Peru

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 $11.8 billion in total (two way) goods trade during 2010. Goods exports totaled $6.7 billion; Goods imports totaled $5.1 billion. The U.S. goods trade surplus with Peru was $1.7 billion in 2010.

Exports

Peru was the United States' 34th largest goods export market in 2010.

U.S. goods exports to Peru in 2010 were $6.7 billion, up 37.2% ($1.8 billion) from 2009, and up 380% from 1994 (the year prior to Uruguay Round). U.S. exports to Peru are up 9% from 2008 (Pre-FTA).

The top export categories (2-digit HS) in 2010 were: Machinery ($1.6 billion), Mineral Fuel (oil) ($981 million), Electrical Machinery ($588 million), Plastic ($542 million), and Vehicles ($381 million).

U.S. exports of agricultural products to Peru totaled $518 million in 2010. Leading categories include: wheat ($173 million), cotton ($148 million), coarse grains ($109 million), and soybean meal ($76 million).

Imports

Peru was the United States' 44th largest supplier of goods imports in 2010.

U.S. goods imports from Peru totaled $5.1 billion in 2010, a 20.6 % decrease ($869 million) from 2009, and up 507% over the last 16 years. U.S imports from Peru are down 12% from 2008 (Pre-FTA).

The five largest import categories in 2010 were: Mineral Fuel (oil) ($1.2 billion), Copper ($691 million), Knit Apparel ($636 million), Precious Stones (gold and silver) ($599 million), and Tin ($322 million).

U.S. imports of agricultural products from Peru totaled $973 million in 2010. Leading categories include: Fresh Vegetables ($238 million), Coffee (unroasted) ($213 million) Processed Fruit and Vegetables ($212 million).

Trade Balance

The U.S. goods trade surplus with Peru was $1.7 billion in 2010, a 138.2% increase ($961 million) over 2009.

Investment

U.S. foreign direct investment (FDI) in Peru (stock) was $6.2 billion in 2009 (latest data available), a 30.6% increase from 2008.

U.S. direct investment in Peru is led by the mining sector.

Peru FDI in the United States (stock) was $45 million in 2009 (latest data available).

There is no information on the distribution of Peru FDI in the United States.