The trade balance between Peru and India reached US$1.733 billion in 2016, thus growing 8% over 2015.
For the first time, the said balance posted a US$127-million surplus for the Inca nation, since exports to India (US$930 million) exceeded imports (US$803 million), the Embassy of India in Peru informed.
Peruvian exports
In the case of Peruvian shipments to India, traditional exports (US$846.6 million) largely surpassed non-traditional ones (US$83.3 million), a report by the Foreign Trade and Tourism Ministry revealed.
Peru's traditional exports were led by the mining sector at US$831.5 million, with gold (US$447.8 million) and copper (US$380.6 million) shipments posting the greatest increase (26% and 78%, respectively).
As for non-traditional shipments, natural calcium phosphates (US$66.2 million), acrylic cables (US$4.5 million), fresh grapes (US$1.4 million) and tara powder (US$800,000) stood out.
Peruvian imports
On the other hand, most-demanded imports from India were piston-engine vehicles (US$83.6 million), passenger vehicles (US$53.5 million) and motorcycles with auxiliary engines (US$29.7 million).
These were followed by capital goods such as iron and steel towers and headframes (US$36.1 million), as well as sugar industry machinery (US$7.4 million).
Most-imported intermediate goods were flat iron or steel products (US$35.7 million) and single yarns (US$32 million).
Free Trade Agreement
This week, a Peruvian delegation led by Deputy Foreign Trade Minister Edgar Vasquez held the first technical meetings towards FTA negotiations with Indian counterparts in New Delhi.
In light of the countries' growing ties, the Indian Government will hold the 2017 Indian Fair on March 18-26 at Lima's Jockey Club Center.
At the event, a total of 80 Indian enterprises will offer products for direct consumption while showcasing its ancient and modern customs.
(END) NDP/DHT/MVB