Peru's economy is classified by the World Bank as an upper middle class economy. It is also the 39th largest economy in the world. Thanks to the economic reforms that took place in the 2000s, Peru has become one of the fastest growing economies in the world.
Exit
Peru's largest export partners are China (34%), the United States (11%), Switzerland (7%), South Korea (6%) and India (6%). Canada and Chile are also important export partners of Peru. Since Peru is a resource-rich country, it is related to both economic stability and social and environmental instability. With the government providing ready resources and multinational operations within Peru, the problem is unlikely to go away anytime soon.
Import
In 2017, Peru imported US$38 billion worth of goods, making it the 54th largest importer in the world. The main commodities Peru imports include petroleum/petroleum products, chemicals, plastics, machinery, wheat, corn, soy products, vehicles, televisions, front-end loaders, telecommunications equipment and telephones, paper, cotton and pharmaceuticals.
Many of Peru's imports come from China and the United States. Some other import partners include Argentina, Chile, Colombia, Ecuador, Mexico, Brazil and Japan.
U.S. Peru Trade Bond
In 2006, Peru and the United States signed the U.S.-Peru Trade Promotion Agreement (PTPA). While the agreement was ratified in June 2006, the revised protocol entered into force in June 2007. In December 2007, the Agreement Implementation Law became law and was officially implemented in February 2009.
In 2017, Peru’s trade in goods and services with the United States reached $20.1 billion. Exported goods were US$11.3 billion and imports were US$8.8 billion. In 2018, the U.S. and Peru recorded a trade surplus of $1.8 billion in goods. In 2017, the U.S. and Peru had a trade surplus of $1.2 billion in services.
The GDP of Peru in 2018 was approximately US$ 225.2 billion. U.S. foreign direct investment (FDI) in Peru in 2017 was $6.4 billion in stock terms. This direct investment is dominated by mining, manufacturing and non-bank holding companies.
