GSP Saved American Companies $54 Million in January 2016

In January, the GSP program saved American companies more than $54 million on about $1.4 billion in imports. The GSP program has saved U.S. companies more than $5.6 billion since 2008.

Overall, GSP tariff savings increased increased by 1.6 percent compared to January 2015. The value of imports under GSP fell slightly (-1.8 percent), but not nearly as much as overall U.S. imports from the world (-6.1 percent). Some states, including Mississippi and Nevada, saw big increases in GSP imports and savings compared to January 2015, as shown in the graphic below.

GSP_Jan2016_Snapshot

In Mississippi, GSP imports increased by 66 percent and savings from GSP by 68 percent compared to one year earlier. Chemicals from India, electrical equipment from the Philippines, and PVC sheets and plates from Thailand contributed most to Mississippi’s GSP increases.

In Nevada, GSP imports increased by 52 percent and savings from GSP by 73 percent compared to one year earlier. Metal grinding balls from India, tungsten from Bolivia, and ceramic housewares from Thailand contributed most to Nevada’s GSP increases.

Imports from Ghana jumped by 380 percent, led by increased imports of cocoa powder by companies in Illinois. GSP eliminated more than $300,000 in import taxes on pencils and crayons. About two-thirds of those imports went to Pennsylvania.

 

This entry was posted in Bolivia, Ghana, GSP, Illinois, India, Mississippi, Nevada, Pennsylvania, Philippines, Thailand and tagged , , , , , , , , , . Bookmark the permalink.

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