Peru's non-traditional exports grew at an annual average rate of 15% since the Peru-South Korea FTA entered into force in August, 2011, the Association of Peruvian Exporters (Adex) reported.
Sub-sectors that experienced the fastest growth since the
FTA came into effect are chemicals (41%), farming and agro-industry (40%), non-metallic mining (25%), wood (16%) and textiles (10%).
The fisheries sector climbed 7% and garments 5%. The iron and steel industry export figures remained unchanged and the metal-mechanic sector contracted 22%.
According to the Adex Data Trade Business Intelligence System, major value added products exported to South Korea include giant squid, fresh grapes, mangoes, fish fillets, yarn of fine alpaca hair, shrimps, fine alpaca hair, among others.
Peru enjoys a comfortable trade balance with South Korea. In 2016, it favored Peru, since exports to the Asian nation amounted to US$1.39 billion, whereas imports totaled US$1.2 billion.
Nevertheless, Adex head Juan Varilias said the South Korean market still poses a challenge to value-added supplies, among which agro-industry and fisheries stand out.
(END) RGP/RGP/RMB
Published: 5/28/2017