Panama’s Free Trade Zone Begins 2023 With A Boom in Transactions

Los Portales

The Panamanian Colon Free Zone (ZLC) closed last January with transactions for 2,3 billion dollars, 34.1 percent more in relation to the same period of 2022, its administration reported today.

According to the administration’s study, this movement exceeds the 1.715 billion dollars in 2022 and the 1.182 billion dollars recorded in 2021.

Comparing January data from this year to 2019 shows a 53.5 percent increase in the value of trade, the report adds.

Breaking down the composition of the trade movement, 976.1 million dollars corresponded to imports, and 1.324 billion dollars were re-exports, the statement notes.

China, the European Union, Singapore, the United States, Mexico, Hong Kong and Vietnam are the main suppliers of the companies operating in the free trade zone, with 71 percent of imports.

Venezuela, Costa Rica, Colombia, Guatemala, Dominican Republic, United States and Honduras top the list of destinations that receive the most cargo from the free zone.

The sale of electronic products, pharmaceuticals, chemicals, perfumery and cosmetics, clothing in general, base metals and alcoholic beverages remain among the main drivers of growth. (PL)

Grupo Hotelero Gran Caribe

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