Peruvian exports to China grew at average annual rate of 12.7%

Peruvian exports to China grew at average annual rate of 12.7%

LIMA, May 25 (NNN-ANDINA) — The Ministry of Foreign Trade and Tourism (Mincetur) has reported that the value of Peruvian exports to China grew at an average annual rate of 12.7%, in the 13 years in which the bilateral Free Trade Agreement (FTA) has been in force.

The government agency explained that, during this period, shipments of traditional products increased 12.8%.

At the forum “13 Years since Peru-China FTA Entered into Force: Analysis, Commercial Results, and Investment”, organized by the Peruvian Chinese Chamber of Commerce, the sector’s head, Juan Carlos Mathews, highlighted that shipments to said Asian market reached US$20.674 billion in 2022, of which 98.6% were products included in the duty-free access categories.

“It is important to highlight the growth of non-traditional shipments, which have the highest added value and generate more employment. They have grown at an average annual rate of 11% during the 13 years of the FTA implementation, with the mechanical metal and farming segments standing out for their growth of 29% and 27%, respectively,” he said.

Likewise, Mathews explained that 923 new products exported to said market have been registered over the course of the 13 years that the Peru-China FTA has been in force.

Of these products, 96.6% belong to the non-traditional sector. The highlights included the segments of metal-mechanics, which accounted for 27.3% of the total, as well as textiles (16.3%), chemicals (15.7%), and farming (12%). In the case of the latter, 111 new products have been exported.

The government official emphasized that China has been Peru’s main trading partner for the past eight consecutive years.

In 2022, trade with China reached US$34.8 billion, with the main products exported being copper and iron. In said year, farming sales amounted to US$300 million, with the main goods being blueberries, grapes, avocados, and tangerines.

In terms of investment, China stands out as the Asian country with the highest foreign direct investment in Peru.

Thus, in the last 20 years, Peru has received more than US$13 billion in foreign investment from said country, generating more than 18,000 jobs through 32 registered projects.


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