Tuesday, November 15, 2011

Colon Free Trade Zone re-exports increased by 57%

Colon Free Trade Zone (“CFZ”) is the largest free zone in the Americas and the second largest in the World. Created in 1948, the free zone houses 1,751 merchants, receives yearly more than 250,000 visitors from all parts of the World, mainly from countries such as Haiti, Jamaica, Costa Rica, Venezuela, Colombia, United States, Ecuador, and others. The CFZ generates exportation and re-exportation goods valued at more than US$ 11.4 billion in 2010.

According to a report of Statistics and Census Institute (INEC), Colon Free Trade Zone (CFZ) grew 31% in first half of 2011 over the same period of last year. The expansion occurred as a result of increased orders from almost every Latin America countries. Total re-exports reached US$6.715 million in the first half of this year, which represented an increase of US$ 1.602 billion over the same period of last year; in August re-exports reached a value of US$ 1.429 million, an increase of over 57% over the same month last year of US$910 million.

At the same time imports from the Colon Free Zone, in August reached U.S. $ 1.516 million, which exceeded $ 997 million the same month in 2010, representing an increase of over 52%. Imported products are mainly - according to their amount - of China ($538 million), Singapore ($430 million) United States ($125 million), Hong Kong ($67 million) and Mexico ($41 million).

CFZ employment is 30,000 people. This special economic area makes a contribution to GDP of 7%. CFZ value added increased 7.3% in the first quarter of 2011, as a result of strong economic expansion of Latin America. The forecast is that CFZ re-exports will grow 8.3% from 2011 to 2014 (average growth rate per year).

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