The Colon Free Zone CrisisVenezuela's debt for $1.1 billion and the loss of 80% of the footwear market in Colombia has led to the closure of businesses and the loss of thousand jobs.Thursday, September 12, 2013
Added to this is a 20% decrease in sales from the Free Zone, as two of its main markets have shrunk by 50% for some companies and up to 80% for items such as shoes. Source: Panamaamerica.com.pa ¿Busca soluciones de inteligencia comercial para su empresa?Activity in Colon Free Zone Down 24%April 2014 The free zone must reduce its high trade dependence on Colombia and Venezuela and seek for new markets for re-exports to improve its performance. Not Raining, But Pouring in CFZ-Venezuela TradeMarch 2014 Businessmen in the CFZ expect that the break in relations between the countries will further hinder the recovery of $2 billion owed by Venezuelan companies. No Progress On Venezuela's Payments to CFZSeptember 2013 While the debt of $1.2 billion has been left unpaid, traders in the Colon Free Zone are looking for better customers in Chile, Peru and Brazil. Verification of Billing to Venezuela by CFZAugust 2013 For two weeks the national commission will be examining the validity of the debt documented as owed by Venezuelan businessmen to Panama exporters.
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