In May 2017, the GSP program saved American companies $72 million on about $1.8 billion in imports. GSP imports were up by 14 percent – and tariffs savings were up by 16 percent – compared to May 2016.
Some states such as New Hampshire and New Mexico saw much larger increases in GSP imports and savings compared to the previous year, as shown in the graphic below.
GSP saved New Hampshire companies $246,000 in May, up over $150,000 (170 percent) compared to one year earlier. Optical equipment from the Philippines and Sri Lanka, ice skates from Thailand, and meter parts from India contributed most to New Hampshire’s GSP increases.
GSP saved New Mexico companies $103,000 million in May, up $47,000 (84 percent) compared to one year earlier. Aluminum products from India, jewelry from the Philippines, and rubber gloves from Thailand contributed most to Virginia’s GSP increases.
In addition to New Hampshire and New Mexico, companies in 13 other states saw GSP savings increase by at least 20 percent, including: Alabama, Delaware, Florida, Indiana, Iowa, Kansas, Louisiana, Montana, Nebraska, Oklahoma, Oregon, Texas, and Virginia.
Savings on GSP imports from Bosnia and Hezegovnia increased by 180 percent compared to May of last year. Louisiana companies’ purchases of silicon accounted for about 40 percent of GSP imports from the country. GSP eliminated about $120,000 in import taxes on keyboards in May, with about a three-quarters of those savings on imports into California.
More monthly GSP import and savings highlights are on our Graphics page.