In November, the GSP program saved American companies $67 million on about $1.7 billion in imports. The value of GSP imports increased by about 16 percent, while the tariff savings increased by nearly 18 percent compared to November 2015.
Overall, GSP saved U.S. companies $667 million in 2016 through November. GSP savings are up about $58 million, or 10 percent compared to the first 11 months of 2015.
Some states, such as Oregon and Indiana, saw particularly large increases in GSP imports and savings compared to November 2015, as shown in the graphic below.
In Oregon, GSP imports and savings each increased by about 50 percent compared to one year earlier. Wooden doors from Brazil, Indonesia, and South Africa; lighting fixtures from Thailand, and food products from Ecuador all contributed to Oregon’s GSP increases.
In Indiana, GSP imports and savings each increased by about 35 percent compared to one year earlier. Motor vehicles parts and polycarbonates from Thailand and engine parts and electric motors from the Philippines contributed to Indiana’s GSP increases.
Savings on GSP imports from Paraguay increased by 148 percent compared to November last year. Increased imports of sugar contributed most to this increase. GSP eliminated about $237,000 in import taxes on ceramic mugs in November, with more about $47,000 saved on imports into Florida alone.
REMINDER FOR ALL GSP PROGRAM USERS: GSP EXPIRES AT THE END OF 2017.
Please click that link to learn about how to get involved in the Coalition for GSP’s renewal activities this year.