As noted on Monday, the US government recently released 2012 trade data showing that imports under GSP rose to $19.9 billion last year. Based on an analysis of that data, the GSP program saved American companies an estimated $748.7 million in 2012, a $40+ million increase over 2011.
By county, the highest savings came on imports from India ($184.0 million), Thailand ($146.0 million), Indonesia ($94.3 million), Brazil ($86.4 million), and the Philippines ($48.6 million).
By product, the highest savings came on imports of radial car tires ($22.7 million), silver jewelry ($18.2 million), miscellaneous food products ($14.2 million), aluminum alloy plates and sheets (12.0 million), and ferrosilicon manganese, which is used to manufacture steel ($10.9 million).
While US tariffs are generally low, effective tariffs waived by GSP can be quite high. For example, GSP saved American companies from paying tariffs of 17.9% on certain nuts and seeds, 15.0% on Romano and other cheeses, 12.5% on ballpoint pens, and 10.0% on ferrosilicon chromium.
If you have any questions about the data, give us a call at 202-347-1085, and if you’re a company importing these or other GSP products, make sure to add your name to our Supporter List.