The United States and Peru signed the United States-Peru Trade Promotion Agreement (PTPA) on April 12, 2006. The Peruvian Congress ratified the Agreement in June 2006 and a Protocol of Amendment in June 2007. On December 14, 2007, the U.S.-Peru Trade Promotion Agreement Implementation Act became law, and the PTPA entered into force on February 1, 2009.
The PTPA is a comprehensive free trade agreement. The PTPA will result in significant liberalization of trade in goods and services between the United States and Peru. Under the PTPA, Peru immediately eliminated most of its tariffs on U.S. exports, with all remaining tariffs phased out over defined time periods.
The PTPA removes barriers to U.S. services, provides a secure, predictable legal framework for investors, and strengthens protection for intellectual property, workers, and the environment. The PTPA is the first agreement in force that incorporates groundbreaking provisions concerning the protection of the environment and labor rights that were included as part of the Bipartisan Agreement on Trade Policy developed by Congressional leaders on May 10, 2007.
U.S.-Peru Trade Facts
Peru is currently our 42nd largest goods trading partner with $14.9 billion in total (two way) goods trade during 2011. Goods exports totaled $8.3 billion; Goods imports totaled $6.6 billion. The U.S. goods trade surplus with Peru was $1.7 billion in 2011.
Peru was the United States= 30th largest goods export market in 2011.
U.S. goods exports to Peru in 2011 were $8.3 billion, up 23.4% ($1.6 billion) from 2010, and up 402% from 2000. U.S. exports to Peru are up 35% from 2008 (Pre-FTA).
The top export categories (2-digit HS) in 2011 were: Machinery ($2.0 billion), Mineral Fuel (oil) ($1.6 billion), Electrical Machinery ($739 million), Plastic ($556 million), and Vehicles ($430 million).
U.S. exports of agricultural products to Peru totaled $844 million in 2011. Leading categories include: wheat ($318 million), cotton ($215 million), soybean oil ($36 million), and dairy products ($36 million).
Peru was the United States= 44th largest supplier of goods imports in 2011.
U.S. goods imports from Peru totaled $6.6 billion in 2011, a 30.6% increase ($1.5 billion) from 2010, and up 231% from 2000. U.S imports from Peru are up 14% from 2008 (Pre-FTA).
The five largest import categories in 2011 were: Mineral Fuel (oil) ($1.6 billion), Precious Stones (gold and silver) ($1.0 billion), Knit Apparel ($681 million), Copper ($512 million), and Spices, Coffee, and Tea (mostly coffee) ($433 million).
U.S. imports of agricultural products from Peru totaled $1.3 billion in 2011. Leading categories include: Coffee (unroasted) ($370 million), Processed Fruit and Vegetables ($271 million), Fresh Vegetables ($232 million), and Fresh Fruit (excluding bananas) ($172 million),
The U.S. goods trade surplus with Peru was $1.7 billion in 2011, a 2.0% increase ($34 million) over 2010.
U.S. foreign direct investment (FDI) in Peru (stock) was $7.8 billion in 2011, a 21.8% increase from 2010.
U.S. direct investment in Peru is primarily in the mining sector.
Peru FDI in the United States (stock) was $234 million in 2011, up 30.0% from 2010.
There is no information on the distribution of Peru FDI in the United States.