In March, the GSP program saved American companies nearly $62 million on about $1.6 billion in imports. The GSP program saved U.S. companies $170 million in the first three months of 2016.
Overall, GSP tariff savings increased increased by 8 percent compared to March 2015. The value of imports under GSP increased 6 percent. Some states, such as Iowa and Missouri, saw ever bigger increases in GSP imports and savings compared to March 2015, as shown in the graphic below.
In Iowa, GSP imports increased by 152 percent and savings from GSP by 304 percent compared to one year earlier. Chemicals from India and gelatin from Brazil contributed most to Iowa’s GSP increases. In Missouri, GSP imports increased by 48 percent and savings from GSP by 17 percent compared to one year earlier. Engines from South Africa, auto parts from Turkey, and chemicals from India contributed most to Missouri’s GSP increases.
Imports from Kazakhstan jumped by 238 percent, led by increased imports of ferrochromium by companies in Ohio. GSP eliminated about $108,000 in import taxes on olive oil and nearly half of those imports went to New Jersey.