nuts – Renew GSP Today https://renewgsptoday.com A resource from the Coalition for GSP Wed, 12 Apr 2017 16:13:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://renewgsptoday.com/wp-content/uploads/2017/04/cropped-CoalitionForGSP-Logo-ICO-32x32.png nuts – Renew GSP Today https://renewgsptoday.com 32 32 GSP Saved American Companies $53 million in February 2017 https://renewgsptoday.com/2017/04/12/gsp-saved-american-companies-53-million-in-february-2017/ Wed, 12 Apr 2017 16:13:33 +0000 http://renewgsp.wpengine.com/?p=7855 In February 2017, the GSP program saved American companies $53 million on about $1.4 billion in imports. GSP imports were down by 3 percent – and tariffs savings down by 2 percent – compared to February 2016. (Though it should be noted that 2016 had one extra day because of the leap year.).

Despite the slight overall decline, some states such as West Virginia and Nevada saw very large increases in GSP imports and savings compared to February 2016, as shown in the graphic below.

GSP saved West Virginia companies $91,000 in February, up $36,000 (65 percent) compared to one year earlier. Chemicals and mining tools from India and electrical conductors from Ecuador contributed most to West Virginia’s GSP increases.

GSP saved Nevada companies $330,000 in February, up $128,000 (63 percent) compared to one year earlier. Plastics accessories (e.g., wallets, glasses cases) from India, flourides (chemicals) from Thailand, and tungsten concentrates from Bolivia contributed most to Nevada’s GSP increases.

In addition to West Virginia and Nevada, companies in 10 other states saw GSP savings increase by at least 20 percent, including: Colorado, Connecticut, Delaware, Florida, Michigan, New Hampshire, New Mexico, Rhode Island, Virginia, and Wisconsin.

Savings on GSP imports from Kenya increased by 153 percent compared to February last year. New Jersey companies’ purchases of nuts were among the top GSP imports from Kenya. GSP eliminated about $265,000 in import taxes on gelatin in February, with about of those savings on imports from Iowa.

More monthly GSP import and savings highlights are on our Graphics page.

REMINDER: GSP expires at the end of 2017. Click here to learn about ways to take action and support GSP renewal this year.

]]> GSP Saved American Companies Nearly $750 Million in 2012 https://renewgsptoday.com/2013/02/15/gsp-saved-american-companies-nearly-750-million-in-2012/ Fri, 15 Feb 2013 18:48:52 +0000 http://renewgsp.wpengine.com/?p=2189 As noted on Monday, the US government recently released 2012 trade data showing that imports under GSP rose to $19.9 billion last year.  Based on an analysis of that data, the GSP program saved American companies an estimated $748.7 million in 2012, a $40+ million increase over 2011.

By county, the highest savings came on imports from India ($184.0 million), Thailand ($146.0 million), Indonesia ($94.3 million), Brazil ($86.4 million), and the Philippines ($48.6 million).

By product, the highest savings came on imports of radial car tires ($22.7 million), silver jewelry ($18.2 million), miscellaneous food products ($14.2 million), aluminum alloy plates and sheets (12.0 million), and ferrosilicon manganese, which is used to manufacture steel ($10.9 million).

While US tariffs are generally low, effective tariffs waived by GSP can be quite high.  For example, GSP saved American companies from paying tariffs of 17.9% on certain nuts and seeds, 15.0% on Romano and other cheeses, 12.5% on ballpoint pens, and 10.0% on ferrosilicon chromium.

If you have any questions about the data, give us a call at 202-347-1085, and if you’re a company importing these or other GSP products, make sure to add your name to our Supporter List.

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