Peru’s non-traditional shipments to Chile have risen 110.5% from 2009 —when the FTA went into effect— to 2015, making it the fourth destination for Peruvian exports, Foreign Trade Society (Comex Peru) reported.
The sectors that saw the strongest growth in this period were farming (244.1%), non-metallic mining (257.2%) and the chemical industry (115.3%).
However, the value of total exports to Chile fell 30% from US$1.54 billion in 2014 to US$1.07 billion in 2015.
This was mainly due to lower exports of copper ores and concentrates, flour, powders and fish pellets.
As for imports, their composition has not changed since 2009. Intermediate goods are the most imported ones (with US$659 million worth in 2015), followed by consumer goods (US$375 million) and capital goods (US$174 million).
Direct foreign investment
On the other hand, Chile is Peru’s main source of direct foreign investment in Latin America and the fourth one around the world.
According to Peru's Private Investment Promotion Agency (ProInversion), 15 out of the 100 most important firms that made capital contributions in the Inca country between 2011 and 2015 are Chilean. This neighboring nation is Peru's second largest investor, after Spain.
Likewise, Chile’s Department of International Economic Affairs (Direcon) said Peru is the second-largest destination for Chilean investment anywhere in the world, with a stock of US$16.4 billion until 2015.
Chile is one of the largest sources of Peru's remittances. According to Central Reserve Bank of Peru (BCR), remittances from the southern country have increased from US$82 million in 2007 to US$273 million in 2015.
(END) RGP/RGP/RMB
Published: 9/24/2016