Peruvian exports to the United States increased 30% since the Free Trade Agreement (FTA) —between both countries— entered into force eight years ago, private-run Foreign Trade Society (ComexPeru) stressed.
ComexPeru noted this agreement —which became valid on February 1, 2009— has been essential for the taking off of Peruvian exports.
In this sense, non-traditional farming exports grew 161.1%.
Between 2009 and 2016, national shipments to the U.S. market on average increased by 3.8% per year.
Thus, the North-American country became the second-most important destination for Peruvian exports in 2016, accounting for 22% of the total.
"The United States has become Peru's top business partner for our non-traditional exports, which entail higher added value and lead to job creation. There's no doubt about it," it underlined.
Non-traditional exports registered a 97% cumulative increase by rising from US$1.568 billion (2009) to US$3.090 billion (2016).
Among these exports, farming shipments stood out significantly. They currently account for 49% of non-traditional exports to the mentioned country and have maintained sustained growth, having expanded from US$580 (2009) to US$1.541 billion (2016), with an annual growth rate of 14.7%.
Raw material imports from the United States registered an important increase between 2009 and 2016. Said shipments expanded from US$1.617 billion to US$2.284 billion, with a cumulative growth rate of 41.7%.
In addition, raw material imports for agriculture experienced a 56.3% rise climbing from US$186 million to US$291 million.
"The FTA has proved to be more than beneficial for our foreign trade and our economy in general," it added.