High GSP savings levels continued in October: GSP saved American companies $82 million on about $2.0 billion in imports – more than any other month all the way back to October 2006.
GSP imports were up by 22 percent – and tariffs savings were up by 28 percent – compared to October 2016. Year-to-date savings from GSP are up $102 million, or about $10 million per month, over the first 10 months of 2016.
And those reported savings remain significantly understated: official U.S. government data on GSP imports won’t start reflecting imports under the recent travel goods expansion until next month (though companies have been saving since July 1). Including the travel goods savings could add $5-$10 million more in benefits for American companies per month.
Some states such as Massachusetts and Kansas saw much larger increases in GSP imports and savings compared to the previous year, as shown in the graphic below.
GSP saved Massachusetts companies $792,000 in October, up $274,000 (53 percent) compared to one year earlier. Sports gloves from Thailand, optical equipment from the Philippines, and aluminum profiles from Turkey contributed the most to Massachusetts’ GSP savings increases.
GSP saved Kansas companies $277,000 in October, up $163,000 (143 percent) compared to one year earlier. Inorganic acids and pesticides from India, and rubber piping from Brazil contributed most to Kansas’ GSP increases.
In addition to Massachusetts and Kansas, companies in 26 other states saw GSP savings increase by at least 20 percent, including: Alabama, Alaska, Arizona, Arkansas, Delaware, Florida, Georgia, Indiana, Iowa, Maryland, Mississippi, Missouri, Montana, Nebraska, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Texas, Vermont, Virginia, and Washington.
Savings on GSP imports from India increased by 30 percent compared to October of last year. Iowa companies’ purchases of carboxylic acids alone resulted in $282,000 in GSP savings. GSP eliminated about $698,000 in import taxes on aluminum foil in October, with $107,000 of those savings coming from imports into Illinois.
*** REMINDER: GSP EXPIRES IN JUST A FEW WEEKS.***
Please use our Contact Congress page to write your Members today about the need to renew GSP today (the letter text was updated December 5). That page makes it quick and easy to email both Senators and your Representative. All you need to do is: 1) enter your contact info, 2) enter a few sentences about your company/GSP imports, and 3) click send.