GSP Saved American Companies $53 million in February 2017

Dan Anthony — Wed, 12 Apr 2017 16:13:33 +0000

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 $62 million in December 2016

Dan Anthony — Wed, 22 Feb 2017 16:16:35 +0000

In December 2016, the GSP program saved American companies $62 million on about $1.6 billion in imports. GSP imports were up by 11 percent – and tariffs savings up by 14 percent – compared to December 2015. Overall, GSP saved U.S. companies $729 million in 2016, an increase of over 10 percent from 2015.

Some states, such as Alabama and Ohio, saw particularly large increases in GSP imports and savings compared to December 2015, as shown in the graphic below.

GSP saved Alabama companies $451,000 in December, up $147,000 (48 percent) compared to one year earlier. Silicone from South Africa, PET resin from Brazil, and tungsten ores from Bolivia were among the products contributing most to Alabama’s GSP increases.

GSP saved Ohio companies $2.7 million in December, up $459,000 (21 percent) compared to one year earlier. Ferrochromium from Turkey, machining centers from Brazil, and pesticides from India contributed most to Ohio’s GSP increases.

In addition to Alabama and Ohio, companies in 18 other states saw GSP savings increase by at least 20 percent, including: Alaska, Arkansas, Connecticut, Delaware, Indiana, Iowa, Kansas, Louisiana, Maine, Mississippi, New Hampshire, New Mexico, New York, North Dakota, Oregon, Pennsylvania, Rhode Island, and Texas.

Savings on GSP imports from Egypt increased by 11 percent compared to one year earlier. New York’s purchases of olive oil were among the top GSP imports from Egypt. GSP eliminated nearly $900,000 in import taxes on mangoes and guavas in December, with California accounting for more than a quarter of those savings.

REMINDER: GSP EXPIRES AT THE END OF 2017. Click here to learn about ways to take action and support GSP renewal this year.

tungsten – Renew GSP Today

GSP Saved American Companies $53 million in February 2017

GSP Saved American Companies $62 million in December 2016