LatinNews Daily - 10 August 2022

In brief: Peru increases trade through FTAs

* Peru’s ministry of foreign trade and tourism (Mincetur) has announced that trade through free trade agreements (FTAs) reached US$54.05bn between January and June – an increase of 21.2% compared to the same period last year. This represents 91.6% of Peru’s total trade in goods. However, trade outside of FTAs fell by 1.1% in the same period, which Mincetur attributed to the conflict in Ukraine. To date, Peru has 22 FTAs. China continues to be Peru’s largest trade partner with a 6.9% year-on-year increase in trade in the first six months of 2022. China is followed by the US, whose trade with Peru increased 53.1% in the same period. Peru has also seen a large increase in trade with the UK (+353%) due to greater sales of natural gas, as well as upping trade with Brazil by 45.8%. In the first half of 2022, Peru boosted trade with regional trade blocs, increasing trade with the Southern Common Market (Mercosur) by 40.9%, the Andean Community (CAN) by 38.2% and the Pacific Alliance by 31.3%.

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