Peru's FTA with South Korea boosts value-added exports

The FTA between Peru and South Korea, which has been in force since August 2011, boosted Peru's value-added exports to that Asian nation, as they amounted to US $140,569,000 between January and August of this year, i.e. 99% more than in the same period of 2011, when the country didn't have that trade agreement, the Association of Exporters (ADEX) stated.

The president of the guild and of the Peru-Korea Business Council, Juan Varilias Velasquez, said that the agroindustrial and fishing offer continued to have a very good acceptance in that market. "Their population prioritizes health and appearance. As a result, Brazilian nuts, mangoes, grapes, cacao, bananas, hydrobiological species; and aguaymanto, which is used in cosmetics, are part of the Peruvian exportable offer to that market," he said.
He added that manufacturing had a small presence in that country, mainly the chemical subsector, and that the country should work harder to make the industrial sector competitive to increase the country's growth.
Agricultural exports totaled US $ 52,654,000, i.e. more than 2,200% more than US $2,210,000 achieved in the same period of 2011. The most outstanding exports were of Brazilian nuts (US $17,188,000), uncooked or steamed mangoes (US $5,899,000), fresh grapes, cocoa beans, and bananas.

Annual numbers
According to ADEX, Peruvian exports of added value products to South Korea in 2016 amounted to US $160,428,000, i.e. 22.1% more than in 2015. It was the third consecutive year of growth to that destination. 
In 2016 the Peruvian fishing sector recovered as it achieved US $85,978,000, an amount higher than that the US $69,973,000 achieved in 2015 due to a lower catch of hydrobiological species. Agricultural exports (US $49,306,000) grew by 27.6%.
The Free Trade Agreement (FTA) between Peru and South Korea was signed on March 21 by the Minister of Foreign Trade and Tourism, Eduardo Ferreyros, and the Korean Minister of Commerce, Kim Jong-Hoon. It entered into force on August 1, 2011.
To bear in mind:
Fishing and agriculture accounted for just over 85% of total non-traditional products shipped to South Korea.

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