Peru aiming for record US$52bn exports in 2019

Peru, which posted record export revenue in 2018, expects to see even higher exports this year thanks to rising shipments of commodities and manufactured goods, a senior government official said.

Exports rose 7.5% to US$47.7bn last year, with foreign sales of manufactured goods increasing 12.6% to US$13.2bn, also a record, Foreign trade minister Edgar Vásquez said. Copper wire was one of Peru's top manufactured products, bringing in US$185mn. Peru also reported US$7.5bn in revenues from services last year.

At least 45 markets imported more Peruvian goods than ever before, with 829 products posting record shipments, according to the ministry. China was Peru's largest trading partner, with US$13.2bn exports sent, followed by the US (US$7.92bn) and the EU (US$7.24bn).

Peru, which has created nearly 8,000 export firms, has benefitted from signing free trade agreements with markets such as the US, Canada, China, Japan, South Korea and the European Union, which account for 89% of its sales abroad. Trade accords currently under negotiation include India, Australia and the Trans-Pacific Partnership (TPP), Vásquez said.

"Our challenge is to break the record again in 2019," Vásquez said at an event in Lima. "This is a goal that cannot only be reached, but even surpassed."

Metals exports totaled US$28.9bn last year, followed by agricultural produce (US$6.66bn), hydrocarbons (US$3.36bn) and fishing (US3.26bn), according to the central bank.

Torrential rains have caused widespread damage to roads and bridges in the southern Andes this month, however, blocking access to markets for exporters.

"We're undergoing a climatological phenomenon with rains and flooding and there's no denying that this is going to affect us. We have to prepare the regions," Juan Varilias, head of exporter association Adex, told BNamericas on the sidelines of the event. "The lack of infrastructure – highways, bridges, connectivity – makes us less productive and competitive," he added.