In June 2017, the GSP program saved American companies $71 million on about $1.8 billion in imports. June marked the first time that monthly GSP savings exceeded $70 million in consecutive months since September-October 2008. (GSP saved American companies $72 million May).
GSP imports were up by 15 percent – and tariffs savings were up by 17 percent – compared to a year earlier. Some states such as Nebraska and Maryland saw much larger increases in GSP imports and savings compared to the previous year, as shown in the graphic below.
GSP saved Nebraska companies $105,000 thousand in June, up $42,000 (68 percent) compared to one year earlier. Activated carbon from the Philippines, copper alloys and rubber stoppers from India, and aluminum frames from Thailand contributed most to Nebraska’s GSP increases.
GSP saved Maryland companies $2.1 million in June, up over $450,000 (28 percent) compared to one year earlier. Silicon from Kazakhstan, carbides from South Africa, and zinc from India contributed most to Maryland’s GSP increases.
In addition to Nebraska and Maryland, companies in 17 other states saw GSP savings increase by at least 20 percent, including: Alabama, Alaska, California, Colorado, Delaware, Indiana, Louisiana, Maine, Montana, Nevada, New Hampshire, North Carolina, Pennsylvania, Texas, Virginia, Washington, and Wisconsin.
Savings on GSP imports from Lebanon increased by 58 percent compared to June of last year. Illinois companies’ purchases of nuts accounted for nearly $250,000 of the GSP imports from Lebanon. GSP eliminated about $471,000 in import taxes on steering wheels in June, with more than a fifth of those savings on imports into Michigan.