High GSP savings levels continued in September: GSP saved American companies $72 million on about $1.7 billion in imports. GSP imports were up by 15 percent – and tariffs savings were up by 19 percent – compared to September 2016. Year-to-date savings from GSP are up $83 million, or about $9.3 million per month, over the first 9 months of 2016.
The large increases come despite the fact that July, August, and September savings appear significantly understated: official U.S. government data show no claimed GSP benefits for imports of travel goods from countries such as Thailand and the Philippines in July or August despite a recent program expansion. So not only is GSP program usage is booming, it’s likely that data on savings will be revised up considerably in the near future.
Some states such as Oklahoma and Florida saw much larger increases in GSP imports and savings compared to the previous year, as shown in the graphic below.
GSP saved Oklahoma companies $316,000 in September, up $126,000 (67 percent) compared to one year earlier. Taps and cocks and artificial plants from India, rubber hoses from Turkey, and ceramic wares from Indonesia contributed most to Oklahoma’s GSP savings increases.
GSP saved Florida companies $4.8 million in September, up $1.3 million (36 percent) compared to one year earlier. Tropical plywood from Ecuador, travel goods from Burma and Cambodia, and motor boats from South Africa contributed most to Florida’s GSP increases.
In addition to Oklahoma and Florida, companies in 21 other states saw GSP savings increase by at least 20 percent, including: Alabama, Alaska, Arkansas, Delaware, Iowa, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New York, Ohio, South Dakota, Texas, Virginia, West Virginia, and Wyoming.
Savings on GSP imports from Pakistan increased by 52 percent compared to September of last year. New York companies’ purchases of jewelry alone resulted in $179,000 in GSP savings. GSP eliminated about $500,000 in import taxes on valves in September, with about half of those savings coming from imports into Texas.
*** REMINDER: GSP EXPIRES IN JUST A FEW MONTHS.***
Please use our Contact Congress page to write your Members today about the need to renew GSP today. That page makes it quick and easy to email both Senators and your Representative. All you need to do is: 1) enter your contact info, 2) enter a few sentences about your company/GSP imports, and 3) click send.
