FIU Case Study on Miami Versus Panama as a Distribution Hub for the Americas

Running head: LILLY AND ASSOCIATES 1

Lilly and Associates

Robert Brown, Yasmina Lazrak, Kuo Li, Nicolas Lopez Segura, and Yao Lu

Florida International University

LILLY AND ASSOCIATES 2

Lilly & Associates

Executive Summary

In the light of all the big projects being conducted in the region, would the Panama Canal be a

more suitable distribution hub to Latin America than the historic PortMiami? The increasing

need for viable shipping routes in the Americas is of upmost importance, and Lilly & Associates

has been at the cusp of multinational shipping and logistics service specializing primarily in

ocean shipping for the almost two decades. As defined by the North American Industry

Classification System, Lilly and Associates International falls under the category of 488510 -

Freight Transportation Arrangement which states, “This industry comprises establishments

primarily engaged in arranging transportation of freight between shippers and carriers. These

establishments are usually known as freight forwarders, marine shipping agents, or customs

brokers and offer a combination of services spanning transportation modes” (census.gov).

Through a research-based comparative analysis, the team investigated each port’s infrastructure,

international freight rates, multiple costs, the characteristics of typical industries, and the socio-

political and economic trends of each distribution hub. A brief analysis of the market share, vis-

à-vis the competitors was also conducted. The cost of doing business in both hubs as well as the

cost of real estate, including renting/leasing property for storage, was also considered. Overhead

costs, including the cost to rent or purchase equipment and the number of cranes currently

operating in each hub were also included in the comparative analysis. This analytical phase

resulted in a matrix that includes these key drivers in tabular format. This matrix serves as the

proposed strategic framework requested by the client. Our secondary research consisted of

dividing the main categories of infrastructure, shipping costs and costs of doing business into

subcategories from which we could find quantitative data for each and perform analysis. From

our extensive quantitative data search, we used a balanced scorecard to ultimately construct a

framework to draw conclusions and make recommendations as to which port should be used as a

distribution hub to Latin America; PortMiami or the Panama Canal.

Based on the findings and following an iterative analysis, the team drew conclusions, identified

the strengths and weaknesses of each distribution hub, and made strategic recommendations to

the client according to which key drivers are important to their customers, and depending on the

type of shipment needing to be transported. Although these recommendations seem feasible, it is

worth noting that two limitations were identified in this inquiry. First, due to time constraints, the

team was not able to survey the workforce in PortMiami and in the Panama Canal as it had

initially intended. Survey results could have corroborated the social, political, and economic

forces influencing operations in both hubs. Second, when comparing data between a country and

a city the data may have inconsistencies. Further studies regarding this research problem should

consider such limitations.

Keywords: distribution hub, shipping routes, international freight rates, strategic framework


Table of Contents

Executive Summary ................................................................................................................ Page 2

Introduction ............................................................................................................................. Page 4

The Research Problem ............................................................................................................ Page 7

Research Design...................................................................................................................... Page 7

Findings................................................................................................................................... Page 9

Limitations ............................................................................................................................ Page 13

Recommendations ................................................................................................................. Page 13

Conclusions ........................................................................................................................... Page 15

References ............................................................................................................................. Page 16

Appendixes ........................................................................................................................... Page 21


Introduction

Lilly and Associates International was founded in 1996 as a multinational shipping and

logistics services company specializing in ocean shipping primarily to Latin America (Boroski,

2013). Currently, Lilly and Associates International has wholly-owned offices in Colombia,

Venezuela, Panama, China, and Guatemala with over 40 domestic and 150 international

employees. As defined by the North American Industry Classification System, Lilly and

Associates International falls under the category of 488510 - Freight Transportation

Arrangement which states, “This industry comprises establishments primarily engaged in

arranging transportation of freight between shippers and carriers. These establishments are

usually known as freight forwarders, marine shipping agents, or customs brokers and offer a

combination of services spanning transportation modes” (census.gov).

Lilly’s value to its customers is created by several conditions. The company provides

global scope and coverage through its multifaceted shipping methods. There is protection of

shippers and consignee information, and that information is never breached. They allow for a

hands-off approach where there is no need for the client’s staff to get involved with the logistics

process. Lilly handles all transactions, including the clearing and facilitating of shipments. The

company also affords the client more time to focus on their business purpose. The trust that Lilly

fosters brings a sense that it is not just a service provider, but a business partner. They offer the

best price possible and provide accurate information about price changes. Clients always receive

documents 10 days before the shipment arrives, so they never have to be concerned about

follow-ups. These attributes are its value proposition.


Table 1 shows research on the estimated size in dollars of the Freight Transportation industry

and its related trends.

Table 1

Industry Data

According to IBISWorld Industry Report 48851, industry revenue will grow in line with improved international trade levels

Based on the Porter’s Five Forces Analysis, the freight forwarding industry has a low

attractiveness rating. SEE APPENDIX A few fundamental areas could completely change this

image. Knowing the customers’ needs and adapting its services to their needs by further

deepening relationships with suppliers will allow a company to master the buyer bargaining

power as well as the supplier bargaining power, allowing ultimately that company to strengthen

its position within the industry.


A strength of Lilly & Associates is the presence of close relationships with its customers

and strong partnerships with suppliers. The company always positions itself close to the point of

supply which is a fairly highly strength: China is becoming increasingly more important in the

trade world and Lilly & Associates has positioned itself accordingly given this trend. One of the

weaknesses the team identified is the existence of a fairly low market share in a very competitive

industry. Thus, one of the threats is that while there is a clear opportunity for Lilly & Associates

to capture the market potential companies who possess larger market share could expand faster.

Furthermore, the turmoil surrounding Venezuela could negatively impact the business affairs of

Lilly & Associates because they have clients and suppliers located within this region. Also,

fluctuations in the price of crude oil can have an influence on Lilly & Associates’ costs and

prices. On the opposite side, the investments occurring within the Latin American region have an

evident impact on Lilly & Associates’ future business. The opportunity identified is the

expansion of the Panama Canal and PortMiami. This expansion could potentially prove

beneficial to Lilly and Associates if the opportunity is seized.

The expansion of the Panama Canal and PortMiami will have an impact on Lilly and

Associates’ business for years to come. The investment of 13.6 billion dollars at the Panama

Canal and 2 billion dollars at PortMiami will change the landscape of ocean trade. Within the

Panama Canal, 2 new locks, larger and deeper canal entrances, two new Panama Post-Panamax

complexes, and the elevation of Gatun Lake will all provide the port with greater capacity. At

PortMiami, improved truck connections, the construction of an underwater tunnel to improve the

timing from the port to external areas and intermodal container rail service will support the larger

ships allowed to transit the Panama Canal.


Research Problem

Based on market share data drawn from IBISWorld.com, the biggest

players in the industry are displayed in Figure 1. Direct competitors of Lilly &

Associates International are CH Robinson, Palalpina, Clover Logistics (in

Venezuela), and DAMCO. All, except for Clover, are extremely large. Given

this information, it can be estimated Lilly & Associates does not share an

overwhelming share of the market. The team’s estimates conclude that it

shares approximately 1.8% of the market in which it operates.

The purpose of this research is to assist Lilly and Associates International assess the

advantages and disadvantages of utilizing either PortMiami or the Panama Canal as suitable

distribution hubs into Latin America to ultimately increase their market share. The use of data

from each port’s regional infrastructure, international ocean freight rates, the cost of doing

business, political forces in or outside the region and various factors coupled with the types of

shipments Lilly and Associates identified as significant, will form the foundation of our analysis.

With data drawn from our initial analysis, a framework can be designed which will provide

research-based metrics that can serve as a decision-making tool to satisfy the research problem.

Research Design

Our team scheduled a meeting with Lilly & Associates International’s Executive Director

of Marketing, Ashley Boroski, and co-owner Nelson Cabrera. This meeting helped us define

accurately the management problem and thus the research problem. It also allowed us to capture

the key factors that the company examines when making a decision to use PortMiami or the

Panama Canal as a distribution hub to Latin America. It was found that the key factors are

Figure 1


political forces, infrastructure, shipping costs and costs of doing business. In order to be able to

quantify these key factors, we divided the main categories of infrastructure, shipping costs and

costs of doing business into subcategories from which we could find quantitative data for each

and perform analysis. From our extensive quantitative data search, we used a balanced scorecard

to ultimately construct a framework to draw conclusions and make recommendations as to which

port should be used as a distribution hub to Latin America; PortMiami or the Panama Canal. The

subcategories are shown in Appendix A as well as relevant quantitative data used to create the

decision framework. The team first thought to use a Z-score Analysis however this kind of study

is more appropriate when comparing and analyzing more than two elements.

Further primary research gathered from Lilly & Associates revealed that all of the factors taken

into consideration are usually classified according to their direct or indirect impact on the two

key drivers which ultimately affect decision making: cost and time. Factors were then re-

classified accordingly. Although both cost and time are nonetheless significant, they still have

different importance or weight on decision making for Lilly & Associates depending on the type

of goods being shipped. For example, when shipping textiles, cost is more important than time

while when shipping animals and/or fresh produce time is determinant. For each activity the

weight of cost and time are different. Knowing that these two elements are very important,

however they have different levels of importance when analyzing the shipment of different types

of goods. This inquiry led us to ascertain the main shipments which Lilly & Associates handles

shown in appendix A. Subsequently a weight was assigned to cost and time per type of shipment

for both PortMiami and the Panama Canal.

After a weight was assigned to cost and time per type of shipment, the team assigned a score to

each factor within the key drivers based on a Likert Scale from 1-10 where 10 is the best score


possible and 1 being the poorest score. see appendix These scores will help us determine if either

PortMiami or the Panama Canal will be a better distribution hub based on the type of shipment

given the main categories of infrastructure, shipping costs and costs of doing business and

considering the drivers of cost and time.

Findings

Beginning at the broadest level, the team will compare the global attractiveness of the

Panama Canal versus PortMiami which shows an over result. To narrow our focus a comparison

of the Panama Canal to PortMiami in terms of cost attractiveness and time attractiveness will

then be covered. The discussion will then move to a cross analysis of cost and time per port.

Within this analysis the cost attractiveness and time attractiveness will be assessed for each type

of shipment for each port. At the deepest level of our analysis the comparison of cost and time

matrix will be presented which will help to determine the competitive advantage per port as it

relates to each type of shipment.


Analysis of the data reveals that the Panama Canal seems to be more attractive than

PortMiami overall. This data is drawn from the scorecard see appendix

The team then determined the types of shipments that are above average in terms of cost

and time in each port. This allows us to have a first idea about the type of shipments that would

be good to route through PortMiami and/or the Panama Canal. The horizontal line displayed in

the graphs included in the appendix section denotes the calculated average attractiveness in terms

of cost and time for each port. The activities with numbers greater than the horizontal line are

above average and should be given special attention by the given port. Analysis of the data

reveals that textile and machinery are above average in PortMiami, minerals and machinery are

above average in the Panama Canal in terms of cost. see appendix A&B. An important note is

that machinery represents 17% of the total Panama Canal activities and 27% of PortMiami total

activities. When it comes to time, chemicals and transportation are above average in PortMiami.


see appendix C. Within the Panama Canal it seems to be more attractive for plastics and metals

see appendix D.

For each of the ports we now graph each type of shipment crossing time and cost

attractiveness scores where the results depend on the weight assigned to cost and time for each

type of shipment.

If the results fall within the upper right quadrant, there is high attractiveness in terms of cost and

time, then we have a clear “winner”. If the results fall within the lower left quadrant, there is low

attractiveness in terms of cost and

time, which means that this cannot

be an option. The result will be

weighed according to the

importance of time or cost for a

given activity, if the results falls

within the upper left quadrant, or

the lower right quadrant.

When it comes to PortMiami, the cross analysis confirms the positive trend for

machinery, textiles, chemicals, and transportation. See appendix F. For the Panama Canal there

is machinery, minerals, plastic, and metals. See appendix G. This analysis confirms the results of

the previous analysis.

Which of the ports should we choose when it comes to each of the activities? The following

analysis will compare the Panama Canal and PortMiami for each activity resulting into the

competitive advantage for each of the activities. When it comes to textiles, remember cost was

much more important than time; 80% vs 20% respectively. Our recommendation is PortMiami


for textiles. Then as it relates to transportation, PortMiami and the Panama Canal are at almost

the same level. It is more attractive to go through PortMiami because it has almost the same cost

attractiveness as the Panama Canal however, it also has a higher time attractiveness. In reference

to raw hides, skins, and leather, PortMiami has a low cost and time attractiveness therefore the

recommendation is the Panama Canal. For Plastics, the Panama Canal has a clear cost and time

advantage. For Metal, the recommendation is the Panama Canal. Cost is more important than

time when it comes to metals and the Panama Canal has a higher a cost attractiveness than

PortMiami. For minerals, stone & glass, and wood, the Panama Canal has a much higher cost

attractiveness. For machinery, cost and time have exactly the same importance. In PortMiami

machinery represents 27% of the total activities. Within the Panama Canal machinery represents

17% of total activities. Consequently it is important to keep metals in both ports for distribution.

For chemicals, PortMiami is the

recommendation. For food stuff and

animals & vegetables, PortMiami has a

low cost and time attractiveness while

the Panama Canal has higher time

attractiveness. For Miscellaneous

goods, the cost is much more important

than time, hence even if PortMiami has

a low cost and time attractiveness, the

recommendation is to choose PortMiami because unlike the activities where they are at the same

level of cost, PortMiami has a clear higher cost attractiveness than the Panama Canal. The chart

Type of Shipment Recommendation Appendix #

Textile PortMiami H

Transportation PortMiami I

Raw Hide, Skins & Leather The Panama Canal J

Plastics The Panama Canal K

Metal The Panama Canal L

Minerals The Panama Canal M

Stone & Glass The Panama Canal N

Wood The Panama Canal O

Machinery Both P

Chemicals PortMiami Q

Food Stuff The Panama Canal R

Animals & Vegetables The Panama Canal S

Miscellaneous PortMiami T

Competitive Advantage Summary


above is a summary of the competitive advantage for each type of shipment and where its

subsequent graph results can be found in the Appendix section.

Limitations

The timeframe allotted to conduct research had an impact on this study. While

conducting the research analysis it was found that one of the key elements which is the

workforce in each region proved to be more complex in nature. A research study dedicated to the

workforce surrounding each region might provide additional insights. Not only do the costs of

the labor force have an impact on deciding which port to use as a distribution hub however, the

quality of the workforce and how the cultural background of workers can impact the productivity

at each port necessitates more understanding. Taking the time to deeper understand these

interactions in both regions can provide more comprehensive decision making.

Recommendations

Based on the research analysis the team’s recommendation is to reinforce Lilly &

Associates’ presence in Panama. There is a clear opportunity where the Panama Canal is

concerned. Investments should be made based on the recommended types of shipments in each

port.

In addition to that, Lilly and associates holds 1.8% market share with a clear and strong

strategy of understanding its customers. We clearly identified when analyzing the industry that

proximity with both clients and suppliers are the key success drivers in this industry. One way

Lilly and Associates could strengthen its strategy and offer a more competitive service is through

specialization per port in their key activities. If Lilly & Associates specializes in miscellaneous


goods, textiles, machinery, transportation, and

chemicals in PortMiami, the company would

be covering 70% of the total activities in this

port.

Within the Panama Canal, if Lilly and

Associates specializes in machinery, minerals,

metals, animals & vegetables, and food stuff,

the company would be covering 60% of the

activities handled at this port.

A continued reinforced partnership

with China will be extremely beneficial. Most of the items that circulate within the Americas

come from China, which makes China a key

supplier to the region.

Finally, while conducting our research,

we found a lot of information about The

Nicaragua Canal project and how this new

project could impact distribution and change the

rules as it relates to Latin America. The

Nicaragua canal project could potentially

change the face of trade in Latin America. Lilly

& Associates could be pioneers in taking


advantage of this new information through a deeper understanding of the project and the key

drivers.

Conclusion

At the present time the maximum size container ship that can pass through the

Panama Canal is 5000 TEUs. Upon completion of the expansion project, vessels that will be able

to pass through can have a maximum size of 13000 TEUs. The usage of these larger ships could

ultimately reduce total delivery costs. This reduction results from lowering ocean transportation

costs. Also high-capacity container management systems can be used due to the increase volume

of containers that will pass through the Canal. There is a high probability that the expansion will

have an impact on international trade flows and alter the demands on transportation networks and

related operations. Lilly & Associates International will see an increase in market share should it

strategically align itself with this approaching opportunity.


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Appendix A

Research Agenda

To address the research problem, the team would like to understand the environment

of both ports and what customers expect from an efficient and effective logistics management

for their shipments.

Secondary Research

When it comes to handling shipments and the logistic tasks of a company, there are

several things that would determine the competitiveness of a route over another. To understand

this concept, the team would like first to have a clear overview of all the key elements of each

transit port. That is why the team plans to gather the following information about both Port of

Miami and Port of Panama:

Volume potential. First of all, the team would like to understand, based on industry

statistics, what the total volumes/shipments handled by both ports are and how they have evolved

over time.

Freight rates and restrictions. As Lilly & Associates is dealing with different kinds of

companies, the team would like to understand how the import-export tariffs, the freight rates

(from the main trade areas of the world to Panama and Miami) and the customs restrictions can

be different from one activity to the other in both ports.

Infrastructure. The team plans to identify the levels of infrastructure and the

environment development of both ports. To do so, the researchers would like to know how

developed are the transport networks, including current enhancement projects (port on itself,


roads and highways, airports, rails and canal); the access to technology and telecommunication

network development, especially that more and more suppliers are

located in China and new technologies have a big impact on time productivity; electric and water

access; and health and hospitals development. In addition, identifying the school and education

levels of the potential work force will help understand the man/hour productivity.

Cost of doing business. The team would like to determine the direct costs of each port

(e.g., real estate for warehouses costs, human resources and more specifically their productivity,

equipment, energy, etc.), as well as indirect costs (e.g., labor qualification and quality).

Political forces. In this section, the team is going to identify different elements that could

impact the quality of the process, including political stability and social factors. For example,

Based on past trends it is anticipated that Panama could face a political turmoil once a new

president is elected. Other factors include corruption that could have an impact on both timing

and costs. International Trade Agreements and how each port could benefit from some of them

for different activities, government trade regulations, tax policy, labor and environmental laws,

and safety and crimes.

Primary Research

To be able to complete this overview, the team would also want to know what the most

important elements are for both the customers and the logistic consultant companies and what

could impact their decision regarding the choice of a route over another.

Logistics companies. To understand main concerns when choosing a port over another.

Customers. To understand their main concerns regarding their shipments. Are they

more sensitive to time or costs? The team would also want to determine


what would be the perfect shipment for them and what elements trigger the externalization of

their shipments to Latin America.

Design of Research

For the Port of Miami and the Panama Canal, the team plans to collect the following data

on each region:

International Freight rates and restrictions

Infrastructure

Cost of doing business

Political Forces

Average freight rates from different places around the world to Panama and average cost

of warehousing goods directly influence the total cost of using a specific port for shipping.

Proper analysis of these rates are needed in order determine whether the Port of Miami or the

Panama Canal would be a suitable distribution hub.

Transport networks have a great influence on a harbor city. The amount of airports can

decide how fast products can be transported to and from destinations around the world. In

addition, the width of the streets and the amount of traffic surrounding a port are significant

factors in determining the usefulness of a port.

Political forces are a crucial element within the analysis of the Port of Miami and the

Panama Canal as viable shipping hubs. Political stability directly influences commercial

activities. With this in mind, safety and crime rates will also be examined. The level of

corruption around each port is also critical. Tax policies, labor laws, and environmental law will

be addressed in this section in order to provide a legal foundation.


Another stake of the comparison between the Port of Miami and the Port of Panama is to

realize the cost of doing business for each seaport. To do so, many elements must be taken into

account. The first one is the cost linked to the real estate, especially warehousing. Companies

that want to ship their products through those ports or want to implant themselves in those areas

have to know the price per square foot when renting property, when storing goods in a private

warehouse, or when buying personal real estate property. Their choice will depend on the

volume of their shipments, their frequency, and the zone where they want to stock their products.

The second element is a cost directly linked to the real estate cost; namely the equipment

price. Depending on the surface of the warehouse, the needs in equipment will be more or less

obvious. Also, the price of energy such as water, gas or electricity will be very crucial to

understand and evaluate. Additionally, the cost of insurance is an essential component when

doing business. It is even more essential when handling the shipment of merchandise.

For administrative purposes, the costs linked to the opening of a business and related

bureaucratic loopholes are also necessary when comparing the two ports. The team will take into

account the time value and the monetary value of opening business. To this end, the team will try

to determine how many days and how much money is necessary to open a business in Miami or

in Panama.

The cost of doing business is not only the expenses, but also the potential revenues if

goods are sold directly in the country or in neighboring countries from Central America and the

Caribbean. A variable, such as the purchasing power parity or the Bic Mac Index will show in

which port the company is susceptible to sell its goods at a higher price.


Finally, the cost of human resources and also their skills and professional qualifications

in Miami and Panama will be another focus of this study. The team plans to discover whether

companies pay higher wages in Miami or Panama, and to what degree the levels of compensation

could be detrimental to quality.

Research & Analysis

With industry data drawn from IBISWorld and various databases that relate to each

agenda item extracted from the libguides.com website, the team can construct a framework

(flowchart, Venn diagram, etc.) to provide the metrics Lilly and Associates International is

requesting. The team will review additional databases, including: GlobalEdge, DataBank, and

LexisNexis, among others.


APPENDIX

Appendix A


The horizontal line displayed in the graph below denotes the calculated average attractiveness in

terms of cost and time. The activities with numbers greater than the horizontal line are above

average in terms of cost. These have a higher score that seem to be more attractive in terms of

cost.

Appendix B


Appendix C


Appendix D.


Appendix E.

Appendix F


Appendix G












Research : Elements

ELEMENTS CODE WHY? MAIN

IMPACT

(Time or

Cost)

Infrastructures (tangible and intangible)

Number of loading

goods (in million

dollars ) or Export in

2012

LOADING The value of the loading is

important in a way that it shows

the importance of the port in

exporting goods in general and the

importance of the different kind of

products in particular in the

geographical region. This element

will impact the cost because of the

economy of scale. The more a port

is used as a distribution hub for a

certain kind of good , the more

needed ressouces to manage it, the

more abondant are the ressources

to manage them, and then the

cheaper they are.

COST

Number of unloading

goods (in million

dollars) or Import in

2012

UNLOADING The value of the unloading is

important in a way that it shows

the importance of the port in

importing goods in general and the

importance of the different kind of

products in particular in the

geographical region. This element

will impact the cost because of the

economy of scale.The more a port

is used as a distribution hub for a

certain kind of good , the more

needed ressouces to manage it, the

more abondant are the ressources

to manage them, and then the

cheaper they are.

COST

Number of docksides

cranes

CRANES The numbers of cranes gives an

elment of the size, the capacity of

unloading and loading and the time

consuming of the ports. It is

especially right for conteneurs and

normal cargos.This element will

impact the time because more there

are cranes, faster will be to load

TIME


and unload goods.

Channel length (feet) C-LENGH The channel length gives an other

element of the size, the capacity of


consuming of the ports. This

element will impact the time

because longer will be the docks,

faster will be the loading and

unloading.

TIME

Channel or port depth

(feet)

C-DEPTH The channel depth is another

element of the size of the ports but

it will be also useful to know if all

the cargos are able to enter the

ports. Deeper is the port, larger

will be the cargos to get into it. The

time will be then impacted.

TIME

Number of docks DOCKS The number of docks gives another

element of the size, the capacity of


consuming of the ports. This is

really important for the bulk cargo,

dry bulk cargo and other cargo that

do not need cranes to load and

unload. This element will impact

the time because more docks there

are, faster will be the loading and

unloading for all kind of goods but

in particular liquid, vehicles, or dry

goods.

TIME

Port Capacity of

containers (in nb of

TEU in 2012)

CAP-CONT The port capacity of containers

shows another element of the port

size and the capacity of stocking

the goods in the port before trucks

or train pick up them . This

element will impact the time

because larger will be the port

capacity, bigger will the

warehousing capacity. Then,

importers and exporters will not

wait.

TIME


Number of international

airports handling good

transfers (essential for

the shipping)

AIRPORT The number of airport is important

for calculating the capacity of a

port to be a distribution hub.

Today, many goods are internally

distributed by planes. More there

are airports close to the port, faster

will be the distribution in the

region or more generally in the

country.

TIME

Distance between main

airport and port (in

miles)

D-AIR-PORT As the number of airports is

important, the distance that rely

them to the ports are also important

and will impact the time. Further

are the airports, slower will be the

distribution.

TIME

Networt of railways

around the port (km)

RAIL The size of the railways network

around the port will be important

to evaluate the capacity to spread

the goods as fast as possible. More

there are railways, stronger will be

the capacity to be a distribution

hub.

TIME

Distance between main

railways and port (in

miles)

D-RAIL-PORT As the network of railways is

important, the distance that rely

them to the ports are also important

and will impact the time. Further

are the train stations , slower will

be the distribution.

TIME

Network of roads and

highways (in miles)

ROAD The network of roads and

highways around the port is

important because it will show the

capacity to distribute goods

through trucks or even cars. More

there are miles of roads , faster and

larger will be the distribution.

TIME

Infrastructure

improvement project

linked to the ports (in

billion dollars)

IMPROV The transactions are direclty

impacted by the infrastructure

development in the region of the

ports. If they are many

infrastructure projects, it will be

certain that transactions will raise

because the time consuming will

be lower.

TIME


Surface of Free Trade

Zones (km2)

FTZ The size of the FTZ are a crucial

element of infrasctructure that will

impact the cost. Larger are the FTZ

areas, more goods will be stocked

at free tariffs. The capacity to stock

goods at free taxes will impact the

capacity to cut costs.

COST

Ease of doing business

(index 2014)

EASEDOING This variable show us the ease of

doing business in general.The ease

of doing business index is a

general indicator of the possibility

to open a company. In general,

easier is to open a company, faster

will be to do it. Then, it can be

assume than less costs will be

attributed to the company opening.

However, the most important

element impacted is the time.

TIME

Nombre of day to open

a company

OPENCOMPA

NY

This element is really important in

term of time. Companies will be

more willing to open a distribution

center where it will be faster and

easier to open it. In other terms,

companies try to avoid red tapes.

Or at least it will be an element

that they will take into account in

their choice.

TIME

Labor force Quality LABOR

FORCE

QUALITY

One of the most important

element. The quality of the labor

force vary from a country to

another. Even if the cost of the

labor force is the most important in

a choice to invest abroad, the

quality of this labor force will

avoid time problems linked to

formation and training, resolving

human resource problems or

thefts...

TIME

Political Forces

Investments FDI (% of

GDP in 2012)

FDI The Foreign Direct Investment

percentage show us the

development of the region and the

courtesy to welcome foreign

companies. More they are FDI,

faster will be to do the transactions

TIME


because the administrations offices

will be accustomed to it and the

infrastructures will be developped.

Corporate tax (% of

profit)

CORPOTAX

PROFIT

The corporate tax is a really

important element of cost. Higher

will be the taxes, lower will be the

will to invest there.

COST

Inflation rate (in %

2012)

INFLA It is obvious that the inflation rate

is a drive in the choice to invest

abroard or not. It will impact all

your costs now and in the future

according to its trend.

COST

GDP per capita (in

dollar/year/capita in

2011)

PPP When you want to implant a

distribution hub for a specific kind

of goods, you have to analyze the

purchasing power of the region.

Who will be willing to buy your

products? Do they earn enough

money to buy this specific

product? The higher is the

inflation rate, the lower people will

be willing to buy expensive or

compulsory goods. The lower is

the inflation, the higher price will

have the products.

COST

Number of Jobs offered

(in millions)

JOBS If many jobs are offered in the

region, it will mean that available

workforce can be found. Also, it

means that qualified or

experienced workers can be hired.

It will avoid lost of time during the

recruitment.

TIME

Recession or boom (in

%)

GROWTH As the FDI rate, the growth will

show us the development of the

region. The more developped is the

region, the faster goods will

transfer from a point to another

within this area.

TIME


Number of people

connected to Internet

(millions of connected

people in 2012)

INTERNET Nowadays, Internet is extermely

important. After interviews with

people investing abroad, the trend

shows that some countries have

shortcoming in term of access to

Internet. Companies loose time

when they have to deal without

Internet due to interruption or just

due to the slowness to open a new

line. The most evident variable to

integrate this element is the

percentage of connected people.

TIME

Control Corruption rates

(in %)

CORRUP The more there is corruption, the

lower companies will be willing to

invest. In fact, this element will be

a lost of time for companies. They

will need more time to deal with

the government and other

institutions.

TIME

Rates of crimes ( crimes

per 1000habts in 2012))

CRIME Contrary to the corruption that has

a direct effect on time, the crimes

affect the cost. Crimes include the

homicides, robberies and other

infractions. They won't have a

direct effect on the time but mostly

on the cost (replacement of the

stolen goods, increasing of

insurance costs, damages...)

COST

Number of international

agreements for trade

AGREEMENT The number of international

agreements to trade is more and

more important. With agreements

as the WTO or regional

agreements, countries facilitate

their relationships between each

other. The removal of tariffs,

quotas and other trade limitations

and restrictions will allow

companies to gain time and to earn

more money in avoiding extra

costs.

TIME and

COST

Cost of doing business (direct and indirect)

Cost of warehousing

goods (USD/ sqm/

month in average)

C-WAREHOU Crucial! How can we deal with

merchandises without taking into

consideration the cost of

warehousing. It is also more

COST


evident for large and bulky goods

or for goods that need refrigerated

environment.

Cost of real estate to

buy (USD/ sqm/ month

in average)

C-

REALESTATE

The cost of real estate will

normally impact once the

company. When they will set up

their company, they will need to

buy or rent commercial offices,

warehouses, and other buildings.

COST

Cost of human

ressources (min/hour in

2013)

C-WAGE Other crucial element! The cost of

human resources is a key motor of

the choice to invest or not in a

foreign country. It is one of the

first element that company

evaluate. That's why we can see

companies that relocate their

distribution center in other country

just because of the low wages.

COST

Cost of insurance

average

C-

INSURANCE

The cost of insurance will depend

on the safety of the environment

and the geographical environment

(weather, possibility of natural

disasters). The safer is the

environment, the lower will be the

cost of insurance. This element

vary extremely according to the

countries.

COST

Cost of equipment C-

EQUIPMENT

The cost of equipment allow us to

see if the companies can get

machinery to run the company in

the country or if they have to

import them. Not only it includes

the direct price in the country but

also the services that belong to it

(maintenance, reparations).

COST

Cost of energy ($/Kwh) C-ENERGY The cost of energy is another cost

to analyze. Warehouses, offices

and all the other administrative

departments need a large amount

of energy.

COST

Cost to open a company

(% of income/ capita)

C-

OPENCOMPA

The cost to open a company is a

cost that companies will take care

once. It is not the more important

cost however it is an element to

COST


take into consideration at a lesser

level.

Freight Rates and Customs duties

Cost of Custom Duties/

Tarriffs per category

CUSTOM-

DUTIES

The customs duties are different all

over the world and are imperative

to analyze before to do business in

a port or another. They will impact

the cost factor.

COST

Average Freight Rates

from or to Ecuador

(Average price per

containers of 20' and

40')

FREIGHT

ECUAD

Even if we talk about the price of

the containers and it could be not

appropriate for some kind of

merchandises transported in dry or

liquid (raw minerals, liquids…), it

represents an overview of the price

of the transport in general.

COST


from or to Chile

(Average price per


40')

FREIGHT

CHILE








COST


from or to Brazil

(Average price per


40')

FREIGHT

BRAZ








COST


from or to Argentina

(Average price per


40')

FREIGHT

ARGENT








COST

Time to Ecuador (in

days)

TIME ECUAD The time that cargoes spend in

transit between PortMiami or the

Canal of Panama and the main port

of South America are essential for

management team in their choice

to set up a distribution center.

TIME


Time to Chile (in days) TIME CHILE The time that cargoes spend in






TIME

Time to Brazil (in days) TIME BRAZ The time that cargoes spend in






TIME

Time to Argentina (in

days)

TIME

ARGENT

The time that cargoes spend in






TIME


Data of both ports

Data Sources Data Sources

LOADING (Total) 13829 See table Import/Export 817.73 See table Import/Export

UNLOADING (Total) 11871 See table Import/Export 12695 See table Import/Export

FTZ (Km2) Miami Free Zone 47 acres = 0,19 km2

http://www.ftzworld.com/CaseStu

dies/OurClients/MiamiFreeZone.asp

xColon Free Trade Zone = 2.4 km2

http://www.businesspanama.com/i

nvesting/opportunities/cfz.php;

http://www.colonfreetradezone.co

m/freezone-colon.html

CORPOTAX (% of profit) Total tax rate: 5.5

http://miami.about.com/cs/busines

s/a/aa041302a.htm Total tax rate: 11.4

http://www.doingbusiness.org/dat

a/exploreeconomies/panama/payin

g-taxes/

INFLA ( % 2012) 2.1%

http://www.bls.gov/eag/eag.fl_mi

ami_msa.htm5.7%

http://www.factfish.com/statistic-

country/panama/inflation%20rate

PPP (in dollar/ year/capita in 2011) 45000

http://research.stlouisfed.org/fred2

/graph/?s[1][id]=MIAM112PCPI14300

http://www.indexmundi.com/g/g.a

spx?c=pm&v=67;

http://www.indexmundi.com/pana

ma/gdp_per_capita_(ppp).html

CRIME (crimes per 1000 habitants 2012) 11.72

http://www.neighborhoodscout.co

m/fl/miami/crime/ 8.3

http://www.nationmaster.com/cou

ntry-info/profiles/Panama/Crime

AGREE 20

http://www.ustr.gov/trade-

agreements 30

http://www.businesspanama.com/

about_panama/fundamentals/trad

e_agreements.php

C-WAREHOU (USD/Sqm in 2012)$ 8.00 / sqf / month = $ 86,11 / sqm /

month

http://www.miamiwarehousehub.c

om/category/blog/$ 8.51 / sqm / month

http://www.cbre.com.pa/panama-

real-

estate/reports/IndustrialReport1Hal

f2012.pdf

C-REALESTATE (USD/Sqm) to buy$168 per square feet or US$1,800 per

square metre

http://www.trulia.com/real_estate/

Miami-Florida/market-trends/

US$1,050 to US$1,200 per square

metre

http://www.globalpropertyguide.co

m/Latin-America/Panama;

C-WAGE (min/hour in 2013) 7,93$

http://www.dol.gov/whd/minwage

/america.htm

4,33$

http://www.retirementdetectives.co

m/latest-news/1-latest-news/1176-

monthly-salaries-in-pana.html


about_panama/investment/labor_s

alaries.php

C-ENERGY ($/Kwh) US$11,4c/kWh for industry

http://www.bls.gov/ro4/aepmia.pd

f

US$13.2c/kWh for industry

https://estore.enerdata.net/energy-

market/panama-energy-report-and-

data.html;

http://www.businesspanama.com/i

nvesting/opportunities/energy.php

Cost-OPENCOMPA (% of income / cap) 1.5http://www.doingbusiness.org/dat

a/exploreeconomies/united-states7.2


a/exploreeconomies/panama#starti

ng-a-business

FREIGHT ECUAD 3194.642857See table Freight Rates Main South

American Ports1367

See table Freight Rates Main South

American Ports

FREIGHT CHILE 2420.5See table Freight Rates Main South

American Ports1919.25


American Ports

FREIGHT BRAZ 1974See table Freight Rates Main South



American Ports

FREIGHT ARGENT 1974See table Freight Rates Main South



American Ports

C-EQUIPMENT 8Give by the responsible of

equipment at Lilly and Associates4

Give by the responsible of

equipment at Lilly and Associates

CUSTOM-DUTIES See table Custom Duties - Tarriffs See table Custom Duties - Tarriffs See table Custom Duties - Tarriffs See table Custom Duties - Tarriffs

C-INSURANCE 6Give by the responsible of

equipment at Lilly and Associates2

Give by the responsible of

equipment at Lilly and Associates

CRANES 21http://www.cranemgt.com/crane-

data/57 (in total in the canal area)

http://logistics.gatech.pa/en/assets

/seaports/side-by-side

C-LENGTH (feet)

6000 http://www.cranemgt.com/crane-

data/

310,310,310,310,400 (Manzanillo)

442,336,336,300,300 (Balbao) = 3354

m or 11000 feet appro

http://www.puertomanzanillo.com.

mx/engs/0020302/navigational-

areas

55,8 (Balboa)

ttp://www.worldportsource.com/p

orts/commerce/PAN_Port_of_Balbo

a_1602.php

46 (Manzanillo)


mx/engs/0020302/navigational-

areas;

Cost

Time

PortMiamiThe Canal of Panama

(M: Manzanillo; B: Balboa; Colon)

http://books.google.com/books?id

=ZE2ZDIGkRr0C&pg=PT70&lpg=PT70

&dq=number+of+conveyors+in+port

+miami&source=bl&ots=ogUezkvU8

Q&sig=2AmxcdyY3Yzu9bZkFg37oHV-

Akc&hl=en&sa=X&ei=T0ASU4nxNob

51C-DEPTH (feet)


DOCKS 6http://www.cranemgt.com/crane-

data/14


/seaports/side-by-side

CAP-CONT (TEU in 2012) 950 000 TEUs per year

http://www.miamidade.gov/portmi

ami/cargo-main.asp

http://www.colliers.com/-

/media/Files/MarketResearch/Unite

dStates/MARKETS/2012%20Q2/Colli

ers_PortReport_2012q2_final.pdf?ca

mpaign=Colliers_Port_Analysis_NA_

Aug-2012

6.5 million TEUs per year


mx/engs/0020303/terminals-and-

installations;

http://www.worldportsource.com/

ports/commerce/PAN_Port_of_Balb

oa_1602.php

AIRPORT

2 :Miami International Airport, Fort

Lauderdale International Airport

and many executive airports

http://www.miami-

airport.com/pdfdoc/MIA_Cargo_Br

ochure.pdf; http://www.miami-

airport.com/pdfdoc/FloridaTradean

dLogisticsStudy_December2010.pdf

2:Tocumen International Airport;

Marcos A. Gelabert International

Airport


/airports

Tocumen International Airport to M

91.5km ;

Tocumen International Airport to B

28.6km


Airport to M: 78.2km


Airport to B: 4.0km.

RAIL 2786miles or 4483 km

http://www.dot.state.fl.us/rail/Pla

nDevel/Documents/FinalInvestment

Element/G-Chapter2-FreightRail.pdf76km


ntry-

info/profiles/Panama/Transport#20

13

D-RAIL-PORT0km (Which means the main railway

go through the port)

http://www.fecrwy.com/about 0km (Which means the main railway

go through both ports)


/railroad

ROAD 43210miles or 69539km

http://www.floridatransportationin

dicators.org/index.php?chart=13a15137km


ntry-

info/profiles/Panama/Transport#20

13

IMPROV (B USD) 2 billions


ami/library/brochures/port-

directory.pdf

13.6 billions USD

http://www.meetpanama.com.pa/

meet-panama/infrastructure-

investments.php

FDI (% of GDP in 2012) 1.3

http://www.census.gov/compendia

/statab/cats/foreign_commerce_ai

d/foreign_investment.html

9.3

http://data.worldbank.org/indicato

r/BX.KLT.DINV.WD.GD.ZS

JOBS (M) 0.2

http://www.miamidade.gov/stateo

fthecounty/economic-

development.asp;


ami/about-main.asp

1.5

https://www.cia.gov/library/public

ations/the-world-

factbook/geos/pm.html

LABOR FORCE QUALITY (/10) 7According to the Responsible of the

equipment team of Lilly Associates3

According to the Responsible of the

equipment team of Lilly Associates

GROWTH 2.80%http://data.worldbank.org/indicato

r/NY.GDP.MKTP.KD.ZG10.70%

http://data.worldbank.org/indicato

r/NY.GDP.MKTP.KD.ZG

INTERNET (Million of connected persons in 2012

and %)

75,6% of Miami Dade Population 2,5

millions = 1,87 million

http://www.usa.com/miami-dade-

county-fl-population-and-

races.htm;

http://www.census.gov/prod/2013

pubs/p20-569.pdf

45% of Panama Population 3,8

millions =1.69 million

http://www.indexmundi.com/g/g.a

spx?c=pm&v=118;

http://mecometer.com/whats/pan

ama/internet-users/


ntry-info/profiles/Panama/People

CORRUPPercentile Control of corruption:

86%

http://www.transparency.org/coun

try#USA_DataResearch

Percentile Control of corruption:

45%

http://www.transparency.org/coun

try#PAN

AGREE 20

http://www.cbp.gov/xp/cgov/trad

e/trade_programs/international_ag

reements/free_trade/

30


about_panama/fundamentals/trad

e_agreements.php


specials/trade.php;

http://export.gov/fta/panama/;

http://www.wto.org/english/thewt

o_e/countries_e/panama_e.htm;

OPENCOMPANY (nb of days) 5


a/exploreeconomies/united-states

6


a/exploreeconomies/panama/starti

ng-a-business/ and


a/exploreeconomies/panama

EASEDOING (Index 2014) 83.99% www.doingbusiness.org 66.7% www.doingbusiness.org

TIME ECUAD (average nb days) 14.6Lucio Chan, Responsible of Freight

Rates at Lilly and Associates5.5

Lucio Chan, Responsible of Freight

Rates at Lilly and Associates

TIME CHILE (average nb days) 20Lucio Chan, Responsible of Freight

Rates at Lilly and Associates12



TIME BRAZ (average nb days) 18Lucio Chan, Responsible of Freight




7,4mi (11,9 km) between PortMiami

and MIA; 25.3mi (40km) between

PortMiami FLIA

Google map Google Map

D-AIR-PORT


TIME ARGENT (average nb days) 18Lucio Chan, Responsible of Freight




Others Sources

www.doingbusiness.org

http://mecometer.com/whats/panama/internet-users/

http://data.worldbank.org/country/panama

http://www.businesspanama.com/investing/doingbusiness.php

http://www.nationmaster.com/country-info/profiles/Panama/Economy

http://globaledge.msu.edu/countries/panama/resources

http://data.worldbank.org/country/panama

http://logistics.gatech.pa/en/assets/seaports/manzanillo-international-terminal

Imports and exports from and to Panama and PortMiami by categories of products in 2012

Number of loading goods

(in million dollars) LOADING

Nmber of unloading goods

(in million dollars)

UNLOADING

Number of loading goods

(in million dollars )

LOADING

Nmber of unloading goods

(in million dollars)

UNLOADING

Textile 3706 1328 10.43 844

Machinery 3052 3985 0.5 2351

Miscallaneous 1394 1179 0.5 682

Food Stuffs 1565 675 102.7 837

Animals and vegetables products 1261 482 359 578

Chemichals 846 907 29.7 1078

Transportation 328 1237 0.5 1215

Plastics 423 631 4.3 605

Metals 341 779 106.4 960

Minerals 331 100 0.678 2903

Wood 242 343 52.7 325

Stone and glass 225 177 134.4 247

Raw Hides, Skins Leather 115 48 18.1 70

TOTAL 13829 11871 819.908 12695

Sources

http://www.miamidade.gov/portmiami/cargo-facts.asp

http://www.miamidade.gov/business/library/reports/trade-data/2012/10-oct-through-12-dec-and-2012-Year-End-Summary.pdf

http://logistics.gatech.pa/en/trade/imports

http://logistics.gatech.pa/en/trade/exports

PORTMIAMI PANAMA

Tariffs/ Customs duties in Miami and Panama

Textile Machinery Miscallaneous Food Stuff

Animals and

vegetables

products

Chemichals

Panama 5% 9% 10% 13% 11% 3%

Miami 5% 1% 3% 26% 3% 2%

Transportation Plastics Metals Minerals WoodStone and

glass

Raw Hides,

Skins Leather

Panama 9% 3% 8% 8% 8% 7% 13%

Miami 1% 2% 1% 1% 1% 2% 2%

http://tariff.findthebest.com/l/99/Panama

http://tariff.findthebest.com/l/137/United-States-of-America


Example of Freight Rates and Transit Time from Manzanillo and Miami to the four most important ports in South America

ORIGIN DESTINATION 20FT 40 40HC CARRIER EXPIRATION MODE COMMODITY TRANSIT TIME

Manzanillo - Panama Guayaquil, Ecuador 1165 1404 1404 Hamburgsud 31-Mar-14 Port to Port GDSM / FAK 5

Manzanillo - Panama Guayaquil, Ecuador 1417 1482 1482 Hapag Lloyd 31-Mar-14 Port to Port GDSM / FAK 6

Manzanillo - Panama San Antonio, Chile 1260 2115 2115 Hamburgsud 31-Mar-14 Port to Port GDSM / FAK 11

Manzanillo - Panama San Antonio, Chile 2031 2271 2271 Hapag Lloyd 31-Mar-14 Port to Port GDSM / FAK 13

Manzanillo - Panama Santos, Brasil 1494 2342 2342 Hamburgsud 31-Mar-14 Port to Port GDSM / FAK 19

Manzanillo - Panama Santos, Brasil 1333 1890 1890 Hapag Lloyd 31-Mar-14 Port to Port GDSM / FAK 19

Manzanillo - Panama Buenos Aires, Argentina 1794 2742 2742 Hamburgsud 31-Mar-14 Port to Port GDSM / FAK 28

Manzanillo - Panama Buenos Aires, Argentina 1629 1969 1969 Hapag Lloyd 31-Mar-14 Port to Port GDSM / FAK 24

Miami Fl. - USA Guayaquil - Ecuador 2457 3508 3508 CMA 31-Mar-14 Door to Port GDSM / FAK 27

Miami Fl. - USA Guayaquil - Ecuador 2783 3163 3163 MOL 31-Mar-14 Door to Port GDSM / FAK 12

Miami Fl. - USA Guayaquil - Ecuador 2500 3500 3500 CCNI 31-Mar-14 Door to Port GDSM / FAK 10

Miami Fl. - USA Guayaquil - Ecuador 2206 2806 2806 EVERGREEN 31-Mar-14 Door to Port GDSM / FAK 15

Miami Fl. - USA Guayaquil - Ecuador 3404 5105 5105 HAMBURG 31-Mar-14 Door to Port GDSM / FAK 10

Miami Fl. - USA Guayaquil - Ecuador 2680 3545 3545 MAERSK 31-Mar-14 Door to Port GDSM / FAK 16

Miami Fl. - USA Guayaquil - Ecuador 3029 4039 4039 MSC 31-Mar-14 Door to Port GDSM / FAK 12

Miami Fl. - USA San Antonio - Chile 1956 2556 2556 EVERGREEN 31-Mar-14 Door to Port GDSM / FAK 25

Miami Fl. - USA San Antonio - Chile 2195 2975 2975 MAERSK 31-Mar-14 Door to Port GDSM / FAK 15

Miami Fl. - USA Santos - Brazil 1806 2006 2006 EVERGREEN 31-Mar-14 Door to Port GDSM / FAK 17

Miami Fl. - USA Santos - Brazil 1807 2107 2107 HANJIN 31-Mar-14 Door to Port GDSM / FAK 15

Miami Fl. - USA Santos - Brazil 1779 2339 2339 MSC 31-Mar-14 Door to Port GDSM / FAK 22

Miami Fl. - USA Buenos Aires, Argentina 1806 2006 2006 EVERGREEN 31-Mar-14 Door to Port GDSM / FAK 17

Miami Fl. - USA Buenos Aires, Argentina 1807 2107 2107 HANJIN 31-Mar-14 Door to Port GDSM / FAK 15

Miami Fl. - USA Buenos Aires, Argentina 1779 2339 2339 MSC 31-Mar-14 Door to Port GDSM / FAK 22

Sources

According to Lucio Chang from Lilly Associates, responsible of freight rates

From March 2014

Table 1. D. Average Freight Rates and Transit Time from Manzanillo and Miami to the four most important ports in South America

ORIGIN DESTINATION

Manzanillo - Panama Guayaquil, Ecuador

Manzanillo - Panama San Antonio, Chile

Manzanillo - Panama Santos, Brasil

Manzanillo - Panama Buenos Aires, Argentina

Miami Fl. - USA Guayaquil - Ecuador

Miami Fl. - USA San Antonio - Chile

Miami Fl. - USA Santos - Brazil

Miami Fl. - USA Buenos Aires, Argentina

Sources

From the Lucio Chang data

From March 2014

1974 18

5.5

12

19

26

14.6

2033.5

20

18

3194.642857

2420.5

1974

AVERAGE COST (20'/40') AVERAGE TIME

1367

1919.25

1764.75

Weight of both key drivers by activities

CODE Multifonction Weight Textile Machinery Miscallaneous Food Stuff

Animals and

vegetables

products

Chemicals Transportation Plastics Metals Minerals Wood Stone and glassRaw Hides, Skins

Leather

Cost 60% 80% 50% 75% 30% 20% 40% 70% 60% 60% 60% 50% 60% 65%

Time 40% 20% 50% 25% 70% 80% 60% 30% 40% 40% 40% 50% 40% 35%


Likert Scale by elements

ELEMENTS LIKERT SCALE

Number of loading goods (in million dollars ) or Export in

2012

10pts (>= 2500 millions);

9pts (<2500>=2250 millions);

8pts (<2250>=2000 millions);

7pts (<2000>=1750 millions);

6pts (<1750>=1500 millions);

5pts (<1500>=1250 millions);

4pts (<1250>=1000 milions);

3pts (<1000>=750 millions);


1pt (<500<=500 millions)

Number of unloading goods (in million dollars) or Import in

2012

10pts (>= 2500 millions);

9pts (<2500>=2250 millions);

8pts (<2250>=2000 millions);

7pts (<2000>=1750 millions);

6pts (<1750>=1500 millions);

5pts (<1500>=1250 millions);

4pts (<1250>=1000 milions);



1pt (<500<=500 millions)

Number of docksides cranes

10pts (>=45 );

9pts (<45>=40 cranes);

8pts (<40 >=35 cranes);

7pts (<35>=30 cranes);

6pts (<30 >=25cranes);

5pts (<25 >= 20 cranes);

4pts (<20 >= 15cranes);

3pts (<15 >= 10cranes);

2pts (<10 >= 5cranes);

1 pt (<5 cranes)


Channel length (feet) 10pts (9000 and > feet);

9pts (<9000>=8000 feet);

8pts (<8000 >=7000 feet);

7pts (<7000 >= 6000feet);

6pts (<6000 >=5000 feet);

5pts (<5000 >= 4000 feet);

4pts (<4000 >= 3000 feet);

3pts (<3000 >= 2000 feet);

2pts (<2000 >= 1000 feet);

1 pt (<1000 feet)

Channel or port depth (feet) 10pts (>=56 feet);

9pts (<56 >= 54 feet);

8pts (<54 >= 52 feet);

7pts (<52 >=50 feet);

6pts (<50 >= 48 feet);

5pts (<48 >= 46 feet);

4pts (<46 >= 44 feet);

3pts (<44 >= 42 feet);

2pts (<42 >= 40 feet);

1 pt (<40 feet)

Number of docks 10pts (18 docks & >);

9pts (<18 >=16 docks);

8pts (<16 >=14 docks);

7pts (<14 >= 12 docks);

6pts (<12 >= 10 docks);

5pts (<10 >= 8 docks);

4pts (<8 >= 6 docks);

3pts (<6 >= 4 docks);

2pts (<4 >= 2 docks);

1 pt (<2 docks)

Port Capacity of containers (in nb of TEU in 2012) 10pts (>= 10 millions);

9pts (<10 >=9 millions);



6pts (<7 >= 6 millions);


4pts (<5 >=4 milions);



1pt (<2 millions),


Number of international airports handling good transfers

(essential for the shipping)

10pts ( >9 airports);

9pts (9 airports);

8pts (8 airports);

7pts (7 airports);

6pts (6 airports);

5pts (5 airports);

4pts (4 airports);

3pts (3 airports);

2pts (2 airports);

1 pt (1 airport)

Distance between main airport and port (in miles) 10pts (<= 10 miles);

9pts (>10<= 20 miles);

8pts (>20<= 30 miles);

7pts (>30<= 40 miles);

6pts (>40<= 50 miles);

5pts (>50<= 60 miles);

4pts (>60<= 70 miles);

3pts (>70 <= 80 miles);

2pts (>80 <= 90 miles);

1 pt (>90 miles)

Networt of railways around the port (km) 10pts (>= 5000 km);

9pts (< 5000>=4500 km);

8pts (<4500>=4000 km);

7pts (< 4000>3500 km);

6pts (< 3500 >=3000 km);

5pts (< 3000>=2500 km);

4pts (< 2500>=2000 km);

3pts (< 2000>=1500 km);

2pts (< 1500>=1000 km);

1 pt (< 1000 km)

Distance between main railways and port (in miles) 10pts (<=10 miles);

9pts (>10<= 20 miles);

8pts (>20<= 30 miles);

7pts (>30<= 40 miles);

6pts (>40<= 50 miles);

5pts (>50<= 60 miles);

4pts (>60<= 70 miles);

3pts (>70<= 80 miles);

2pts (< 90 miles);

1 pt (>90 miles)


Network of roads and highways (in miles) 10pts (>= 90000 km);

9pts (< 90000>=80000 km);

8pts (<80000 >= 70000 km);

7pts (<70000 >= 60000km);

6pts (< 60000 >= 50000km);

5pts (< 50000 >= 40000km);

4pts (< 40000 >= 30000km);

3pts (< 30000 >= 20000km);

2pts (< 20000 >= 10000km);

1 pt (< 10000 km)

Infrastructure improvement project linked to the ports (in

billion dollars)

10pts (>=18billions $);

9pts (<18 >= 16 billions $);

8pts (<16 >= 14billions $);

7pts (<14 >= 12 billions $);

6pts (<12 >= 10 billions $);

5pts (<10 >= 8 billions $);




1 pt (<2billions $)

Surface of Free Trade Zones (km2) 10pts (>=2,25 km2);

9pts (< 2,25>= 2 km2);

8pts (< 2 >= 1,75km2);

7pts (<1,75 >= 1,5km2);

6pts (< 1,5 >= 1,25 km2);

5pts (< 1,25 >= 1 km2);

4pts (< 1 >= 0,75 km2);

3pts (< 0,75 >= 0,5 km2);

2pts (< 0,5 >= 0,25 km2);

1 pt (< 0,25 km2)

Ease of doing business (index 2014) 10pts (100-90);

9pts (89-80);

8pts (79-70);

7pts (69-60);

6pts (59-50);

5pts (49-40);

4pts (39-30);

3pts (29-20);

2pts (19-10);

1 pt (9-0)


Nombre of day to open a company 10pts (10 and > days);

9pts (9days);

8pts (8days);

7pts (7days);

6pts (6days);

5pts (5days);

4pts (4days);

3pts (3days);

2pts (2days);

1 pt (1days)

Labor force Quality 10pts (perfect quality);

9pts (very high quality);

8 pts (high quality);

7pts (medium high quality);

6pts (medium quality);

5pts (medium low quality);

4 pts (low quality);

3 pts (poor quality);

2 pts (very poor quality);

1pt (no labor force)

Investments FDI (% of GDP in 2012) 10pts (more than 9%);

9pts (9% and less);

8 pts (8% and less);

7pts (7% and less);

6pts (6% and less);

5pts (5% and less);




1pt (1% and less)

Corporate tax (% of profit) 10pts (<= 2%);

9pts (>2 <= 4%);

8 pts (>4 <= 6%);

7pts (>6 <= 8%);

6pts (>8 <= 10%);

5pts (>10<= 12%);

4 pts (>12 <= 14%);

3 pts (>14 <= 16%);

2 pts (>16 <= 18%);

1pt (more than 18%)


Inflation rate (in % 2012) 10pts (<= 1%);

9pts (>1 <= 2%);

8 pts (>2<= 3%);

7pts (>3<= 4%);

6pts (>4<= 5%);

5pts (>5<= 6%);

4 pts (>6<=7%);

3 pts (>7<= 8%);

2 pts (>8<= 9%);

1pt (more than 9%)

GDP per capita (in dollar/year/capita in 2011) 10pts (> than 50000);

9pts (45000-49999);

8 pts (40000-44999);

7pts (35000-39999);

6pts (30000-34999);

5pts (25000-29999);

4 pts (20000-24999);

3 pts (15000-19999);

2 pts (10000-14999);

1pt (>9999)

Number of Jobs offered (in millions) 10pts (>=1,8);

9pts (<1,8>=1,6);

8 pts (<1,6>=1,4);

7pts (<1,4>=1,2);

6pts (<1,2>=1,0);

5pts (<1,0>=0,8);

4 pts (<0,8>=0,6);

3 pts (<0,6>=0,4);

2 pts (<0,4>=0,2);

1pt (<0,2)

Recession or boom (in %) 10pts (>=20%)

9pts (<20 >=15%);

8 pts (<15 >=12%);

7pts (<12 >=10%);

6pts (<10 >=8%);

5pts (<8>=6%);

4 pts (<6>=4%);

3 pts (<4>=2%);

2 pts <2(=>0%);

1pt (Recession)


Number of people connected to Internet (millions of

connected people in 2012)

10pts (>=90%);

9pts (<90>=80%);

8 pts (<80>=70%);

7pts (<70>=60%);

6pts (<60>=50%);

5pts (<50>=40%);

4 pts (<40>=30%);

3 pts (<30>=20%);

2 pts (<20>=10%);

1pt (<10%)

Control Corruption rates (in %) 10pts (>=90%);

9pts (<90>=80%);

8 pts (<80>=70%);

7pts (<70>=60%);

6pts (<60>=50%);

5pts (<50>=40%);

4 pts (<40>=30%);

3 pts (<30>=20%);

2 pts (<20>=10%);

1pt (<10%)

Rates of crimes ( crimes per 1000habts in 2012)) 10pts (<=2);

9pts (>2<= 4);

8 pts (>4<= 6);

7pts (>6<= 8);

6pts (>8<= 10);

5pts (>10<= 12);

4 pts (>12<= 14);

3 pts (>14l<= 16);

2 pts (>16<= 18);

1pt (more than 18)

Number of international agreements for trade 10pts (>=40);

9pts (bet. 35 and 39);

8 pts (bet. 30 and 34);




4 pts (bet. 10 and 14);

3 pts (bet. 5 and 9);

2 pts (bet. 1 and 4);

1pt (no agreement)


Cost of warehousing goods (USD/ sqm/ month in

average)

10pts (<= 10 USD/sqm);

9pts (>10<= 20 USD/sqm);

8 pts (>20<= 30 USD/sqm);

7pts (>30<= 40 USD/sqm);

6pts (>40<= 50 USD/sqm);

5pts (>50<= 60 USD/sqm);

4 pts (>60<= 70 USD/sqm);

3 pts (>70<= 80 USD/sqm);

2 pts (>80<= 90 USD/sqm);

1pt (> 90 USD/sqm)

Cost of real estate to buy (USD/ sqm/ month in average) 10pts (<=1000 USD/sqm);

9pts (>1000<= 1200 USD/sqm);

8 pts (>1200<=1400 USD/sqm);

7pts (>1400<=1600 USD/sqm);

6pts (>1600<= 1800 USD/sqm);

5pts (>1800<= 2000 USD/sqm);

4 pts (>2000<=2200 USD/sqm);

3 pts (>2200<=2400 USD/sqm);

2 pts (>2400<=2600 USD/sqm);

1pt (>2600 USD/sqm)

Cost of human ressources (min/hour in 2013) 10pts (<=1 USD/h)

9pts (>1<=2 USD/h);

8 pts (>2<=3USD/h);

7pts (>3<=4USD/h);

6pts (>4<=5 USD/h);

5pts (>5<=6 USD/h);

4 pts (>6<=7USD/h);

3 pts (>7<=8USD/h);

2 pts (>8<=9 USD/h);

1pt (>1 0 USD/h)


Cost of insurance average 10pts (Perfectly secure

warehouse environment );

9pts (Excellent security in

warehouse environment);

8 pts (Very good security in


7pts (Good security in


6pts (Above average security in


5pts (Average security in


4 pts (Below average security in


3 pts (Fair security in


2 pts (Not good security in


1pt (Poor security in warehouse

environment)

Cost of equipment 10pts (Perfect equipment offer

+ best service);

9pts (Excellent equipment offer

+ best service);

8 pts (Very good equipment

offer + best service);

7pts (Good equipment offer +

best service);

6pts (Above average equipment


5pts (Average equipment offer

+ best service);

4 pts (Below average equipment


3 pts (Fair equipment offer +

best service);

2 pts (Not good offer + best

service);

1pt (Poor equipment offer +

best service)


Cost of energy ($/Kwh) 10pts (<=5c/Kwh);

9pts (>5 <=6c/Kwh);

8 pts (>6 <=7c/Kwh);

7pts (>7<=8c/Kwh);

6pts (>8<=9c/Kwh);

5pts (>9<=10c/Kwh);

4 pts (>10<=11c/Kwh);

3 pts (>11<=12c/Kwh);

2 pts (>12<=13c/Kwh);

1pt (>1 3c/Kwh)

Cost to open a company (% of income/ capita) 10pts (<=1);

9pts (>1<=2);

8 pts (>2<=3);

7pts (>3<=4);

6pts (>4<=5 );

5pts (>5<=6);

4 pts (>6<=7);

3 pts (>7<=8);

2 pts (>8<=9);

1pt (>1 0)

Cost of Custom Duties/ Tarriffs per category 10pts (<=2%);

9pts (>2 <= 4%);

8 pts (>4 <= 6%);

7pts (>6 <= 8%);

6pts (>8 <= 10%);

5pts (>10 <= 12%);

4 pts (>12 <= 14%);

3 pts (>14 <= 16%);

2 pts (>16 <= 18%);

1pt (>18 %)

Average Freight Rates from or to Ecuador (Average

price per containers of 20' and 40')

10pts (<=1000 USD);

9pts (>1000 <= 1200 USD);

8 pts (>1200 <=1400 USD);

7pts (>1400 <=1600 USD);

6pts (>1600 <= 1800 USD);

5pts (>1800 <= 2000 USD);

4 pts (>2000 <=2200 USD);

3 pts (>2200 <=2400 USD);

2 pts (>2400 <=2600 USD);

1pt (>2600 USD)


Average Freight Rates from or to Chile (Average price

per containers of 20' and 40')

10pts (<=1000 USD)

9pts (>1000 <= 1200 USD);

8 pts (>1200 <=1400 USD);

7pts (>1400 <=1600 USD);

6pts (>1600 <= 1800 USD);

5pts (>1800 <= 2000 USD);

4 pts (>2000 <=2200 USD);

3 pts (>2200 <=2400 USD);

2 pts (>2400 <=2600 USD);

1pt (>2600 USD)

Average Freight Rates from or to Brazil (Average price

per containers of 20' and 40')

10pts (<=1000 USD);

9pts (>1000 <= 1200 USD);

8 pts (>1200 <=1400 USD);

7pts (>1400 <=1600 USD);

6pts (>1600 <= 1800 USD);

5pts (>1800 <= 2000 USD);

4 pts (>2000 <=2200 USD);

3 pts (>2200 <=2400 USD);

2 pts (>2400 <=2600 USD);

1pt (>2600 USD)

Average Freight Rates from or to Argentina (Average

price per containers of 20' and 40')

10pts (<=1000 USD);

9pts (>1000 <= 1200 USD);

8 pts (>1200 <=1400 USD);

7pts (>1400 <=1600 USD);

6pts (>1600 <= 1800 USD);

5pts (>1800 <= 2000 USD);

4 pts (>2000 <=2200 USD);

3 pts (>2200 <=2400 USD);

2 pts (>2400 <=2600 USD);

1pt (>2600 USD)

Time to Ecuador (in days) 10pts (<=4days);

9pts (>4 <=7days);

8 pts (>7<=10days);

7pts (>10<=13days);

6pts (>13<=16days);

5pts (>16<=19days);

4 pts (>19<=22days);

3 pts (>22<=25days);

2 pts (>25<=28days);

1pt (>28days)


Time to Chile (in days) 10pts (<=4days);

9pts (>4 <=7days);

8 pts (>7<=10days);

7pts (>10<=13days);

6pts (>13<=16days);

5pts (>16<=19days);

4 pts (>19<=22days);

3 pts (>22<=25days);

2 pts (>25<=28days);

1pt (>28days);

Time to Brazil (in days) 10pts (<=4days);

9pts (>4 <=7days);

8 pts (>7<=10days);

7pts (>10<=13days);

6pts (>13<=16days);

5pts (>16<=19days);

4 pts (>19<=22days);

3 pts (>22<=25days);

2 pts (>25<=28days);

1pt (>28days)

Time to Argentina (in days) 10pts (<=4days);

9pts (>4 <=7days);

8 pts (>7<=10days);

7pts (>10<=13days);

6pts (>13<=16days);

5pts (>16<=19days);

4 pts (>19<=22days);

3 pts (>22<=25days);

2 pts (>25<=28days);

1pt (>28days)


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Miami Panama

Total Attractiveness Multi (/100) 51 56

Attractiveness Cost Multi (/100) 48 54

Attractiveness Time Multi (/100) 55 59

Miami Textile MachineryMiscallaneo

usFood Stuff

Animals

and

vegetables

products

ChemichalsTransportati

onPlastics Metals Minerals Wood

Stone and

glass

Raw Hides,

Skins

Leather

Activity share 20% 27% 10% 9% 7% 7% 6% 4% 4% 2% 2% 2% 1%

Total Attractiveness / Act 52 55 49 50 53 51 47 47 47 46 48 46 47

Attractiveness Cost / Act (100%) 52 54 48 39 46 45 43 42 42 41 41 41 43

Attractiveness Time / Act (100%) 55 55 55 55 55 56 57 55 55 55 55 55 55

Attractiveness Cost / Act 41 27 36 12 9 18 30 25 25 24 20 24 28

Attractiveness Time / Act 11 27 14 38 44 33 17 22 22 22 28 22 19




Panama Textile MachineryMiscallaneo

usFood Stuff

Animals

and

vegetables

products



Stone and

glass

Raw Hides,

Skins

Leather

Activity share 6% 17% 5% 7% 7% 8% 9% 5% 8% 21% 3% 3% 1%


Attractiveness Cost / Act (100%) 53 57 50 48 48 53 52 54 54 59 52 52 47

Attractiveness Time / Act (100%) 59 59 59 59 59 59 57 59 59 59 59 59 59






General

AttractivenessTotal Port Textile Machinery

Miscallaneo

usFood Stuff

Animals

and

vegetables

products



Stone and

glass

Raw Hides,

Skins

Leather

Total attractiveness Miami 51 52 55 49 50 53 51 47 47 47 46 48 46 47

Total attractiveness Panama 56 54 58 52 56 57 56 54 56 56 59 55 55 51

Cost


Miscallaneo

usFood Stuff

Animals

and

vegetables

products



Stone and

glass

Raw Hides,

Skins

Leather

Attractiveness Cost / Act Miami 48 52 54 48 39 46 45 43 42 42 41 41 41 43

Attractiveness Cost / Act Panama 54 53 57 50 48 48 53 52 54 54 59 52 52 47

Time


Miscallaneo

usFood Stuff

Animals

and

vegetables

products



Stone and

glass

Raw Hides,

Skins

Leather

Attractiveness Time / Act Miami 55 55 55 55 55 55 56 57 55 55 55 55 55 55

Attractiveness Time / Act Panama 59 59 59 59 59 59 59 57 59 59 59 59 59 59


TEXTILE

Miami Score Panama Score Weight Miami Weighted Panama Weighted

Cost 80%

LOADING 10 1 7% 6.67 0.67

UNLOADING 5 3 7% 3.33 2.00

FTZ (Km2) 1 10 1% 0.13 1.33

1 - CORPOTAX (% of profit) 8 5 3% 2.13 1.33

1 - INFLA 8 5 1% 1.07 0.67

PPP 9 2 1% 1.20 0.27

1000 - CRIME 5 6 1% 0.67 0.80

AGREEMENT 6 8 3% 1.60 2.13

C-WAREHOU (USD/Sqm in 2012) 2 10 3% 0.53 2.67

C-REALESTATE (USD/Sqm) 6 9 1% 0.80 1.20

C-WAGE (min/hour in 2013) 3 6 4% 1.20 2.40

C-ENERGY (/Kwh) 3 1 1% 0.40 0.13

Cost-OPENCOMPA (% of income / cap) 9 3 1% 1.20 0.40

FR - Ecuador (Price/container) 1 8 8% 0.80 6.40

FR - Chile (Price/container) 2 5 8% 1.60 4.00

FR - Brazil (Price/container) 5 6 8% 4.00 4.80

FR - Argentina (Price/container) 5 4 8% 4.00 3.20

C-EQUIPMENT 8 4 1% 1.07 0.53

CUSTOM-DUTIES 8 8 8% 6.40 6.40

C-INSURANCE 6 2 4% 2.40 0.80

Time 20%

CRANES 5 10 0.3% 0.13 0.25

C-LENGTH (feet) 7 10 0.8% 0.53 0.75

7 5 0.3% 0.18 0.13

7 9 0.3% 0.18 0.23

DOCKS 4 8 0.5% 0.20 0.40

CAP-CONT (millions TEU in 2010) 1 6 0.5% 0.05 0.30

AIRPORT 2 2 0.3% 0.05 0.05

10 10 0.3% 0.25 0.25

8 3 0.3% 0.20 0.08

10 8 0.3% 0.25 0.20

8 1 0.3% 0.20 0.03

RAIL 9 1 0.3% 0.23 0.03

D-RAIL-PORT 10 10 0.3% 0.25 0.25

ROAD (kms) 7 2 0.5% 0.35 0.10

IMPROV (B USD) 2 7 1.0% 0.20 0.70

FDI (% of GDP) 2 10 0.3% 0.05 0.25

JOBS (Millions) 2 8 0.3% 0.05 0.20

LABOR FORCE QUALITY (/10) 7 3 1.5% 1.05 0.45

GROWTH 3 7 0.3% 0.08 0.18

INTERNET (M) 8 5 0.3% 0.20 0.13

1 - CORRUP (/100) 9 5 0.5% 0.45 0.25

AGREE 6 8 0.5% 0.30 0.40

Nbr day OPENCOMPA 5 6 0.3% 0.13 0.15

EASEDOING (Index) 9 7 0.5% 0.45 0.35

FR - Ecuador (nb days) 6 9 2.5% 1.50 2.25

FR - Chile (nb days) 4 7 2.5% 1.00 1.75

FR - Brazil (nb days) 5 5 2.5% 1.25 1.25

FR - Argentina (nb days) 5 2 2.5% 1.25 0.50

100%

** 3 airports in Miami due to the fact that Miami has more secondary airports and transport facilities than Panama

Miami Panama

Total Attractiveness Textile (/100) 52 54

Attractiveness Cost Textile (/100) 52 53

Attractiveness Time Textile (/100) 55 59

Attractiveness Cost Textile (/80) 41 42

Attractiveness Time Textile (/20) 11 12

C-DEPTH (feet)

D-AIR-PORT (from 2 main airports to main

port(s) )


MACHINERY


Cost 50%

LOADING 10 1 4% 4.17 0.42

UNLOADING 10 9 4% 4.17 3.75

FTZ (Km2) 1 10 1% 0.08 0.83

1 - CORPOTAX (% of profit) 8 5 0.8% 0.67 0.42

1 - INFLA 8 5 0.4% 0.33 0.21

PPP 9 2 0.4% 0.38 0.08

1000 - CRIME 5 6 1% 0.42 0.50

AGREEMENT 6 8 2% 1.00 1.33



C-WAGE (min/hour in 2013) 3 6 3% 0.75 1.50

C-ENERGY (/Kwh) 3 1 2% 0.50 0.17






C-EQUIPMENT 8 4 1% 0.67 0.33

CUSTOM-DUTIES 10 6 4% 4.17 2.50

C-INSURANCE 6 2 3% 1.50 0.50

Time 50%

CRANES 5 10 0.6% 0.31 0.63

C-LENGTH (feet) 7 10 1.9% 1.31 1.88

7 5 0.6% 0.44 0.31

7 9 0.6% 0.44 0.56

DOCKS 4 8 1.3% 0.50 1.00


AIRPORT* 2 2 0.6% 0.13 0.13

10 10 0.6% 0.63 0.63

8 3 0.6% 0.50 0.19

10 8 0.6% 0.63 0.50

8 1 0.6% 0.50 0.06

RAIL 9 1 0.6% 0.56 0.06

D-RAIL-PORT 10 10 0.6% 0.63 0.63

ROAD (kms) 7 2 1.3% 0.88 0.25

IMPROV (B USD) 2 7 2.5% 0.50 1.75

FDI (% of GDP) 2 10 0.6% 0.13 0.63

JOBS (Millions) 2 8 0.6% 0.13 0.50


GROWTH 3 7 0.6% 0.19 0.44

INTERNET (M) 8 5 0.6% 0.50 0.31

1 - CORRUP (/100) 9 5 1.3% 1.13 0.63

AGREE 6 8 1.3% 0.75 1.00


EASEDOING (Index) 9 7 1.3% 1.13 0.88


FR - Chile (nb days) 4 7 6.3% 2.50 4.38

FR - Brazil (nb days) 5 5 6.3% 3.13 3.13


100%


Miami Panama

Total Attractiveness Machinery (/100) 55 58

Attractiveness Cost Machinery (/100) 54 57

Attractiveness Time Machinery (/100) 55 59

Attractiveness Cost Machinery (50) 27 28

Attractiveness Time Machinery (/50) 27 30

C-DEPTH (feet)


port(s) )


Miscellaneous


Cost 75%

LOADING 5 1 6% 3.13 0.63

UNLOADING 4 2 6% 2.50 1.25

FTZ (Km2) 1 10 1% 0.13 1.25


1 - INFLA 8 5 1% 1.00 0.63

PPP 9 2 1% 1.13 0.25

1000 - CRIME 5 6 1% 0.63 0.75

AGREEMENT 6 8 3% 1.50 2.00



C-WAGE (min/hour in 2013) 3 6 4% 1.13 2.25

C-ENERGY (/Kwh) 3 1 1% 0.38 0.13






C-EQUIPMENT 8 4 1% 1.00 0.50


C-INSURANCE 6 2 4% 2.25 0.75

Time 25%

CRANES 5 10 0.3% 0.16 0.31

C-LENGTH (feet) 7 10 0.9% 0.66 0.94

7 5 0.3% 0.22 0.16

7 9 0.3% 0.22 0.28

DOCKS 4 8 0.6% 0.25 0.50


AIRPORT* 2 2 0.3% 0.06 0.06

10 10 0.3% 0.31 0.31

8 3 0.3% 0.25 0.09

10 8 0.3% 0.31 0.25

8 1 0.3% 0.25 0.03

RAIL 9 1 0.3% 0.28 0.03

D-RAIL-PORT 10 10 0.3% 0.31 0.31

ROAD (kms) 7 2 0.6% 0.44 0.13

IMPROV (B USD) 2 7 1.3% 0.25 0.88

FDI (% of GDP) 2 10 0.3% 0.06 0.31

JOBS (Millions) 2 8 0.3% 0.06 0.25


GROWTH 3 7 0.3% 0.09 0.22

INTERNET (M) 8 5 0.3% 0.25 0.16

1 - CORRUP (/100) 9 5 0.6% 0.56 0.31

AGREE 6 8 0.6% 0.38 0.50


EASEDOING (Index) 9 7 0.6% 0.56 0.44


FR - Chile (nb days) 4 7 3.1% 1.25 2.19

FR - Brazil (nb days) 5 5 3.1% 1.56 1.56


100%

*


Miami Panama

Total Attractiveness Miscallaneous (/100) 49 52

Attractiveness Cost Miscallaneous (/100) 48 50

Attractiveness Time Miscallaneous (/100) 55 59

Attractiveness Cost Miscallaneous (/75) 36 37

Attractiveness Time Miscallaneous (/25) 14 15

C-DEPTH (feet)


port(s) )


FOOD STUFF


Cost 30%

LOADING 6 1 2% 1.44 0.24

UNLOADING 2 3 2% 0.48 0.72

FTZ (Km2) 1 10 1% 0.06 0.60


1 - INFLA 8 5 1% 0.48 0.30

PPP 9 2 1% 0.54 0.12

1000 - CRIME 5 6 1% 0.30 0.36

AGREEMENT 6 8 1% 0.72 0.96



C-WAGE (min/hour in 2013) 3 6 2% 0.54 1.08

C-ENERGY (/Kwh) 3 1 2% 0.72 0.24






C-EQUIPMENT 8 4 1% 0.48 0.24


C-INSURANCE 6 2 2% 1.08 0.36

Time 70%

CRANES 5 10 1.4% 0.70 1.40

C-LENGTH (feet) 7 10 2.1% 1.47 2.10

7 5 0.7% 0.49 0.35

7 9 0.7% 0.49 0.63

DOCKS 4 8 2.1% 0.84 1.68


AIRPORT* 2 2 0.7% 0.14 0.14

10 10 0.7% 0.70 0.70

8 3 0.7% 0.56 0.21

10 8 0.7% 0.70 0.56

8 1 0.7% 0.56 0.07

RAIL 9 1 0.7% 0.63 0.07

D-RAIL-PORT 10 10 0.7% 0.70 0.70

ROAD (kms) 7 2 2.8% 1.96 0.56

IMPROV (B USD) 2 7 2.8% 0.56 1.96

FDI (% of GDP) 2 10 0.7% 0.14 0.70

JOBS (Millions) 2 8 0.7% 0.14 0.56


GROWTH 3 7 0.7% 0.21 0.49

INTERNET (M) 8 5 0.7% 0.56 0.35

1 - CORRUP (/100) 9 5 1.4% 1.26 0.70

AGREE 6 8 2.1% 1.26 1.68


EASEDOING (Index) 9 7 1.4% 1.26 0.98


FR - Chile (nb days) 4 7 9.8% 3.92 6.86

FR - Brazil (nb days) 5 5 9.8% 4.90 4.90


100%

*


Miami Panama

Total Attractiveness Food stuff (/100) 50 56

Attractiveness Cost Food stuff (/100) 39 48

Attractiveness Time Food stuff (/100) 55 59

Attractiveness Cost Food stuff (/30) 12 14

Attractiveness Time Food stuff (/70) 38 41

C-DEPTH (feet)


port(s) )


Animals & Vegetables Products


Cost 20%

LOADING 5 1 2% 0.80 0.16

UNLOADING 1 2 2% 0.16 0.32

FTZ (Km2) 1 10 0% 0.04 0.40


1 - INFLA 8 5 0% 0.32 0.20

PPP 9 2 0% 0.36 0.08

1000 - CRIME 5 6 0% 0.20 0.24

AGREEMENT 6 8 1% 0.48 0.64



C-WAGE (min/hour in 2013) 3 6 1% 0.36 0.72

C-ENERGY (/Kwh) 3 1 2% 0.48 0.16






C-EQUIPMENT 8 4 0% 0.32 0.16


C-INSURANCE 6 2 1% 0.72 0.24

Time 80%

CRANES 5 10 1.6% 0.80 1.60

C-LENGTH (feet) 7 10 2.4% 1.68 2.40

7 5 0.8% 0.56 0.40

7 9 0.8% 0.56 0.72

DOCKS 4 8 2.4% 0.96 1.92


AIRPORT* 2 2 0.8% 0.16 0.16

10 10 0.8% 0.80 0.80

8 3 0.8% 0.64 0.24

10 8 0.8% 0.80 0.64

8 1 0.8% 0.64 0.08

RAIL 9 1 0.8% 0.72 0.08

D-RAIL-PORT 10 10 0.8% 0.80 0.80

ROAD (kms) 7 2 3.2% 2.24 0.64

IMPROV (B USD) 2 7 3.2% 0.64 2.24

FDI (% of GDP) 2 10 0.8% 0.16 0.80

JOBS (Millions) 2 8 0.8% 0.16 0.64


GROWTH 3 7 0.8% 0.24 0.56

INTERNET (M) 8 5 0.8% 0.64 0.40

1 - CORRUP (/100) 9 5 1.6% 1.44 0.80

AGREE 6 8 2.4% 1.44 1.92


EASEDOING (Index) 9 7 1.6% 1.44 1.12


FR - Chile (nb days) 4 7 11.2% 4.48 7.84

FR - Brazil (nb days) 5 5 11.2% 5.60 5.60


100%

*


Miami Panama

Total Attractiveness Animal & Vegetables (/100) 53 57

Attractiveness Cost Animal & Vegetables (/100) 46 48

Attractiveness Time Animal & Vegetables (/100) 55 59

Attractiveness Cost Animal & Vegetables (/20) 9 10

Attractiveness Time Animal & Vegetables (/80) 44 47

C-DEPTH (feet)


port(s) )


Chemicals


Cost 40%

LOADING 3 1 3% 1.00 0.33

UNLOADING 3 4 3% 1.00 1.33

FTZ (Km2) 1 10 1% 0.07 0.67


1 - INFLA 8 5 1% 0.53 0.33

PPP 9 2 1% 0.60 0.13

1000 - CRIME 5 6 1% 0.33 0.40

AGREEMENT 6 8 1% 0.80 1.07



C-WAGE (min/hour in 2013) 3 6 2% 0.60 1.20

C-ENERGY (/Kwh) 3 1 1% 0.40 0.13






C-EQUIPMENT 8 4 1% 0.53 0.27

CUSTOM-DUTIES 10 9 3% 3.33 3.00

C-INSURANCE 6 2 2% 1.20 0.40

Time 60%

CRANES 5 10 0.4% 0.19 0.38

C-LENGTH (feet) 7 10 2.3% 1.58 2.25

7 5 0.8% 0.53 0.38

7 9 0.8% 0.53 0.68

DOCKS 4 8 1.5% 0.60 1.20


AIRPORT* 2 2 0.8% 0.15 0.15

10 10 0.8% 0.75 0.75

8 3 0.8% 0.60 0.23

10 8 0.8% 0.75 0.60

8 1 0.8% 0.60 0.08

RAIL 9 1 0.8% 0.68 0.08

D-RAIL-PORT 10 10 0.8% 0.75 0.75

ROAD (kms) 7 2 1.5% 1.05 0.30

IMPROV (B USD) 2 7 3.0% 0.60 2.10

FDI (% of GDP) 2 10 0.8% 0.15 0.75

JOBS (Millions) 2 8 0.8% 0.15 0.60


GROWTH 3 7 0.8% 0.23 0.53

INTERNET (M) 8 5 0.8% 0.60 0.38

1 - CORRUP (/100) 9 5 1.5% 1.35 0.75

AGREE 6 8 1.9% 1.13 1.50


EASEDOING (Index) 9 7 1.5% 1.35 1.05


FR - Chile (nb days) 4 7 7.5% 3.00 5.25

FR - Brazil (nb days) 5 5 7.5% 3.75 3.75


100%

*


Miami Panama

Total Attractiveness Chemicals (/100) 51 56

Attractiveness Cost Chemicals (/100) 45 53

Attractiveness Time Chemicals (/100) 56 59

Attractiveness Cost Chemicals (/40) 18 21

Attractiveness Time Chemicals (/60) 33 35

C-DEPTH (feet)


port(s) )


Transportation


Cost 70%

LOADING 1 1 5% 0.54 0.54

UNLOADING 4 4 5% 2.15 2.15

FTZ (Km2) 1 10 1% 0.11 1.08


1 - INFLA 8 5 1% 0.86 0.54

PPP 9 2 2% 1.45 0.32

1000 - CRIME 5 6 1% 0.54 0.65

AGREEMENT 6 8 2% 1.29 1.72



C-WAGE (min/hour in 2013) 3 6 3% 0.97 1.94

C-ENERGY (/Kwh) 3 1 3% 0.97 0.32






C-EQUIPMENT 8 4 1% 0.86 0.43

CUSTOM-DUTIES 10 6 5% 5.38 3.23

C-INSURANCE 6 2 3% 1.94 0.65

Time 30%

CRANES 5 10 0.2% 0.11 0.21

C-LENGTH (feet) 7 10 0.9% 0.60 0.86

7 5 0.4% 0.30 0.21

7 9 0.4% 0.30 0.39

DOCKS 4 8 0.6% 0.26 0.51


AIRPORT* 2 2 0.4% 0.09 0.09

10 10 0.4% 0.43 0.43

8 3 0.4% 0.34 0.13

10 8 0.4% 0.43 0.34

8 1 0.4% 0.34 0.04

RAIL 9 1 0.6% 0.58 0.06

D-RAIL-PORT 10 10 0.4% 0.43 0.43

ROAD (kms) 7 2 1.3% 0.90 0.26

IMPROV (B USD) 2 7 1.7% 0.34 1.20

FDI (% of GDP) 2 10 0.4% 0.09 0.43

JOBS (Millions) 2 8 0.4% 0.09 0.34


GROWTH 3 7 0.4% 0.13 0.30

INTERNET (M) 8 5 0.4% 0.34 0.21

1 - CORRUP (/100) 9 5 0.9% 0.77 0.43

AGREE 6 8 0.9% 0.51 0.69


EASEDOING (Index) 9 7 0.9% 0.77 0.60


FR - Chile (nb days) 4 7 3.4% 1.37 2.40

FR - Brazil (nb days) 5 5 3.4% 1.71 1.71


100%

*


Miami Panama

Total Attractiveness Transportation (/100) 47 54

Attractiveness Cost Transportation (/100) 43 52

Attractiveness Time Transportation (/100) 57 57

Attractiveness Cost Transportation (/70) 30 37

Attractiveness Time Transportation (/30) 17 17

C-DEPTH (feet)


port(s) )


Plastics


Cost 60%

LOADING 1 1 5% 0.50 0.50

UNLOADING 2 2 5% 1.00 1.00

FTZ (Km2) 1 10 1% 0.10 1.00


1 - INFLA 8 5 1% 0.80 0.50

PPP 9 2 1% 0.90 0.20

1000 - CRIME 5 6 1% 0.50 0.60

AGREEMENT 6 8 2% 1.20 1.60



C-WAGE (min/hour in 2013) 3 6 3% 0.90 1.80

C-ENERGY (/Kwh) 3 1 1% 0.30 0.10






C-EQUIPMENT 8 4 1% 0.80 0.40

CUSTOM-DUTIES 10 9 5% 5.00 4.50

C-INSURANCE 6 2 2% 1.20 0.40

Time 40%

CRANES 5 10 0.5% 0.25 0.50

C-LENGTH (feet) 7 10 1.5% 1.05 1.50

7 5 0.5% 0.35 0.25

7 9 0.5% 0.35 0.45

DOCKS 4 8 1.3% 0.50 1.00


AIRPORT* 2 2 0.5% 0.10 0.10

10 10 0.5% 0.50 0.50

8 3 0.5% 0.40 0.15

10 8 0.5% 0.50 0.40

8 1 0.5% 0.40 0.05

RAIL 9 1 0.5% 0.45 0.05

D-RAIL-PORT 10 10 0.5% 0.50 0.50

ROAD (kms) 7 2 1.0% 0.70 0.20

IMPROV (B USD) 2 7 2.0% 0.40 1.40

FDI (% of GDP) 2 10 0.5% 0.10 0.50

JOBS (Millions) 2 8 0.5% 0.10 0.40


GROWTH 3 7 0.5% 0.15 0.35

INTERNET (M) 8 5 0.5% 0.40 0.25

1 - CORRUP (/100) 9 5 1.0% 0.90 0.50

AGREE 6 8 1.0% 0.60 0.80


EASEDOING (Index) 9 7 1.0% 0.90 0.70


FR - Chile (nb days) 4 7 5.0% 2.00 3.50

FR - Brazil (nb days) 5 5 5.0% 2.50 2.50


100%

*


Miami Panama

Total Attractiveness Plastics (/100) 47 56

Attractiveness Cost Plastics (/100) 42 54

Attractiveness Time Plastics (/100) 55 59

Attractiveness Cost Plastics (/60) 25 33

Attractiveness Time Plastics (/40) 22 24

C-DEPTH (feet)


port(s) )


Metals


Cost 60%

LOADING 1 1 5% 0.50 0.50

UNLOADING 3 3 5% 1.50 1.50

FTZ (Km2) 1 10 1% 0.10 1.00


1 - INFLA 8 5 1% 0.80 0.50

PPP 9 2 1% 0.90 0.20

1000 - CRIME 5 6 1% 0.50 0.60

AGREEMENT 6 8 2% 1.20 1.60



C-WAGE (min/hour in 2013) 3 6 3% 0.90 1.80

C-ENERGY (/Kwh) 3 1 1% 0.30 0.10






C-EQUIPMENT 8 4 1% 0.80 0.40

CUSTOM-DUTIES 10 7 5% 5.00 3.50

C-INSURANCE 6 2 2% 1.20 0.40

Time 40%

CRANES 5 10 0.5% 0.25 0.50

C-LENGTH (feet) 7 10 1.5% 1.05 1.50

7 5 0.5% 0.35 0.25

7 9 0.5% 0.35 0.45

DOCKS 4 8 1.3% 0.50 1.00


AIRPORT* 2 2 0.5% 0.10 0.10

10 10 0.5% 0.50 0.50

8 3 0.5% 0.40 0.15

10 8 0.5% 0.50 0.40

8 1 0.5% 0.40 0.05

RAIL 9 1 0.5% 0.45 0.05

D-RAIL-PORT 10 10 0.5% 0.50 0.50

ROAD (kms) 7 2 1.0% 0.70 0.20

IMPROV (B USD) 2 7 2.0% 0.40 1.40

FDI (% of GDP) 2 10 0.5% 0.10 0.50

JOBS (Millions) 2 8 0.5% 0.10 0.40


GROWTH 3 7 0.5% 0.15 0.35

INTERNET (M) 8 5 0.5% 0.40 0.25

1 - CORRUP (/100) 9 5 1.0% 0.90 0.50

AGREE 6 8 1.0% 0.60 0.80


EASEDOING (Index) 9 7 1.0% 0.90 0.70


FR - Chile (nb days) 4 7 5.0% 2.00 3.50

FR - Brazil (nb days) 5 5 5.0% 2.50 2.50


100%

*


Miami Panama

Total Attractiveness Metals (/100) 47 56

Attractiveness Cost Metals (/100) 42 54

Attractiveness Time Metals (/100) 55 59

Attractiveness Cost Metals (/60) 25 32

Attractiveness Time Metals (/40) 22 24

C-DEPTH (feet)


port(s) )


Minerals


Cost 60%

LOADING 1 1 5% 0.50 0.50

UNLOADING 1 10 5% 0.50 5.00

FTZ (Km2) 1 10 1% 0.10 1.00


1 - INFLA 8 5 1% 0.80 0.50

PPP 9 2 1% 0.90 0.20

1000 - CRIME 5 6 1% 0.50 0.60

AGREEMENT 6 8 2% 1.20 1.60



C-WAGE (min/hour in 2013) 3 6 3% 0.90 1.80

C-ENERGY (/Kwh) 3 1 1% 0.30 0.10






C-EQUIPMENT 8 4 1% 0.80 0.40

CUSTOM-DUTIES 10 7 5% 5.00 3.50

C-INSURANCE 6 2 2% 1.20 0.40

Time 40%

CRANES 5 10 0.3% 0.13 0.25

C-LENGTH (feet) 7 10 1.5% 1.05 1.50

7 5 0.5% 0.35 0.25

7 9 0.5% 0.35 0.45

DOCKS 4 8 1.5% 0.60 1.20


AIRPORT* 2 2 0.5% 0.10 0.10

10 10 0.5% 0.50 0.50

8 3 0.5% 0.40 0.15

10 8 0.5% 0.50 0.40

8 1 0.5% 0.40 0.05

RAIL 9 1 0.5% 0.45 0.05

D-RAIL-PORT 10 10 0.5% 0.50 0.50

ROAD (kms) 7 2 1.0% 0.70 0.20

IMPROV (B USD) 2 7 2.0% 0.40 1.40

FDI (% of GDP) 2 10 0.5% 0.10 0.50

JOBS (Millions) 2 8 0.5% 0.10 0.40


GROWTH 3 7 0.5% 0.15 0.35

INTERNET (M) 8 5 0.5% 0.40 0.25

1 - CORRUP (/100) 9 5 1.0% 0.90 0.50

AGREE 6 8 1.0% 0.60 0.80


EASEDOING (Index) 9 7 1.0% 0.90 0.70


FR - Chile (nb days) 4 7 5.0% 2.00 3.50

FR - Brazil (nb days) 5 5 5.0% 2.50 2.50


100%

*


Miami Panama

Total Attractiveness Minerals (/100) 46 59

Attractiveness Cost Minerals (/100) 41 59

Attractiveness Time Minerals (/100) 55 59

Attractiveness Cost Minerals (/60) 24 36

Attractiveness Time Minerals (/40) 22 24

C-DEPTH (feet)


port(s) )


Wood


Cost 50%

LOADING 1 1 4% 0.42 0.42

UNLOADING 1 1 4% 0.42 0.42

FTZ (Km2) 1 10 1% 0.08 0.83


1 - INFLA 8 5 1% 0.67 0.42

PPP 9 2 1% 0.75 0.17

1000 - CRIME 5 6 1% 0.42 0.50

AGREEMENT 6 8 2% 1.00 1.33



C-WAGE (min/hour in 2013) 3 6 3% 0.75 1.50

C-ENERGY (/Kwh) 3 1 1% 0.25 0.08






C-EQUIPMENT 8 4 1% 0.67 0.33

CUSTOM-DUTIES 10 7 4% 4.17 2.92

C-INSURANCE 6 2 2% 1.00 0.33

Time 50%

CRANES 5 10 0.3% 0.16 0.31

C-LENGTH (feet) 7 10 1.9% 1.31 1.88

7 5 0.6% 0.44 0.31

7 9 0.6% 0.44 0.56

DOCKS 4 8 1.9% 0.75 1.50


AIRPORT* 2 2 0.6% 0.13 0.13

10 10 0.6% 0.63 0.63

8 3 0.6% 0.50 0.19

10 8 0.6% 0.63 0.50

8 1 0.6% 0.50 0.06

RAIL 9 1 0.6% 0.56 0.06

D-RAIL-PORT 10 10 0.6% 0.63 0.63

ROAD (kms) 7 2 1.3% 0.88 0.25

IMPROV (B USD) 2 7 2.5% 0.50 1.75

FDI (% of GDP) 2 10 0.6% 0.13 0.63

JOBS (Millions) 2 8 0.6% 0.13 0.50


GROWTH 3 7 0.6% 0.19 0.44

INTERNET (M) 8 5 0.6% 0.50 0.31

1 - CORRUP (/100) 9 5 1.3% 1.13 0.63

AGREE 6 8 1.3% 0.75 1.00


EASEDOING (Index) 9 7 1.3% 1.13 0.88


FR - Chile (nb days) 4 7 6.3% 2.50 4.38

FR - Brazil (nb days) 5 5 6.3% 3.13 3.13


100%

*


Miami Panama

Total Attractiveness Wood (/100) 48 55

Attractiveness Cost Wood (/100) 41 52

Attractiveness Time Wood (/100) 55 59

Attractiveness Cost Wood (/50) 20 26

Attractiveness Time Wood (/50) 28 30

C-DEPTH (feet)


port(s) )


Stone & Glass


Cost 60%

LOADING 1 1 5% 0.50 0.50

UNLOADING 1 1 5% 0.50 0.50

FTZ (Km2) 1 10 1% 0.10 1.00


1 - INFLA 8 5 1% 0.80 0.50

PPP 9 2 1% 0.90 0.20

1000 - CRIME 5 6 1% 0.50 0.60

AGREEMENT 6 8 2% 1.20 1.60



C-WAGE (min/hour in 2013) 3 6 3% 0.90 1.80

C-ENERGY (/Kwh) 3 1 1% 0.30 0.10






C-EQUIPMENT 8 4 1% 0.80 0.40

CUSTOM-DUTIES 10 7 5% 5.00 3.50

C-INSURANCE 6 2 2% 1.20 0.40

Time 40%

CRANES 5 10 0.3% 0.13 0.25

C-LENGTH (feet) 7 10 1.5% 1.05 1.50

7 5 0.5% 0.35 0.25

7 9 0.5% 0.35 0.45

DOCKS 4 8 1.5% 0.60 1.20


AIRPORT* 2 2 0.5% 0.10 0.10

10 10 0.5% 0.50 0.50

8 3 0.5% 0.40 0.15

10 8 0.5% 0.50 0.40

8 1 0.5% 0.40 0.05

RAIL 9 1 0.5% 0.45 0.05

D-RAIL-PORT 10 10 0.5% 0.50 0.50

ROAD (kms) 7 2 1.0% 0.70 0.20

IMPROV (B USD) 2 7 2.0% 0.40 1.40

FDI (% of GDP) 2 10 0.5% 0.10 0.50

JOBS (Millions) 2 8 0.5% 0.10 0.40


GROWTH 3 7 0.5% 0.15 0.35

INTERNET (M) 8 5 0.5% 0.40 0.25

1 - CORRUP (/100) 9 5 1.0% 0.90 0.50

AGREE 6 8 1.0% 0.60 0.80


EASEDOING (Index) 9 7 1.0% 0.90 0.70


FR - Chile (nb days) 4 7 5.0% 2.00 3.50

FR - Brazil (nb days) 5 5 5.0% 2.50 2.50


100%

*


Miami Panama

Total Attractiveness Stone and glass (/100) 46 55

Attractiveness Cost Stone and glass (/100) 41 52

Attractiveness Time Stone and glass (/100) 55 59

Attractiveness Cost Stone and glass (/60) 24 31

Attractiveness Time Stone and glass (/40) 22 24

C-DEPTH (feet)


port(s) )


Raw Hides, Skins, & Leather


Cost 65%

LOADING 1 1 5% 0.54 0.54

UNLOADING 1 1 5% 0.54 0.54

FTZ (Km2) 1 10 1% 0.11 1.08


1 - INFLA 8 5 1% 0.87 0.54

PPP 9 2 1% 0.98 0.22

1000 - CRIME 5 6 1% 0.54 0.65

AGREEMENT 6 8 2% 1.30 1.73



C-WAGE (min/hour in 2013) 3 6 3% 0.98 1.95

C-ENERGY (/Kwh) 3 1 1% 0.33 0.11






C-EQUIPMENT 8 4 1% 0.87 0.43

CUSTOM-DUTIES 10 4 7% 6.50 2.60

C-INSURANCE 6 2 3% 1.95 0.65

Time 35%

CRANES 5 10 0.4% 0.22 0.44

C-LENGTH (feet) 7 10 1.3% 0.92 1.31

7 5 0.4% 0.31 0.22

7 9 0.4% 0.31 0.39

DOCKS 4 8 0.9% 0.35 0.70


AIRPORT* 2 2 0.4% 0.09 0.09

10 10 0.4% 0.44 0.44

8 3 0.4% 0.35 0.13

10 8 0.4% 0.44 0.35

8 1 0.4% 0.35 0.04

RAIL 9 1 0.4% 0.39 0.04

D-RAIL-PORT 10 10 0.4% 0.44 0.44

ROAD (kms) 7 2 0.9% 0.61 0.18

IMPROV (B USD) 2 7 1.8% 0.35 1.23

FDI (% of GDP) 2 10 0.4% 0.09 0.44

JOBS (Millions) 2 8 0.4% 0.09 0.35


GROWTH 3 7 0.4% 0.13 0.31

INTERNET (M) 8 5 0.4% 0.35 0.22

1 - CORRUP (/100) 9 5 0.9% 0.79 0.44

AGREE 6 8 0.9% 0.53 0.70


EASEDOING (Index) 9 7 0.9% 0.79 0.61


FR - Chile (nb days) 4 7 4.4% 1.75 3.06

FR - Brazil (nb days) 5 5 4.4% 2.19 2.19


100%

*


Miami Panama

Total Attractiveness Raw Hides (/100) 47 51

Attractiveness Cost Raw Hides (/100) 43 47

Attractiveness Time Raw Hides (/100) 55 59

Attractiveness Cost Raw Hides (/65) 28 31

Attractiveness Time Raw Hides (/35) 19 21

C-DEPTH (feet)


port(s) )