Peru

The United States and Peru signed the United States-Peru Trade Promotion Agreement (PTPA) on April 12, 2006. Peru's Congress ratified the Agreement in June 2006 and a protocol of amendment in June 2007. On December 14, 2007, President Bush signed into law the PTPA Implementation Act which approved the PTPA. 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 also includes important disciplines relating to: customs administration and trade facilitation, technical barriers to trade, government procurement, services, investment, telecommunications, electronic commerce, intellectual property rights, and labor and environmental protection.

U.S.-Peru Trade Facts

Peru is currently our 42nd largest goods trading partner with $12.0 billion in total (two way) goods trade during 2008. Goods exports totaled $6.2 billion; Goods imports totaled $5.9 billion. The U.S. goods trade surplus with Peru was $371 million in 2008.

Exports

Peru was the United States' 35th largest goods export market in 2008.

U.S. goods exports to Peru in 2008 were $6.2 billion, up 50.1% ($2.1 billion) from 2007, and up 339% from 1994 (the year prior to Uruguay Round).

The top export categories (2-digit HS) in 2008 were: Machinery ($1.6 billion), Mineral Fuel (oil) ($1.2 billion), Electrical Machinery ($572 million), Plastic ($511 million), and Vehicles ($243 million).

U.S. exports of agricultural products to Peru totaled $425 million in 2008. Leading categories include: wheat ($127 million), cotton ($82 million), and coarse grains ($42 million).

Imports

Peru was the United States' 46th largest supplier of goods imports in 2008.

U.S. goods imports from Peru totaled $5.8 billion in 2008, a 10.3% increase ($541 million) from 2007, and up 592% over the last 14 years.

The five largest import categories in 2008 were: Mineral Fuel (oil) ($1.3 billion), Precious Stones (silver and gold) ($978 million), Copper ($937 million), Knit Apparel ($750 million), and Tin ($366 million).

U.S. imports of agricultural products from Peru totaled $817 million in 2008. Leading categories include: Processed Fruit and Vegetables ($204 million), Fresh Vegetables ($184 million), and Coffee (unroasted) ($169 million).

Trade Balance

The U.S. goods trade balance with Peru went from a deficit of $1.1 billion in 2007, to a trade surplus of $371 million in 2008.

Investment

U.S. foreign direct investment (FDI) in Peru (stock) was $6.8 billion in 2007 (latest data available), a 41.5% increase from 2006.

U.S. direct investment in Peru is primarily concentrated in the mining sector.

Peru FDI in the United States (stock) was $209 million in 2007 (latest data available).