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ECONOMIC OVERVIEW |
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The economy of Peru has shown strong growth over the past five years. It is strongly based on natural resources in fields such as mining, fishing and agricultural. There has been noticeable increase in services and high technologies. In 2007, the Peruvian economy grew at 9%, the largest growth rate in all of South America. Recent economic expansion has been driven by construction, mining, export growth, investment, and domestic demand. Inflation is low at about 3% and under control. Peru’s economy is well managed. Private investment is rising and becoming more broad-based. The GDP growth rate is expected to be over 6% among the highest in the region. |
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Location
Western South America, bordering the South Pacific Ocean, between Chile and Ecuad. |
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Natural Resources
Copper, silver, gold, petroleum, timber, fish, iron ore, coal, phosphate, potash, hydropower, natural gas. |
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| Economy |
| GDP - real growth rate |
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9% |
| GDP - per capita |
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USD 7,800 |
| GDP – composition by sector |
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| Agriculture |
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8.4% |
| Industry |
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25.6% |
| Services |
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66% |
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Industries
Mining and refining of minerals, steel, metal, fabrication, petroleum extraction and refining, natural gas, fishing and fish processing, textiles, clothing, food processing. |
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| Industrial production growth rate |
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9.3% |
| Labor force – by occupation |
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USD 7,800 |
| GDP – composition by sector |
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| Agriculture |
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9% |
| Industry |
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18% |
| Services |
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73% |
Exports |
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USD 27.96 billion (FOB) |
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Export Commodities
Cooper, gold, zinc, crude petroleum and petroleum products, coffee, potatoes, asparagus, textiles, guinea, pigs.
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Export Partners
US 24.1%, China 9.6%, Switzerland 7.1%, Canada 6.8%, Chile 6%, Japan 5.2%. |
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| Imports |
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USD 19.6 billion (FOB) |
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Import Commodities
Petroleum and petroleum products, machinery, vehicles, iron and steel, wheat, paper |
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Import Partners
US 16.5%, China 10.3%, Brazil 10.3%, Ecuador 7.2%, Colombia 6.1%, Chile 5.8%, Argentina 4.8%, Mexico 4% |
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| Exchange rate : USD 100 = 285 Nuevo Soles (Soles) |
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Indo – Peruvian Bilateral Trade
- Trade between India and Peru has nearly quadrupled in the last four years from USD 125 million in 2004 to USD 462 million in 2007
- Presence of Indian companies is increasingly rapidly in Peru.
- Bilateral trade between India and Peru grew by 86% in 2007.
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| Indo – Peruvian trade (USD million) |
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| Head |
2004 |
2005 |
2006 |
2007 |
| Exports from India (CIF) |
76.06 |
122.01 |
146.4 |
252.23 |
| Imports to India (FOB) |
49.43 |
79.03 |
102.26 |
210 |
| Total trade |
125.49 |
201.04 |
248.66 |
462.23 |
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Major items of trade with India
- Principal Indian exports to Peru are cotton & polyester yarns, iron & steel laminated products including gas pipe tubes, new rubber tyres, motorcycles / three wheelers and their parts, pharmaceuticals including vaccines and organic & inorganic chemicals.
- Major Indian Imports from Peru include copper & its concentrates, zinc and fishmeal.
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Indian Companies in Peru
- Bajaj two-wheelers are a common sight on Peruvian roads.
- Several pharma companies including Ranbaxy, Dr. Reddy, Sun Pharma, Lupin, Intas, etc. have their subsidiaries and representatives in Peru.
- In the IT area, APTECH and NIIT have entered the Peruvian market, while I-flex and TCS are into negotiations with partners for entry.
- Interest has also been shown by Indian companies in the mining, hydrocarbon, jewellery and steel sectors.
- Core minerals, mining company, has recently started exploration activities in Peru.
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Peru's economic stabilization and liberalization program lowered trade barriers, eliminated restrictions on capital flows, and opened the economy to foreign investment, with the result that Peru now has one of the most open investment regimes in the world. The Peruvian Government actively seeks to attract both foreign and domestic investment in all sectors of the economy.
More information can be had from the following web page: http://www.proinversion.gob.pe |
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| More information can be had from the following website: www.embassyperuindia.in |
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