HS Code:
Subheading 0402.29.50 under 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 industries, including confectionery and baking.
Total Trade Volume
USD 1.2 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
6.5%
Highest Rate
15% (applied by certain developing countries to protect local dairy industries)
Lowest Rate
0% (under free trade agreements like EU-New Zealand FTA)
Rising demand in Asia-Pacific for processed dairy products
Increased export opportunities for major producers like New Zealand and Australia, with a focus on sweetened milk powders for confectionery and beverage industries
2021-2022
Shift towards sustainable and organic dairy production
Growing niche market for organic sweetened milk powder, influencing production practices and certification requirements
2020-2022
Fluctuating global milk prices due to supply chain disruptions
Price volatility affecting trade volumes and profitability for exporters, with some countries imposing temporary export restrictions
2022
The agreement, finalized in mid-2022, reduces tariffs on dairy products including those under HS 0402.29.50, enhancing market access for New Zealand exporters to the EU.
July 2022
Expected to boost trade volume by 10-15% over the next five years for New Zealand exporters.
The US eased certain export restrictions on dairy products to key markets in Asia, addressing previous trade disputes over sanitary standards.
March 2023
Likely to stabilize US trade volumes after a period of decline, with potential growth in markets like China and Japan.
Ongoing disruptions due to geopolitical tensions and port delays have impacted the timely delivery of dairy products, including sweetened milk powders.
January 2023
Increased costs and delays in trade, prompting exporters to explore alternative shipping routes and regional markets.