In October, the GSP program saved American companies $64 million on about $1.6 billion in imports. The value of GSP imports increased by about 4 percent, while the tariff savings increased by nearly 9 percent compared to October 2015.
Overall, GSP saved U.S. companies $600 million in the first 10 months of 2016. GSP savings in 2016 are up about $49 million, or 9 percent, compared to the first 10 months of 2015.
Some states, such as Louisiana and New Mexico, saw particularly large increases in GSP imports and savings compared to October 2015, as shown in the graphic below.
In Louisiana, GSP imports more than doubled and savings increased by about 59 percent compared to one year earlier. Valves and parts from India, copper cathodes from the Democratic Republic of the Congo, and ferrochromium (typically used to produce stainless steel) from South Africa contributed the most to Louisiana’s GSP increases.
In New Mexico, GSP imports increased by 80 percent and savings from GSP by 144 percent compared to one year earlier. Aluminum products and electric motors from India along with rubber gloves from Thailand and Indonesia contributed most to New Mexico’s GSP increases.
Savings on GSP imports from Armenia increased more than 50 percent to $137,000. GSP eliminated about $223,000 in import taxes on glass construction products (e.g, pavers and blocks) in October, with nearly all of those imports going to Florida.
REMINDER FOR ALL GSP PROGRAM USERS: GSP EXPIRES AT THE END OF 2017. Please click that link to learn about how to get involved in the Coalition for GSP’s renewal activities this year.