Goods flow into Panama thr0ugh the port of Manzanillo and into the Colon Free Trade Zone and out to other countries.  Panama’s CFZ is the second largest in the world.

According to the Association of the CFZ, if it were the end of 2013 now, the Zone would be recording losses of $1.5 billion.

Surse Pierpoint, president of the Association, explained that the main causes are the protectionist measures implemented by Colombia and Venezuela, two of the main customers of the CFZ.

“Added to the 500 million dollars that the CFZ stands to lose today, are $800 million which sources estimate as the debt held Venezuelan businessmen with their peers in the Panamanian zone,” says an article in Prensa.com.

Pierpoint said: “We are about to enter the most active part of the year, which is at the end, when trade movement accelerates. If the trend continues I am sure that [the loss] will be greater than 10%. ”

The plight of the area has led President Ricardo Martinelli to travel to Venezuela to seek a solution to the recent devaluation of 31.7% of the Bolivar, and schedule a visit to Colombia to address the problem of excess taxes recently introduced by the country.

Source: Prensa.com