Trade Balance Peru, Imports - Exports - Difference in Million US$ (2006 - 2013)
Peru Exports by Sectors in % (2011)
Peru Main Export Destinations in % (2011)
Main Imports to Peru by Country in % (2011)
Main Products & Services generating Foreign Currency in Peru (2006-2011)
Peru Exports to other Continents (2011)
With its growing economy, Peru's imports increased over the past decade as well and are assumed to grow more than exports in the coming years, probably leveling future trade balances. Major imports include petroleum and petroleum products, plastics, machinery for industry and agriculture, vehicles, iron and steel, electronics and food. Main import partners are the United States, China and the European Union.
Economic Sectors
In the last years Peru's economy more and more relies on the mining and fishmeal industry, while the traditional agricultural sector still plays an important part. Economic growth continues to be driven by exports of minerals (mainly gold, copper, zinc), fishmeal, agricultural products (garden produce and fruits), textiles, chemicals and services to gain foreign exchange for importing machinery and manufactured goods.
Mining
Mining represents an important source of foreign currency and the reason why a significant part of investments have been carried out in the country over the last decade. Even though only around 10% of the territory with mining potential has been explored and 6% are currently mined already now exports of the mining sector mainly drives Peru's economy today. The principal minerals extracted in Peru are silver, zinc, copper, molybdenum, lead and gold. According to the U.S. Geological Survey, Mineral Commodity Summaries from January 2012, Peru ranks worldwide on preferential places in mining these metals: Silver 2st, Zinc 3rd, Copper 3th, Molybdenum 4th, Lead 4th and Gold 6th.
While mining is an important part of Peru's economy, it leaves obvious damages to the nature
The Antamina mine in the Peruvian Andes produces mainly copper, zinc and molybdenum.
Mining contributes heavily to Peru's export. Here's a chart showing the destination of Peru's mining exports in % (2010).
Located in the province of Cajamarca 800km northeast of Lima, Yanacocha is the biggest gold mine in South America
Informal gold mining leaves huge areas in the Peruvian Amazon rainforest devastated.
Non-metal minerals are mostly used nationally in the construction materials industry, ceramics industry, and in a lesser degree the fertilizer and chemicals industry. Local companies are aiming for export of products or by-products. Among the non-metal minerals with greater potential are diatomite, bentonite and borates as well as phosphates.
Fishing
Fishing is one of Peru's main productive activities and a major export sector. With nearly 2500 km of coastline and the rich, cold-water Humboldt Current Peru's maritime "territory" is home to a great diversity of fish, mollusk, crustacean, echinoderm and algae species. At the moment only around a fifth of the resources are exploited.
Commercial fishing in Peru
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The chart shows Peruvian fish exports divided by type in tons (2010 and 2011)
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A huge variety of fresh fish awaits consumers on Peruvian markets.
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Exports of Peruvian fish products by type (Jan to Sep 2011)
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Fishmeal is Peru's main export product in the fishing sector. Here a modern fishmeal plant.
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Peru's fishing industry is periodically controlled by the government, which has made an effort to reduce overfishing and enhance the sustainability of Peruvian fisheries by establishing a fishing quota. Additionally, the government imposes fishing bans contingent on the size of the fish. Nevertheless primary investments in processing plants during the 1960s paid off making Peru into a main world producer of fishmeal and fish oil (used as animal feed and fertilizer). Fish-meal is Peru's fourth largest. Over the last few years fish production for direct human consumption (frozen, canned and cured) gained importance.
Agriculture
As a genetic resource Peru has 25,000 plants. It has nearly 4,400 species of native plants with known use like food, medicinal, ornamental, spicing, dyeing, gynecological, aromatic and cosmetic properties. Peru is a mega diverse country comprising 84 of the 104 life zones acknowledged in the world in its 11 natural eco-regions. This broad variety of climates allows growing practically any crop, some even all year round. Over the last 20 years the fruit and vegetable export industry in Peru has expanded rapidly and has made Peru an important player in world markets for a number of commodities. Although coffee and sugar have been traditionally the main agricultural export products, Peru is more and more specializing in growing and exporting high price fruits and vegetables. Peru is the leading exporting country in the world of asparagus and dried paprika. Other significant exports are artichokes, mangoes, pepper, grapes, avocados, chestnuts, bananas, white onion and olives.
Peru is among the leading export countries for asparagus.
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Grapes from Peru can be found in supermarkets around the world.
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Agricultural exports constantly grew over the last decade and will continue to increase.
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Peru has become a major player in the organic food market, ranking under the top organic bananas exporters in the world
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Organic coffee from Peru has become increasingly popular on world markets
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Over the last years Peru has become a major player in the organic food market, ranking under the top organic coffee and bananas exporters in the world. Other organic produce, such as mangoes, cotton and cocoa gained importance on the world markets as well. Additional Peru has numerous indigenous high protein products including Andean cereals such as quinoa, amaranth and tarwi as well as a huge variety of maize and potatoes, tropical fruits, herbs and flowers that still have to be discovered by world markets.
Tourism
After years of political unrest and economic difficulties in the 1980s and 1990s Peru's tourism industry constantly increased over the last decade. A rich cultural and historical heritage, amazing archaeological sites, a great biodiversity (coast, highlands, and jungle) and an ever more internationally recognized gastronomy attract each year more tourists from around the world. Today tourism contributes significantly to Peru's revenues. In 2007 around 1.9 million foreign visitors came to Peru, in 2009 already 2.1 million visited, in 2010 2.2 million and in 2011 over 2.5 million paid the Land of the Incas a visit. And for 2012 Peru expects around 2.7 million tourist.
Machu Picchu surely is Peru's main tourist destination. But the country has much more to offer ...
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Located at the border of Peru and Bolivia in the Andes, Lake Titicaca has becoma a popular tourist destination
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Lima might be for most only an unavoidable must, but should be recognized as a destination for itself. The Peruvian capital offers numerous attractions worth a visit
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The Colca Canyon in southern Peru near Arequipa is Peru's third most visited tourist destination
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The Peruvian Amazon, here a picture of the Tambopata region, receives increasing numbers of tourists.
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No wonder. Even though many foreign tourists mainly come to Peru to visit the archaeological site of Machu Picchu, there are many more that slowly become known, such as Caral, Chavin de Huantar, the Kuélap Fortress, Lord of Sipan and the Nazca Lines. Jungle tours are getting more popular and even the capital of Lima attracts with its beautiful historical city center, numerous museums, pre-Inca archaeological sites and a good infrastructure more visitors. Probably being the Gastronomic Capital of Latin America with diverse restaurant scene helps as well.
Textile
The Peruvian textile industry has its origin in the ancient cultivation of cotton and extraordinary textile dyeing and weaving techniques developed by pre-Colombian cultures. The stunning growth of textile infrastructure in Peru is primarily due to textile production being recognized as a strategic business for the country. While still much of manufacturing in Peru is on the small scale, over the past 10 years factories mainly along the Peruvian coast have invested in state-of-the-art technology. Automatic sewing machines, centralized dyestuff dispensing units, modern dyeing machines, compacting machines, foulard's and other finishing equipment ensure the highest quality textiles. Peruvian pima cotton is one of the finest cottons in the world and provides the industry with an exceptionally long fiber famous for its strength, luster and softness. Peruvian Alpaca fiber and especially Peruvian Baby Alpaca wool are recognized around the world.
Forestry
The Peruvian government has made serious efforts to protect its natural resources and wildlife whilst stimulating its forest industry through the allocation of concessions for sustainable forest management. However Peru has yet to take advantage of the around 50% of the country's land area covered by forest. Especially infrastructure problems leave the huge forest potential in impoverished and illegal coca-producing areas untouched. Even though the sector grew over the last few years, the trade balance in terms of wood products is negative. Today forest products include balsa lumber, balata gum, rubber and a variety of medicinal plants. Notable among the latter is the cinchona plant, from which quinine is derived (anti malaria medicine).
Narcotics
Since ancient times the cultivation of coca leaves (the raw material required to make cocaine) has a cultural and social significance for the indigenous people of Peru. Until today the stimulant effects of the coca leave are used for medical purposes and in traditional religious ceremonies. Coca tea (mate de coca), legal in Peru and sold in every supermarket, is often recommended for travelers in the Andes to prevent and relieve the symptoms of Altitude Sickness. Offered as well coca flour, coca energy drinks, coca energy bars and coca sweats.
The usage of coca leaves has a long cultural, religious and medicinal tradition. Next to coca tea, you can find coca flour, coca energy bars and coca sweats in nearly every supermarket.
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Supporters of legal coca leaf consumption came up with an interesting ad banner. Taking the cultural and social significance of coca leaf consumption in Peru into conderation, they aren't so wrong.
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While the illegal coca bush cultivation steadily increased over the past decade, the eradiction more or less stayed nearly the same.
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Coca leaves drying in the sun
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Main illegal coca culitvations can be found the the Apurimac and Ene Valley (VRAE).
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Nevertheless it's undeniable that most of the coca production is used for the cocaine industry. Illegal coca leave cultivation and cocaine production in Peru increased dramatically. In 2000 coca bushes were grown on around 43,400 ha land; in 2010 this number has gone up more than 41% to 61,200 ha. Efforts of the Peruvian government to stem the problem don't really show effects. Even though the Peruvian government working together with different international cocaine buyer countries started a War against Drugs and carries out alternative development programs in the leading coca-growing areas in an effort to convince coca farmers not to grow that crop. Unfortunately these efforts had little impact on the production of coca. In most of these impoverished regions cocaine production is the only income source of farmers. Today Peru is one of the leading coca growers and among the top cocaine producers. Peruvian officials estimate that cocaine production for 2010 reached around 330 tons.
