Agricultural exports stand out as they increased by 224%

Trade between Peru and the US has doubled in the last ten years

Trade between Peru and the US has doubled since the commercial agreement between both countries entered into force ten years ago, amounting last year to 17.8 billion dollars. The first ten years of the signing of that pact have been a turning point in the bilateral relationship and have been the definitive boost to the agreements signed by Peru with the rest of the world.

A decade ago, Peruvian exports mostly consisted of mining and textile products, but opening up to the world meant creating niches for products, such as blueberries, which are currently the country's agricultural export star product.

The Minister of Foreign Trade and Tourism, Edgar Vasquez, stressed that, despite the complex and decelerated global scenario, non-traditional exports are going through a positive moment which has allowed Peru to project its GDP growth in 2019 at 2.5%.

In 2004, Ecuador, Peru, and Colombia began negotiating a free trade agreement (FTA) with the US, however, due to disagreements, Ecuador abandoned negotiations as of 2006. Fourteen years later, the Ecuadorian authorities have tried to strengthen the bilateral relationship that in 2018 (adding exports and imports) reached 11.9 billion dollars. The country took a great step when it activated the Trade and Investment Council (TIC) in November last year, which will unlock several issues related to investment, trade, and cooperation; a process that, many entrepreneurs expect, will serve as a route to finalize a trade agreement that will allow Ecuador level the field with its neighboring countries.

According to official data, Peruvian exports to the US between 2009 and 2018 increased by 66%. Nontraditional exports increased by 134% and agricultural exports grew by 224%.

 

Source: expreso.ec 


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