ferroalloys – Renew GSP Today

GSP Saved American Companies $58 Million in July 2016

Renew GSP Today — Fri, 23 Sep 2016 15:13:48 +0000

In July, the GSP program saved American companies $58 million on about $1.5 billion in imports. GSP saved U.S. companies $410 million in the first seven months of 2016. In the one year since renewal, GSP saved American companies about $700 million.

Some states, such as Connecticut and New York, saw particularly large increases in GSP imports and savings compared to July 2015, as shown in the graphic below.

In Connecticut, GSP imports increased by about 70 percent and savings by about 50 percent compared to one year earlier. Ferroalloys from South Africa, aluminum building materials and rubber gloves from Thailand, and parts for steering wheels from India all contributed to Connecticut’s GSP increases.

In New York, GSP imports increased by 22 percent and savings from GSP by 44 percent compared to one year earlier. Jewelry from Turkey and Bolivia, stainless steel flanges from India, and PET resin from Pakistan contributed most to New York’s GSP increases.

Savings on GSP imports from Pakistan nearly doubled, led by increased imports of lamps in New Jersey. GSP eliminated about $250,000 in import taxes on fresh flowers from Ecuador in July, with more than $230,000 saved on imports into Florida alone.

If your company imports under GSP, be sure to answer our GSP renewal impacts survey here.

GSP Saved American Companies $61 Million in June 2016

Renew GSP Today — Fri, 19 Aug 2016 16:19:55 +0000

In June, the GSP program saved American companies $61 million on about $1.5 billion in imports. GSP saved U.S. companies $353 million in the first half of 2016, more than any year since 2012.

Overall, the value of GSP imports increased by 9 percent and the value of GSP tariff savings increased by 14 percent compared to June 2015. Some states, such as Florida and Kansas, saw much larger increases in GSP imports and savings compared to June 2015, as shown in the graphic below.

In Florida, GSP imports and savings both increased by about 50 percent compared to one year earlier. Ferroalloys from Georgia, jewelry from Bolivia, and plywood from Ecuador all contributed to Florida’s GSP increases.

In Kansas, GSP imports increased by 28 percent and savings from GSP by 53 percent compared to one year earlier. Pesticides from India, ceramic sanitary fixtures (sinks, tubs, toilets, etc.) from Thailand, and building stone from Brazil contributed most to Kansas’ GSP increases.

Imports from the Ukraine nearly doubled, led by increased imports of rare gases by companies in South Carolina. GSP eliminated about $560,000 in import taxes on truck tires in June, with more than $200,000 saved on imports into New Jersey alone.

If your company imports under GSP, be sure to answer our GSP renewal impacts survey here.