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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 36th largest goods trading partner with $18.2 billion in total (two way) goods trade during 2013. Goods exports totaled $10.1 billion; Goods imports totaled $8.1 billion. The U.S. goods trade surplus with Peru was $1.9 billion in 2013.
Peru was the United States' 32nd largest goods export market in 2013.
U.S. goods exports to Peru in 2013 were $10.1 billion, up 7.6% ($711 million) from 2012, and up 492% from 2003. U.S. exports to Peru are up 63% from 2008 (Pre-FTA).
The top export categories (2-digit HS) in 2013 were: Mineral Fuel (oil) ($2.9 billion), Machinery ($2.1 billion), Electrical Machinery ($751 million), Vehicles ($531 million), and Plastic ($528 million).
U.S. exports of agricultural products to Peru totaled $701 million in 2013. Leading categories include: wheat ($206 million), cotton ($128 million), dairy products ($61 million), corn ($52 million).
Peru was the United States' 40th largest supplier of goods imports in 2013.
U.S. goods imports from Peru totaled $8.1 billion in 2013, a 26.6% increase ($1.7 billion) from 2012, and up 237% from 2003. U.S imports from Peru are up 40% from 2008 (Pre-FTA).
The five largest import categories in 2013 were: Precious Stones (gold and silver) ($3.1 billion), Mineral Fuel (oil) ($1.5 billion), Knit Apparel ($590 million), Vegetables (asparagus) ($377 million), and Edible Fruit and Nuts (grapes, avocados, mangos) ($271 million).
U.S. imports of agricultural products from Peru totaled $1.3 billion in 2013. Leading categories include: Fresh Vegetables ($327 million), Processed Fruit and Vegetables ($269 million), Fresh Fruit (excluding bananas) ($202 million), and Coffee (unroasted) ($173 million).
The U.S. goods trade surplus with Peru was $1.9 billion in 2013, a 33.9% decrease ($994 million) over 2012.
U.S. foreign direct investment (FDI) in Peru (stock) was $10.9 billion in 2012 (latest data available), a 21.4% increase from 2011.
U.S. direct investment in Peru is primarily in the mining sector.
Peru FDI in the United States (stock) was $122 million in 2012 (latest data available), down 48.1% from 2011.
There is no information on the distribution of Peru FDI in the United States.
*NOTE: No services trade data with Peru is available.