Friday, September 30, 2022

Profits arising from the trade agreement between Peru and Canada after the validity of 12 years

Next August 1, 2022 will be the 12th anniversary of the coming into force of the FTA signed between Peru and Canada. What are the benefits of this trade agreement?

According to the data of Sunat – explains Peruvian Foreign Trade Society (Comex Peru)The commercial exchange between Peru and Canada has accumulated a total of US$32,500 million since its implementation.

What did it mean -he limits the report Comex Peru– 38% increase in annual export value compared to figures reached in the years prior to the agreement. To which it is added that the commercial exchange has seen a significant rally till 2019, after consecutive periods of recession.

that year, say Comex Peru– The value of exports from Peru to Canada reached 2,445 million US dollars. There was no impediment in keeping the value of exports stable with COVID 2,425 million US dollars and imports reaching US$ 809 million, an increase of 18.5% compared to 2019.

As of May 2022 – meanwhile – Peru’s exports to Canada were US$1,025 million, down 10% compared to the same period in 2021, while imports reached US$406 million, meaning a rebound of 8%.

According to estimates, Peru exports to Canada Comex Peru, It may achieve a growth of 8% this year as compared to 2021.

-What does Canada buy from Peru-

With regard to conventional shipments from Peru to Canada, the report highlights that 93% are from the mining sector, with gold being the most important Peruvian product in the export basket, worth US$2,098 million in 2021 and between January and May 2022. 742.7 million US dollars.

With regard to non-traditional shipments, the agriculture, textile and fishing sectors are the ones leading the list with exports of US$165.7 million; US$62.8 million and US$39.5 million respectively in 2021.

According to Sunat data, shipments of Peruvian products to Canada last year came mainly from La Libertad. The value exported to the said sector was US$ 925 million, which is equivalent to 33% of the total and shows an increase of 28% as compared to what was shipped in 2022.

It is followed by Arequipa with shipments of US$416 million, Cajamarca (US$312 million), Ayacucho (US$248 million) and Lima (US$180 million).

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