According to allcitypopulation, Peru is a country located in the western part of South America, bordered by Ecuador and Colombia to the north, Brazil to the east, Bolivia to the southeast, Chile to the south and the Pacific Ocean to its west. Peru is home to 28 million people and has a diverse geography that includes coastal plains, high mountains, rain forests and deserts. The Peruvian economy is largely dependent on agriculture and mineral extraction. The country is one of Latin America’s most prominent producers of cotton, sugar cane and cocoa. It also has significant exports of copper, gold and silver as well as fishmeal products. Peru’s service sector has grown significantly in recent years and now accounts for more than half of GDP. Tourism is also an important industry with Machu Picchu being one of its major attractions. The economy has been growing steadily with GDP growth above 6 percent in recent years and inflation falling to single-digit levels. Peru has continued to reduce poverty rates with over 3 million people lifted out of poverty between 2015-2018 alone. The government has implemented reforms such as investment promotion policies, social protection programs for vulnerable populations and increased access to finance for small businesses which have all helped reduce inequality levels in Peru. According to Petwithsupplies, the capital city of Peru is Lima with a population of 8,617,000. Other major cities include Arequipa (861,100 residents), Trujillo (788,200), Chiclayo (594,750), Piura (413,300), Cuzco (420,100).
Foreign Trade of Peru
Peru is a major player in international trade with exports of goods and services accounting for more than 60 percent of its GDP. Peru’s main export partners are China, the United States, Canada, Japan and Brazil. The most important exports from Peru are copper, gold and silver ore, fishmeal products, coffee and cocoa beans. Peru is an important supplier of food products to many countries in the region. In terms of imports, the country relies heavily on manufactured goods such as machinery and transport equipment as well as chemicals and fuels. The main import partners are China, the United States, Brazil and Colombia. Peru has seen an increase in foreign direct investment (FDI) over the last decade due to its strong economic growth prospects. FDI inflows have been mainly directed towards mining activities but also into manufacturing and other sectors such as telecommunications and finance. The government has implemented reforms aimed at making it easier for companies to invest in Peru including reducing bureaucratic procedures for setting up businesses as well as providing tax incentives to foreign investors.
Major Trading Partners of Peru
Peru’s main trading partners are China, the United States, Canada, Japan and Brazil. Trade between Peru and China has grown significantly in recent years, with China being Peru’s top export market since 2018. The majority of exports to China are copper ore, fishmeal products and coffee. In 2020, Peru exported goods worth US$9.9 billion to China while imports from China amounted to US$6.2 billion. The United States is the second largest trading partner of Peru with total exports of US$8 billion in 2020 while imports from the US were worth US$3.3 billion. The main exports from Peru to the US are gold ore, fishmeal products and copper ore while imports include machinery and transport equipment as well as chemicals and fuels. Canada is also an important trading partner for Peru with exports of US$1.4 billion in 2020 while imports were valued at US$1 billion. Major exports from Peru to Canada include copper ore, coffee beans and fishmeal products while major imports include machinery and transport equipment as well as chemicals and fuels.
Japan is another key trading partner for Peru with total exports amounting to US$2 billion in 2020 while imports stood at US$2.7 billion during the same period. Major exports from Peru to Japan include copper ore, fishmeal products and coffee beans while major imports include machinery and transport equipment as well as chemicals and fuels. Finally, Brazil is also an important trading partner for Peru with total exports amounting to US$541 million in 2020 while imports stood at US$753 million during the same period. Major exports from Peru to Brazil include gold ore, copper ore and fishmeal products while major imports include machinery and transport equipment as well as chemicals and fuels.
Major Imports and Exports of Peru
Peru’s major exports include copper ore, gold ore, fishmeal products and coffee beans. Copper ore is the most exported commodity from Peru and accounted for 28.6% of total exports in 2020 with a value of US$7.2 billion. Gold ore is the second largest export commodity from Peru and accounted for 15.9% of total exports in 2020 with a value of US$3.9 billion. Fishmeal products are the third largest export commodity from Peru and accounted for 11.5% of total exports in 2020 with a value of US$2.9 billion, while coffee beans account for 4% of total exports in 2020 with a value of US$1 billion.
Peru’s major imports include machinery and transport equipment, chemicals and fuels as well as electrical equipment and iron or steel products. Machinery and transport equipment are the most imported goods into Peru accounting for 24% of total imports in 2020 with a value of US$7 billion while chemicals and fuels account for 18% of total imports in 2020 with a value of US$5 billion during the same period. Electrical equipment accounts for 13% of total imports into Peru with a value of US$4 billion while iron or steel products account for 10% with a value of US$3 billion during the same period.