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The United States and Peru signed the United States-Peru Trade Promotion Agreement (PTPA) on April 12, 2006. The Peruvian Congress ratified the Agreement in June 2006 and a Protocol of Amendment in June 2007. On December 14, 2007, the U.S.-Peru Trade Promotion Agreement Implementation Act became law, and the PTPA entered into force on February 1, 2009.
The PTPA is a comprehensive free trade agreement. The PTPA will result in significant liberalization of trade in goods and services between the United States and Peru. Under the PTPA, Peru immediately eliminated most of its tariffs on U.S. exports, with all remaining tariffs phased out over defined time periods.
The PTPA removes barriers to U.S. services, provides a secure, predictable legal framework for investors, and strengthens protection for intellectual property, workers, and the environment. The PTPA is the first agreement in force that incorporates groundbreaking provisions concerning the protection of the environment and labor rights that were included as part of the Bipartisan Agreement on Trade Policy developed by Congressional leaders on May 10, 2007.
U.S.-Peru Trade Facts
Peru is currently our 35th largest goods trading partner with $14 billion in total (two way) goods trade during 2015. Goods exports totaled $8.8 billion; goods imports totaled $5.1 billion. The U.S. goods trade surplus with Peru was $3.7 billion in 2015.
According to the Department of Commerce, U.S. exports of goods to Peru supported an estimated 40 thousand jobs in 2014 (latest data available).
- Peru was the United States' 30th largest goods export market in 2015.
- U.S. goods exports to Peru in 2015 were $8.8 billion, down 12% ($1.2 billion) from 2014 but up 282% from 2005. U.S. exports to Peru are up 42.5% from 2008 (pre-FTA).
- The top export categories (2-digit HS) in 2015 were: mineral fuels ($2.1 billion), machinery ($1.8 billion), electrical machinery ($804 million), plastics ($445 million), and cereals (corn) ($399 million).
- U.S. exports of agricultural products to Peru totaled $1.1 billion in 2015, our 24th largest agricultural export market. Leading categories include: corn ($302 million), cotton ($96 million), soybean oil ($91 million), wheat ($88 million), and soybean meal ($84 million).
- Peru was the United States' 41st largest supplier of goods imports in 2015.
- U.S. goods imports from Peru totaled $5.1 billion in 2015, down 17% ($1.0 billion) from 2014, and down 1.0% from 2005. U.S. imports from Peru are down 12.8% from 2008 (pre-FTA). U.S. imports from Peru are down 12.8% from 2008 (pre-FTA).
- The top import categories (2-digit HS) in 2015 were: precious metal and stone (gold) ($980 million), edible fruit & nuts (grapes, avocados) ($562 million), mineral fuels ($549 million), knit apparel ($545 million), and vegetables (asparagus) ($383 million).
- U.S. imports of agricultural products from Peru totaled $1.7 billion in 2015, our 20th largest supplier of agricultural imports. Leading categories include: other fresh fruit ($448 million), fresh vegetables ($341 million), processed fruit & vegetables ($313 million), coffee, unroasted ($177 million), and spices ($65 million).
- The U.S. goods trade surplus with Peru was $3.7 billion in 2015, a 5.9% decrease ($234 million) over 2014.
- U.S. foreign direct investment (FDI) in Peru (stock) was $6.5 billion in 2014 (latest data available), a 20.9% increase from 2013. U.S. direct investment in Peru is led by mining, manufacturing, and nonbank holding companies.
- Peru's FDI in the United States (stock) was $123 million in 2014 (latest data available), down 24.5% from 2013. The distribution of Peru's FDI in the United States is not available.
- Sales of services in Peru by majority U.S.-owned affiliates were $2.6 billion in 2013 (latest data available), while sales of services in the United States by majority Peru-owned firms were $6 million.
NOTE: No services trade data with Peru are available.