In March 2017, the GSP program saved American companies $62 million on about $1.6 billion in imports. GSP imports were down by 2 percent – though tariffs savings were up by 1 percent – compared to March 2016.
In the first quarter of 2017, GSP imports were basically flat by value and up about 2 percent in terms of tariff savings compared to 2016. The graduation of Uruguay and Venezuela from GSP effective January 1, 2017 contributes to the slow year-over-year growth.
Despite the mixed growth of GSP import values and savings, some states such as Wisconsin and Michigan saw large increases in GSP imports and savings compared to March 2016, as shown in the graphic below.
GSP saved Wisconsin companies $1.3 million in March, up over $420,000 (49 percent) compared to one year earlier. Optical equipment from the Philippines, metalworking machinery from Brazil, and ceramic plumbing goods from India contributed most to Wisconsin’s GSP increases.
GSP saved Michigan companies $2.8 million in March, up over $620,000 (28 percent) compared to one year earlier. Engines from Thailand, wire harnesses from Indonesia, and machine tools from India contributed most to Michigan’s GSP increases.
In addition to Wisconsin and Michigan, companies in 12 other states saw GSP savings increase by at least 20 percent, including: Alabama, Arkansas, Connecticut, Delaware, Indiana, Louisiana, Nevada, New Hampshire, New Mexico, North Dakota, Utah, and Vermont.
Savings on GSP imports from Jordan increased by 157 percent compared to March last year. Illinois companies’ purchases of chickpeas accounted for more than 10 percent of GSP imports from Jordan. GSP eliminated about $770,000 in import taxes on wire harnesses in March, with about 20 percent of those savings on imports into Tennessee.
More monthly GSP import and savings highlights are on our Graphics page.
