Andina

Business opportunities for Peru identified in Hong Kong

Photo: Courtesy

Photo: Courtesy

11:00 | Lima, Aug. 14.

The Peruvian Exporters Association (Adex) identified additional trade opportunities for Peruvian exports with potential demand in Hong Kong's market, such as agro-industrial and textile-clothing products.

The exporting guild indicated that, according to Deputy Foreign Trade Minister Teresa Mera, a Free Trade Agreement (FTA) between Peru and Hong Kong is expected to be signed within the framework of the APEC 2024 Summit in November.

Gabriel Arrieta, Chief of Economic Studies and Business Intelligence at Adex's Global Business and Economics Research Center (Cien-Adex), stated that this trade agreement will provide predictability for future business and promote investments in various sectors (goods and services).

During the event "Peru-Hong Kong Trade Opportunities: A New Look at the Asian International Hub," organized recently by Adex, Arrieta noted that the South American nation exports grapes, blueberries, avocados, and other products, but these still hold greater potential, as do others.

The Adex officer also mentioned blueberries, pecans, tangerines, coffee beans, and quinoa (agribusiness); fish meal, frozen squid, and dried fish maw (fishing); cotton t-shirts, alpaca fiber yarn, cotton shirts with collars (textile and clothing); and selenium powder (others).

Likewise, he indicated that in 2023 Hong Kong was the 15th destination for Peruvian value-added products, accounting for 1.3% of the total. 

Similarly, 79% were agricultural products (traditional and non-traditional), 9% were industrial goods, and 7% fishery products (primary and for direct human consumption), among others.

"Grapes, blueberries, avocados, fishmeal, and lead minerals accounted for almost 81% of our total shipments to Hong Kong, so work is still pending to diversify our portfolio. The trade agreement will contribute to this goal," he said.

Arrieta noted there are other products imported by Hong Kong from other countries, which Peru could also sell. Some of these are wine, sauce preparations, bakery products, pastries or biscuits, beauty care products, perfumes, toilet waters, textile bags, veterinary medical instruments, and enameled jewelry.

In his welcoming remarks at the event, ADEX Chairman Julio Perez Alvan said the guild seeks to strengthen information exchange between Peruvian and Hong Kong institutions and companies, enabling them to generate specific strategies in favor of their growth.

Perez Alvan explained that Peruvian shipments to that economy totaled US$258 million in 2023. He added that the top three products were grapes (US$93 million), blueberries (US$84 million), and avocados (US$18 million), with positive variations of 9.5%, 7.1%, and 14%, respectively.

First half of 2024

According to figures from the ADEX Data Trade Intelligence System, shipments to Hong Kong totaled US$126.24 million between January and June 2024 (+22.7%).

Traditional shipments, which amounted to US$46 million, saw a remarkable rise of 1,677.1%, driven by gold and fishmeal.

Meanwhile, non-traditional shipments, totaling US$80 million, decreased by 20.2%.

Hong Kong financial hub

Hong Kong is recognized as a top-tier global financial hub, offering businesses access to financing and a simplified tax system. Its strategic location facilitates connections with China and the rest of Asia.

The Peru-Hong Kong agreement includes 14 chapters, with topics related to market access, rules of origin, sanitary and phytosanitary measures, trade in services, electronic commerce, investment, cooperation, trade facilitation, and others.

(END) NDP/MVB

Publicado: 14/8/2024