GSP Saved American Companies $59 Million in September 2016

In September, the GSP program saved American companies $59 million on about $1.5 billion in imports. While the value of GSP imports decreased by about 5 percent, the tariff savings only decreased by 0.3 percent compared to September 2015.

Overall, GSP saved U.S. companies $531 million in the first nine months of 2016. GSP savings in 2016 are up about $40 million, or 8 percent, compared to the first nine months of 2015.

Some states, such as Hawaii and Delaware, saw particularly large increases in GSP imports and savings compared to September 2015, as shown in the graphic below.

gsp_sept2016_snapshot

In Hawaii, GSP imports increased by about 58 percent and savings by about 51 percent compared to one year earlier. Food products and fresh orchids from Thailand, costume jewelry from the Philippines, and plastic preforms from Turkey contributed the most to Hawaii’s GSP increases.

In Delaware, GSP imports increased by 80 percent and savings from GSP by 144 percent compared to one year earlier. Chemicals from India and Brazil along with plastic kitchenware from Turkey contributed most to Delaware’s GSP increases.

Savings on GSP imports from Nepal more than doubled to $83,000, led by increased imports of handicrafts into Texas. GSP eliminated about $200,000 in import taxes on musical keyboards in September, with about  $175,000 saved on imports into California alone.

Reminder for GSP importers: if your company is not on our free GSP supporter list, please add your name here. Also, we are still looking for responses to our GSP renewal impacts survey, which you can complete here.

This entry was posted in Brazil, California, Delaware, GSP, Hawaii, India, Nepal, Philippines, Texas, Thailand, Turkey. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s