 Peru was the seat of several prominent Andean civilizations, most notably that of the Incas (whose empire was captured by the Spanish conquistadors in 1533). The country is the third largest in South America, located in Western South America, bordering the South Pacific Ocean, between Chile and Ecuador.
Key Industries: |
Petroleum Extraction and Refining, Natural Gas, Mining and Refining of Minerals/Metals, Fishing and Fish Processing, Textiles, Clothing, Food Processing, Steel, Metal Fabrication |
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Key Imports: |
Petroleum and Petroleum Products, Plastics, Machinery, Vehicles, Iron and Steel, Wheat, Paper
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Key Exports: |
Copper, Gold, Zinc, Crude Petroleum and Petroleum Products, Coffee, Potatoes, Textiles, Asparagus, Fishmeal |
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In 2008, the countrys leading markets for exports were US 20%, China 15.2%, Canada 8.3%, Japan 7%, Chile 5.8% and Brazil 4.2%. Key suppliers were US 23.4%, China 10.5%, Brazil 8.7%, Ecuador 6.4%, Chile 5%, Argentina 5%, Mexico 4.5%.
Peru and the U.S. signed the U.S.-Peru Trade Promotion Agreement (PTPA) in April 2006. The PTPA was ratified by the Peruvian Congress in June 2006, and by the U.S. Congress in December 2007. Several changes to its environmental and intellectual property laws were made to allow PTPA to enter into force, which occurred on February 1, 2009.
Commodities - Agriculture Manufacturing Telecommunications Construction Mining Private Investment Banking Exports Energy
The economy has shown strong growth over the past 7 years, averaging 6.8% a year, helped by 1) market-oriented economic reforms, 2) privatizations in the 1990s, and 3) programs since 2001 to promote trade and attract investment. The President and his economic team have continued these policies.
Recent expansion has been driven by construction, mining, private investment, exports, and domestic consumption. Inflation (annual average) jumped to 5.8% in 2008; fiscal surplus (third year in a row) was 2.1% of GDP. Peru's economy is well managed (better tax collection and growth increasing revenues, and expenditures keeping pace).
Private investment is rising and becoming more broad-based. The country achieved investment grade status in 2008. Administration is pursuing decentralization initiatives, and more focus on small businesses. Peru weathered the 2008 global financial crisis well.
Additional Resources:
www.amcham.org.pe
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Capital: |
Lima |
Key Cities: |
Cuzco, Tacna, Trujillo |
Population |
29.2 million (2008 E) |
GDP Growth % |
9.8 (08 E) |
GDP |
127.8 billion US$ (‘08 E) |
GDP per Capita |
4,477 US$ (‘08 E) |
Inflation Rate Change (%) |
3.5 (08 E/09 F) |
Exports |
31.2 billion
US$ (’08 E) |
Imports |
27.7 billion
US$ (’08 E) |
Exchange Rate
Local Currency-US$ |
2.85 (09) |
E = Estimate F = Forecast |
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