The other day, we posted some quick hits on the year-end GSP import data for 2010 showing that total GSP imports were up 11% to $22 billion and that GSP saved American companies nearly $690 million.
Over the last couple days, we’ve looked at imports of different types of products – and the value of GSP savings for each. The highest savings result from GSP imports of products with high tariffs, such as jewelry and food products. Savings for each of these categories exceeded $70 million last yet. Yet as we note in a new fact sheet:
The biggest users of the GSP program are actually U.S. manufacturers, who benefited from duty-free treatment for industrial supplies, raw materials, and capital goods worth more than $14 billion in 2010, or 62.9 percent of total imports under the GSP program.
Some of the sectors with the highest GSP savings include plastics and rubber products ($90 million), chemicals ($62 million), electrical equipment and parts ($52 million), transportation equipment and parts ($32 million), and machinery ($29 million).
Clearly, GSP expiration impacts a wide array of companies and industries. Hopefully figures like these will help persuade Congress to renew GSP quickly.