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LatinNews Regional Monitor: Andean Group - 8 February 2019

TRACKING TRENDS

PERU | Exports. On 5 February Peru’s foreign trade & tourism ministry (Mincetur) released new figures which show that the country’s exports in 2018 totalled close to US$48bn, up 7.5% on 2017. Mincetur head Edgar Vásquez stated that the 2018 export figure had exceeded the country’s previous record – set in 2012 with US$46.3bn. Vasquez attributed the unprecedented growth to increases in non-traditional exports (+12.6%), particularly in the agricultural (+15%), fishing (+26%), chemical (+12%), and metalworking (+12%) sectors. The non-traditional products which registered the highest growth were squid (+60%), blueberries (+49%), grapes and avocado (+26%), fine hair products (+20%), plastics and their manufactures (+16%), and cotton garments (+13%). Vásquez stated that blueberries “surpassed all expectations”, with US$554m-worth of exports. Similarly, grapes (US$815m) and avocados (US$793m) reached record levels. In the case of avocados, Vásquez argued, “Peru is now the second-largest world exporter, after Mexico”. On the other hand, traditional exports recorded an increase of 5.6% – principally driven by high sales in natural gas (+35%) and oil and its derivatives (+16%). Traditional fishing exports (fishmeal and fish oil) also increased by 8.3%, while mineral exports increased by 4%.

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