery products, and as standalone spreads.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
7.5%
Highest Rate
35% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements like USMCA)
Rising demand for natural and organic peanut butter
Increased exports from countries with organic certification capabilities, influencing market share dynamics
2021-2022
Growing health consciousness among consumers
Shift towards low-sugar and no-additive peanut products, boosting innovation in product formulations
2020-2022
Supply chain disruptions due to climate impacts on peanut crops
Price volatility and reduced export volumes from key producing regions like Argentina and India
2022
The United States-Mexico-Canada Agreement (USMCA) has led to reduced tariffs on peanut butter exports among member countries, facilitating smoother trade.
July 2020
Increased trade volume among North American countries, especially benefiting U.S. and Canadian exporters.
The European Union introduced stricter aflatoxin limits for peanut-based products, requiring enhanced testing and certification from exporters.
January 2022
Potential delays and increased compliance costs for exporters to the EU market, particularly affecting smaller producers.
Argentina adjusted export taxes on peanut products to boost foreign exchange reserves, impacting pricing competitiveness.
March 2023
Mixed effects on trade volume; while prices rose, demand from key markets like the EU remained stable due to quality preferences.