Peru is a South American nation with a population of 31,151,643. The country is bordered by Ecuador, Colombia, Brazil, Chile, and Bolivia. The country’s coastline lies along the Pacific Ocean.
The Economy Of Peru
The World Bank classifies the economy of Peru as an upper middle- class economy, the 39th largest globally. The economic boom of the 2000’s has resulted in making Peru one of the world’s fastest growing economies. The country ranks well in the HDI with a score of 0.752 as of 2011. The export sector heavily influences the strength of the Peruvian economy. The hard currency needed to pay off external debts of the country and finance the imports comes from the export sector.
Peru is the world’s 59th largest export economy, and according to the Economic Complexity Index, it is the 91st most complex economy in the world. In 2014, $39.8 billion USD worth of goods was exported by Peru. In the same year, the country imported $42.3 billion worth of goods. Thus, a negative trade balance of $2.46 billion USD was the net result of Peru’s export-import economy. The GDP of the country in 2014 was $202 billion USD. Copper ore, gold, refined petroleum, refined copper, animal meal and pellets are the top exports of Peru.
Mineral/jewels mining and refining, petroleum extraction and refining, fishing, soft drinks, fish processing, cement, rubber, chemicals, furniture, textiles, food processing, etc., are some of the biggest industries in Peru.
Peru’s 2014 export of goods worth $39.8 billion USD made it the 59th largest exported globally. The export value of Peru has exhibited a steady rise for the past five years. During these five years, the exports of the country have grown at an average annual rate of 7.6%, an increase from $27.6 billion USD in 2009 to $39.8 billion USD in 2014. Copper ore is the biggest export of Peru, accounting for 17.4% of the total exports of the country. Gold accounts for 14.7% of Peru’s export value, being the second largest export item in Peru.
Peru is the world’s 55th largest importer. Between 2009 and 2014, the imports of Peru have increased from $22 billion USD to $42.3 billion USD, at an annualized rate of 14%. Refined petroleum and crude petroleum are the two top import items in Peru. The former represents 7.06% of the total imports of the country while the latter accounts for 6.54% of the total import.
Top Export Destinations
The main export partners of Peru are China (19.5%), the United States (15.1%), Switzerland (7.3%), Canada (6.7%), Brazil (5.6%), Japan (5.2%), and Chile (4.7%).
Top Import Destinations
The main import partners of Peru are United States (22.7%), China (22.1%), Brazil (6.9%), Mexico (6.6%), Venezuela (4.6%), Ecuador (4.2%), and Colombia (4.2%).