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.
In Panama, a group of businessmen from the Colon Free Zone have expressed concern about the bank's intervention, because although it was under investigation, it was allowed to engage with several companies.
As of September 9, local authorities took over the operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed. In October the Superintendence informed that the institution will continue to be taken, in this case until November 8.
On November 5, a 37.9% tariff was charged on imports of clothing when its declared FOB price is less than or equal to $20, which affects businessmen in the Colon Free Zone in Panama.
Decree No. 1416 of the Ministry of Commerce, Industry and Tourism of Colombia, dated August 6, 2019 and which has just come into force, states in its Article 1 that "... a tariff of 37.9% on imports of products classified in Chapters 61 and 62 of the National Customs Tariff, when the declared FOB price is less than or equal to US$20 per kilogram gross."
Five months after the regulations for the creation of the Single Window of Procedures for the Colon Free Zone were approved in Panama, businessmen are asking for their implementation to be accelerated.
In Panama, the Colon Free Zone established requirements for the issuance of special permits for the marketing of cigarettes, tobacco products and pharmaceuticals.
By means of Resolution No.008-2019, published in La Gaceta Oficial on April 25, 2019, it was informed that companies will have a maximum term of 120 calendar days to comply with the requirements of special permits for import, transfer, marketing, export and re-export of cigarettes and tobacco products.
Because Colombian ports have a lower operating cost base than Panamanians, the South American country competes to appropriate the logistics business in the region.
Until a while ago, Panama led the logistics operations in the region, however, there are some signs that indicate that this situation could be changing, since the growth in the movement of maritime cargo in the country has reported a slowdown in recent years. For example, between 2016 and 2017 there was a 10% increase, and last year the reported rise was just 1.7%.
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.
In accordance with what was reported months ago, from January to October 2018 the commercial activity of the Panamanian Free Trade Zone increased to $19.641 million, 10% more than that recorded in the same period of 2017.
In the first ten months of the year, imports into the Colon Free Zone (ZLC) totaled $9.199 million, and re-exports increased to $10.441 million, 9.5% and 9.6% higher than recorded from January to October 2017, respectively.
During the first nine months of the year, commercial activity in the Panamanian Free-Trade Zone exceeded $16 billion, 10% more than the same period in 2017.
In accordance with the figures reported between January and September of this year, imports in the Zona Libre de Colon (ZLC) reached $7.622 million up to October, and re-exports reached $8.464 million, exceeding in 10.4% and 10.3% what was registered in the first three quarters of 2017, respectively.
Between January and July 2018 the commercial activity of the free trade zone in Panama generated $12.618 billion, growing 8% over the same period last year.
The administration of the Colon Free Zone (ZLC) reported that "... the cumulative amount of the first seven months of 2018 was higher than the $11.643.3 billion in the same period in the previous year."
During the first semester of 2018, commercial activity in the free zone generated $10.781 billion, registering an increase of 8% with respect to the amount registered in the same period in 2017.
The union of free zones in the Dominican Republic and the Colon Free Zone in Panama signed an agreement to promote trade between both countries.
Best practices and customs processes, exchange of experiences and joint promotion of trade between Panama and the Dominican Republic, are some of the agreed points, according to representatives of the National Council of Free Trade Zones (CNZFE) in the Dominican Republic.
Twenty companies from the Colon Free Zone will travel to Santo Domingo to explore business opportunities with Dominican importers.
The Panamanian companies that will be taking part in the business round table come from the sectors of logistics, textiles, toys, schools, watchmaking, household items, beauty and dermatology products, and mechanics, among others.
Re-exporters in the Colon Free Zone are seeking to attract companies from Peru, Uruguay, Brazil and Mexico, to compensate for some they of the businesses that have lost due to the taxes imposed by Colombia.
Nearly 70 companies in the Colon Free Zone (CFZ) are among the most affected by the tariff measures imposed by Colombia, the main importer of footwear and textiles that is re-exported from the FTA to Latin America.Panamaamerica.com.pa reports that this is added to"... Venezuela's economic condition and a drop in purchases from Caribbean countries."
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