In August, the GSP program saved American companies $62 million on about $1.6 billion in imports. The value of GSP imports increased by about 5 percent, while tariff savings increased by about 11 percent compared to August 2015.
Overall, GSP saved U.S. companies $472 million in the first eight months of 2016. GSP savings in 2016 are up about $40 million, or 9 percent, compared to the first eight months of 2015.
Some states, such as Colorado and North Carolina, saw particularly large increases in GSP imports and savings compared to August 2015, as shown in the graphic below.
In Colorado, GSP imports increased by about 19 percent and savings by about 46 percent compared to one year earlier. Optical goods from the Philippines, electric motor parts from India, and monumental building stone from Brazil all contributed to Colorado’s GSP increases.
In North Carolina, GSP imports increased by 14 percent and savings from GSP by 21 percent compared to one year earlier. Chemicals from the Philippines, batteries from Indonesia, and furniture fittings from Thailand contributed most to North Carolina’s GSP increases.
Savings on GSP imports from Brazil jumped 30 percent, led by increased imports of machining centers in Ohio. GSP eliminated about $184,000 in import taxes on microphones in August, with more than $100,000 saved on imports into California alone.
If your company imports under GSP, be sure to answer our GSP renewal impacts survey here.