Exports to the United States
Published on 05 June 2015
This year marks six years since the signing of the Free Trade Agreement (FTA) with the United States. There were those who were in favor and who were against, but what was the real impact of this treaty on our economy? With the data of Veritrade, we can make a small count of the most important milestones in these six years of free trade with the power of the north.
Growth, and the non-traditional!
Compared to 2009, data up to 2014 registered a growth of 26% in terms of exports. The protagonists, as expected, are mainly raw materials such as gold, tin and oil. However, the most radical growth was seen within the non-traditional sector. Products such as our asparagus and the agricultural sector, in general, saw a significant increase, which translates into more jobs compared to a growth clearly in the traditional sector.
Dato Veritrade: Last year the US bought 40,420 kg from Peru. of pure gold, which translates to approx. 786 million USD, or around 40 USD per gram.
Comes and goes
For its part, the treaty has benefited us mainly in technology to develop Peruvian industry, by reducing tariff costs by 47%. The products that seeks to boost power to the Latin countries with which it has signed treaties, however, are corn, wheat, meat, cell phones and the technologies previously mentioned for industry.
Dato Veritrade: So far this year, Peru has imported 120 million kg. of wheat from the USA. The pasta you consume is not Italian at all
A study proposed by the Universidad del Pacífico, however, leaves us less optimistic. They affirm that said growth in exports does not mean much, since they are not linked to internal productive sectors. All exports are raw materials and the growth of exports has not grown in tandem with US demand. The entrance of the technologies free of tariffs, also says to have been wasted, in the absence of policies that favor the industrial development. Clearly there are conflicting opinions regarding the results of the FTA.
Fortunately, the data never lies. Discover who bought what, how much and to whom you bought it ... with Veritrade!