BUSINESS

Transactions in Colón Free Zone hit five-year low

Transactions have fallen more than 8 percent this year.

Temas:

A report by the Comptroller General of the Republic reveals that activity at the Colón Free Zone has recorded its lowest level in the past five years.

Between January and August, there was a commercial movement of about $14.4 billion, a fall of 8.7 percent compared to the same period of last year.

Statistics reveal that in comparison to 2014, in the months of January and March alone the decreases were 22.1 percent and 28.5 percent respectively.

In August, the decrease was 20.5 percent.

At the beginning of October, President Juan Carlos Varela stressed that the crisis affecting business at the Colón Free Zone is temporary and that the problem "is not operating costs" but changing markets.

This was in relation to complaints by the Association of Users of the Free Zone that commercial activity has diminished in large part due to increases in taxes and fees. A law has been presented to the National Assembly to eliminate these fees to increase business.

Zona Libre de Colón registra el movimiento comercial más bajo en cinco años: Contraloría Expandir Imagen
Zona Libre de Colón registra el movimiento comercial más bajo en cinco años: Contraloría

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