Peru’s two-way trade with countries with which it has free trade agreements exceeded US$54bn in the first half, up 21.2% year-on-year, according to latest figures from the foreign trade and tourism ministry (Mincetur). Trade with such partners represented 91.6% of the total, while trade with countries without agreements fell 1.1%, influenced by a sharp drop in trade with Russia and Ukraine, after the former invaded the latter. Peru has 22 free trade agreements signed, among others, with the US, Mercosur, and the EU. It is also part of the CPTPP. China remains Peru’s top partner, with trade rising 6.9% in H1, followed by the US, with which trade grew 53.1%. Asian trade grew 7%, as exchange with India, South Korea, and Japan, rose 16%,13% and 8%. Free trade negotiations with India are ongoing.
Trade with Europe increased 18% on the back of a 353% rise in trade with the UK, which bought more natural gas. Bilateral trade with the EU, the third most important partner, grew 5.9%. Trade with members of the Mercosur bloc, the Andean Community and the Pacific Alliance increased 40.9%, 38.2% and 31.3%, Brazil being the highlight with a rise of 45.8%. The mining sector accounted for around 60% of exports, up 5.7%, representing US$18.4bn. The main items were copper, gold and zinc, growing 7.7%, 2.5% and 19.7%.