The economic bloc comprising Chile, Colombia, Mexico and Peru or Pacific Alliance is expected to grow 3.1% and 4.5% in 2017 and 2018, respectively, while imports are set to expand 5.9% and 6.1% in each case in line with state members' growth, the Lima Chamber of Commerce (CCL) informed.
Imports from the Pacific Alliance member countries totaled US$553 billion last year, which was an 8.9% fall.
Nevertheless, a recovery process will be initiated this year with growth rates set to remain positive through 2018.
“A 1% increase is expected this year, taking into account there has been no drastic depreciation of the sol against the dollar,” CCL Executive Director Cesar Peñaranda pointed out.
Imports from Mexico, Chile, Colombia and Peru reached to US$402 billion, US$59 billion, US$52 billion and US$39 billion, respectively.
Imports will rise 5.9% and 6.1% in 2017 and 2018, respectively, keeping pace with the growth of state members, which is estimated to be 3.1% and 4.5%.
“There are two factors that explain this evolution: the slow recovery of the economic activity and the depreciation rate of currencies against the dollar, which raises the price of external purchases,” Peñaranda explained.
The global economic downturn started in 2012 and has become more marked in the last two years.