Florida companies imported an estimated $997 million under GSP in 2011, saving them on average 4.5%. Colombia was the most important source of GSP imports, accounting for about 21 percent of the tariff savings. Ferrosilicon manganese were Florida’s top import under GSP in 2011 and would have faced average tariffs of 3.9% without GSP.

Yet GSP is set to expire on July 31, 2013, and companies could face tariffs higher tariffs starting on August 1 if Congress does not pass legislation renewing GSP. When GSP expired at the end of 2010, American companies paid nearly $2 million per day, every day, until Congress finally acted 11 months later!

This graphic shows just some of the negative impacts from the last GSP expiration. It also helps explain why more than 335 companies and associations – including at least 24 in Florida – joined the 2011 GSP Supporter List urging renewal of the program when it last expired.

Are you a Florida company that would be hurt by GSP expiration? If so, please take 30 seconds to let Congress know by adding your name to our free 2013 GSP Supporter List right now.

While the Senators continue to talk, more American companies continue to join our efforts.  Since debate started on Monday, 5 new companies with 361 employees have added their names to the GSP Supporter List.  (You can add your company by emailing here.)

The new companies include Amran Inc. in Sugar Land, Texas; Cordova Safety Products in Memphis, Tennessee; Golden Country Oriental Food in Chicago, Illinois; Miami Chemical in Miami, Florida, and TSI Accessory Group in St. Louis, Missouri. 

These companies alone have paid hundreds of thousands of dollars in tariffs on imports from Argentina, Colombia, India, Indonesia, the Philippines, Sri Lanka, and Thailand because of GSP expiration.

They bring the number of companies on the Supporter List to 300, which also includes another 21 national and regional associations.

Let’s hope the Senators stop talking and instead start listening to their constituent and renew GSP today.

Apparently, people in the tropical fruit business do.  According to the article, GSP expiration:

“has significantly increased the cost of almost every product iTi Tropicals imports (emphasis added)…Up to this point iTi Tropicals has not increased pricing as we fully expect that GSP will be reinstated and that it will be done so retroactively.  If this is not the case, inevitably we will have to increase pricing.”

These increases could be significant, as GSP saved importers of fruit pastes and puree more than $3.6 million in 2010.  Thailand was the top supplier of these products under GSP, followed by the Philippines, Colombia, and even Turkey.  Savings on mango/guava products alone – my personal favorite – were nearly $350,000.

In addition to educating its customers about GSP, kudos to iTi Tropicals for doing its research.  It’s press release includes references to the United Nations Conference on Trade and Development, the Office of the U.S. Trade Representative, the Cato Institute, and our own Coalition for GSP website.  Keep up the good work!