Dimawe SacDimawe SacDespite the pandemic circumstances that have affected the entire world, the country’s vigorous trade expansion with major countries such as the United States, China and Japan has boosted the local economy all these years. Peru’s economy is an emerging market social economy characterized by a high level of foreign trade and an upper-middle-income economy.
In 2022, Peru’s GDP per capita was USD$7,606 and in 2023 USD$7,939 is expected. Peru’s growth has been super good in recent years Peru is among the top countries for retail investment in South America, creating an excellent opportunity to establish a massive commercial channel.
According to the Central Reserve Bank of Peru, a monthly increase of 0.08% was observed in May 2023, in contrast to the 0.60% registered in the same month of 2022.
This increase is due to supply factors such as significant increases in international prices of food inputs such as grains and fertilizers, as well as the international rise in fuels and derivatives, foreign trade freight, as well as the depreciation of the Peruvian sol.
The exchange rate regime in Peru is neither fixed nor floating. The Central Reserve Bank of Peru (BCRP) rows against the current in the exchange market. It tends to buy dollars when the exchange rate goes down, and it tends to sell when the exchange rate goes up. It is a dirty float scheme. In this last year, the Peruvian Sol has been the most stable currency in the Region and its exchange rate has averaged 3.7 Peruvian soles per American dollar.
Peru is a country of history, culture, beauty and adventure, with a full spectrum of possibilities for travelers. The ancient Inca City of Machu Picchu is one of the highlights of any trip to South America, but there is much more to discover throughout Peru.
According to a study by the Peruvian Government, the satisfaction rate of tourists after visiting Peru is 94%. Tourism is the fastest growing industry in Peru, with 25% annual growth over the last five years until 2019.
The arrival of international tourists to Peru fell in 2020 compared to 2019, when it was pre-pandemic. In the period from January to May 2023, 844,331 international tourists arrived in Peru, which meant the arrival of 317,000 additional visitors compared to the same period of the previous year, registering an increase of 60.2%.
Peru is well integrated into the global economy through its multiple free trade agreements, including the United States – Peru Trade Promotion Agreement (PTPA), which came into effect in February 2009.
In 2007 Peru signed an FTA with the United States and in 2008 with Canada. And in 2010 with the European Union and Japan.
Currently, Peru is a party to 32 bilateral investment agreements and has been a member of the Andean Community (and its predecessor, the Andean Pact) since 1969