In September, the GSP program saved American companies $59 million on about $1.5 billion in imports. While the value of GSP imports decreased by about 5 percent, the tariff savings only decreased by 0.3 percent compared to September 2015.
Overall, GSP saved U.S. companies $531 million in the first nine months of 2016. GSP savings in 2016 are up about $40 million, or 8 percent, compared to the first nine months of 2015.
Some states, such as Hawaii and Delaware, saw particularly large increases in GSP imports and savings compared to September 2015, as shown in the graphic below.
In Hawaii, GSP imports increased by about 58 percent and savings by about 51 percent compared to one year earlier. Food products and fresh orchids from Thailand, costume jewelry from the Philippines, and plastic preforms from Turkey contributed the most to Hawaii’s GSP increases.
In Delaware, GSP imports increased by 80 percent and savings from GSP by 144 percent compared to one year earlier. Chemicals from India and Brazil along with plastic kitchenware from Turkey contributed most to Delaware’s GSP increases.
Savings on GSP imports from Nepal more than doubled to $83,000, led by increased imports of handicrafts into Texas. GSP eliminated about $200,000 in import taxes on musical keyboards in September, with about $175,000 saved on imports into California alone.
Reminder for GSP importers: if your company is not on our free GSP supporter list, please add your name here. Also, we are still looking for responses to our GSP renewal impacts survey, which you can complete here.
