That’s how many millions of dollars GSP saved importers in 2010. Actually, our estimates say $688,834,642, but the rounded figure is close enough.
Thailand edged out India as the country responsible for the most GSP savings: $148.43 million for Thailand compared to $148.39 million for India. In 3rd place was Indonesia, whose status as a GSP beneficiary saved American companies more than $81 million.
Angola, whose oil exports face low tariffs regardless of GSP benefits, ranked 15th in total tariff savings, despite ranking 2nd in total exports in 2010. Overall, GSP savings exceeded $1 million for imports from 28 different countries. This includes some countries that you might not have guessed, such as Kazakhstan, Georgia, and Paraguay.
Of course, talking about GSP savings in 2010 drives home the fact that expiration in 2011 will cause (or, in many cases, is already causing) significant financial burdens for American companies and consumers, who ultimately pay the higher prices.