Colon Free Zone Focuses on the Caribbean

Faced with the decline in commercial activity in the Panamanian Free Trade Zone, its directors are looking for new business opportunities in markets in the Caribbean.

Friday, December 13, 2019

In the first seven months of 2019, commercial activity in the Colon Free Zone (ZLC) totaled $10.782 million, 14% less than in the same period in 2018. Imports totaled $5.224 million, and re-exports totaled $5.557 million, decreasing by 12% and 16% compared to the same period in 2018, respectively.

This situation, which has been registered for years, has forced the leaders of ZLC to look for new options.

Giovanni Ferrari, ZLC manager, told Panamaamerica.com.pa that "... The Caribbean represents a high per capita gross domestic product compared to the countries of the region. In the Free Zone, we continue to work hard to find those market openings in which they are suppliers and buyers."

According to Ferrari, in order to achieve more business in the Caribbean, conversations have begun with representatives of those markets and commercial missions are already being planned.

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More on this topic

Red Numbers Still in Colon Free Zone

September 2019

In the first seven months of 2019, the commercial activity of the Panamanian Free Trade Zone totaled $10.782 million, 14% less than in the same period of 2018.

From January to July, imports in the Colon Free Zone (ZLC) totaled $5.224 million, and re-exports amounted to $5.557 million, decreasing by 12% and 16% compared to the same period in 2018, respectively.

ZLC E-Commerce Committee Created

May 2019

With the creation of the new Colon Free Zone Committee, aims to promote synergies at the national and international levels to promote the growth of e-commerce in the Panamanian free trade zone.

The creation of this unit takes place in the context of a drop in commercial activity in the Colon Free Zone, since in the first three months of 2019 transactions totaled $4.446 million, 15% less than that recorded in the same period of 2018.

Colon Free Zone Activity Begins 2019 Downward

May 2019

In the first three months of 2019, the commercial activity of the Panamanian Free Trade Zone reached $4.446 million, 15% less than that recorded in the same period of 2018.

In the first quarter of the year, imports in the Colon Free Zone (ZLC) totaled $2,151 million, and re-exports totaled $2,294 million, decreasing by 13% and 17% from January to March 2018, respectively.

Colon Free Zone: Activity Up 7% in 2018

January 2019

In accordance with what was reported during the first months of 2018, the commercial activity of the Panamanian Free Trade Zone at the end of the year totaled $20,931 million, 7% more than in 2017.

Figures from the Department of Statistics and Economic Studies of the Colon Free Zone (ZLC), highlight that in 2018 imports totaled $9,855 million, and re-exports amounted to $11,076 million, exceeding in 7% and 6% what was registered in 2017, respectively.

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