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LatinNews Daily - 24 March 2021

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In brief: Peru’s exports plummeted in 2020

* Peru’s foreign trade & tourism minister, Claudia Cornejo, has reported that the country’s exports totalled US$39.3bn in 2020, a 15.3% drop compared to 2019. Cornejo said that the fall is explained by the isolation measures adopted around the world to contain the coronavirus (Covid-19) pandemic, which reduced global demand for goods and services. However, Cornejo noted that Peru’s exports started to show signs of recovery in the final quarter of 2020 and that the hope is that this trend will continue this year. The minister highlighted that despite the negative overall result, Peru’s agricultural exports increased by 7% to US$7.5bn in 2020 with the country recording record exports of products such as ginger and blueberries, making Peru a leading global exporter of these. Cornejo emphasised that the government is optimistic that overall exports will rebound strongly this year as the country starts to reap the benefits of the trade agreements signed with the United Kingdom and Australia, both of which came into effect last year; and the prospect of concluding a new trade agreement with India.