My guess is that it is the factory overflow.
This will fill up with water a bit as it vents air during the fill up. Mine does the same thing. If it is the factory location then when the trailer is closed the vent will drip water down between the the two sidewalls as the water is sloshing around.
Since I installed an under the trailer filler hose (with hose bib) and since I almost always use the storage tank (also 40 gallons) I also relocated the air vent under the trailer by running a hose down from the overflow port strait down to the bottom of the trailer next to my filler hose so I can watch it and as it fills near the top it will splash out water bubbles mixed with air and I stop the fill process a bit early. I guess I am perhaps not getting the full 40 gallons but a couple gallons short is good worry insurance while I drive down the road wondering IF the water is leaking out all inside the trailer.
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