The
Ministry of Foreign Trade and Tourism (Mincetur) on Thursday reported that services exports increased for the third consecutive year to reach US$5.736 billion between January and December 2023.
It should be pointed out that services exports grew 8.4% in 2021, 68.4% in 2022, and 15.6% in 2023.
The increase in exports linked to inbound tourism (22.7%), as well as in the travel (23.5%) and passenger transportation (20.6%) sectors, stands out among the reasons for this significant result.
Also of note is the rise in exports in the communications (12%), insurance/reinsurance (11%), other transport (6%), as well as non-traditional services or modern services (5%) sectors, which in recent decades, has become technically feasible and economically profitable for cross-border supply thanks to the deployment of Internet and broadband.
The latter was able to recover after a 12.8% drop in 2020 (US$996 million) and totaled US$1.104 billion in 2023, reaching a level close to that of 2019 (US$1.142 billion).
The importance of its growth lies in its ability to offer opportunities that allow differentiation and add value to exports of goods, job creation, labor inclusion of women and young people, among others.
Actions to promote trade in services
Mincetur has been managing the reactivation of Multisectoral Committee for the Development of Foreign Trade in Services, with the aim of promoting the development of modern services exports.
To that end, the above-mentioned government agency is working in coordination with member entities, such as PromPeru, MEF, Produce, Minedu, MRE, Proinversion and the INEI, on behalf of the public sector; as well as ADEX, CCL and the SNI, on the private sector side.
(END) NDP/JJN/RMB
Published: 3/28/2024