Bilateral trade between Peru and Spain expanded by more than 50% in 2017, a study conducted by EAE Business School has revealed.
According to the report titled "Trade relations between Spain and Latin America in 2017," Spanish shipments to Peru increased 50.6% last year.
Similarly, imports from the Inca country saw a 51.8% rise, the highest rate —in terms of trade— registered in the entire region.
"In 2017,
Spain managed to expand both exports and imports with the Colombia-Peru axis, with which it has (signed) various trade and economic partnership agreements, increasing its trade surplus by 44% compared to 2016," the report read.
"This rise in exports to Peru has been particularly significant over the recent year thanks to its great economic strength (…)," the business school added.
The study also indicated both, Peru and Colombia, have registered high economic growth figures over the past two decades and enjoy a strategic position as a gateway to the Asia-Pacific region.
It must be noted Spain's total exports and imports to/from Latin America grew 12.5% and 25%, respectively, in 2017.
Plus, the European country posted a trade balance deficit of €1.742 billion (about US$2.043 billion).