Exporting to Peru - Market Overview Peru - Market Overview
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Peru continues to lead Latin America as one of the fastest growing economies in the region, with an average annual growth rate of 5 percent per year between 2005 and 2017. The government recently cut its 2019 growth projections to under 3 percent based on slowing natural resource demand, lower commodity prices and reduced public investment, but projects an uptick to 4 percent in 2020. Peru’s export-oriented growth model, coupled with its mining and agricultural sectors, continues to produce solid growth despite Peru’s ongoing challenges in reducing corruption, increasing productivity, and improving infrastructure. The central government has initiated plans for Public-Private Partnership infrastructure projects and announced an updated catalog of 51 projects valued at $ 9.2 billion, to be realized between 2019 and 2022 (ProInversion). As the economy has grown, poverty in Peru has steadily decreased, falling by more than half. According to the Peruvian Informatics and Statistics Agency (INEI) poverty levels fell from 56% in 2005, 21.7% in 2017 and 20.5% in 2018. Peru’s steady economic growth began with the pro-market policies enacted by former President Alberto Fujimori in the 1990s. All subsequent governments have continued those policies, including current President Martín Vizcarra. Peru’s currency, the Sol (PEN), has been among the least volatile of all Latin American currencies in the past few years. Since the mid-1990’s, the PEN’s exchange rate with the USD has fluctuated between 1.25 and 3.55. The PEN averaged 3.35/USD on September, 2019. In its Doing Business 2019 publication, the World Bank ranked Peru 68th among 190 countries surveyed in terms of ease of doing business. The report rates the ease of processes like starting a business, dealing with construction permits, registering property, and obtaining credit. For the complete report please see Doing Business in Peru.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.