Jumpstart Your Product Export Sales to Peru
Peru remains one of world's best performing economies in the last decade with its GDP (Gross Domestic Product) reporting positive rates in 2022 despite exchange rate fluctuations. Peru is also one of the main destinations for U.S. agricultural exports in South America with a total of over $955 million in exported agricultural products between January and November 2022. Reports also show over $255 million in processed foods exported to Peru in that period.
Peru's food processing industry accounts for almost 28% of the industrial GDP and the gross value added reached $9.1 billion by the end of 2021. This growth is directly linked to the developments in the food retail and food service sectors. Food service operations have been restored since 2020 and continue to develop given more payment options, the expansion of delivery services, and the return of patrons to restaurants. Peru's modern food retail sector was projected to grow by 5.3% in 2022 as consumers reverted to pre-pandemic purchasing habits and investors directed their efforts to enhancing e-commerce services, store formats, and discount campaigns to encourage sales.
The United States-Peru Free Trade Agreement (PTPA), implemented in 2009, eliminates tariffs and removes barriers to U.S. services. The agreement provides a secure legal framework for investors, and protects intellectual property, workers, and the environment. Under the PTPA, more than two-thirds of current U.S. farm exports became duty-free, increasing opportunities for U.S. agricultural exports to Peru. Tariffs on most U.S. farm products will be phased out within 15 years, with all tariffs eliminated by 2026.
U.S. Food & Agricultural Product Imports to Peru, By the Numbers
- U.S. Agricultural Products - US$957 million (2022)
- U.S. Processed Foods - US$255 million (2022)
Updated export data from US-Peru 2022 (Jan/Nov) (Source GATS)