By the end of 2023, Peruvian exports to member economies of the Asia-Pacific Economic Cooperation (APEC) reached a value of US$44.238 billion, a 4% growth compared to 2022. This amount represented 68.5% of our total shipments to the world last year, according to figures from Sunat reported by ComexPeru.

In this way, Peruvian exports to APEC maintained the positive trend they have been experiencing since our country joined the bloc. From 1998 to the end of 2022, exports to forum economies multiplied by 14 and grew at an average annual rate of 11.3%, going from US$3.011 billion to US$44.238 billion.

"Since our entry, bilateral trade agreements (with the U.S., Singapore, Thailand, China, Canada, South Korea, Japan, Chile, and Mexico) have been negotiated and put into effect, as well as others of regional scope. These imply preferential access for our exports, as well as the possibility of acquiring imported products in an environment that promotes competition," ComexPeru explained regarding the behavior of Peruvian exports to the bloc.

According to Sunat data, among Peru's main trading partners, China and the United States stand out not only within the economic bloc but also globally, with a 36% and 13.9% share of our exports as of November 2023, respectively. "However, trade with other member economies has also experienced significant growth thanks to, among other factors, Peru's participation in APEC, including Canada, Hong Kong, and Thailand," ComexPeru noted.

Destinations

According to figures from the Peru-APEC Dashboard, as of November 2023, Canada ranked as the third most important destination for national exports within the APEC bloc, with US$2.611 billion. This represented a 7.6% increase compared to the same period in 2022, and a 4.5% share of total Peruvian shipments to the world. Likewise, since Peru's entry into APEC, exports to this country have grown at an average annual rate of 13.5%.

Meanwhile, exports to Hong Kong, a market of 7 million inhabitants, grew by an average of 12% annually over the last 15 years (2008-2022), going from US$54 million to US$262 million, and 74% were agro-export products such as grapes, blueberries, and avocados.

Additionally, thanks to the space provided by APEC for leaders' meetings, on November 16, 2022, the start of negotiations for a free trade agreement (FTA) between Peru and Hong Kong was announced. "This agreement aims to cover key aspects such as trade in goods, services, investment, intellectual property, among other topics, in order to establish a solid legal and commercial framework that benefits Peruvian exporters and investors, while facilitating investment attraction from Hong Kong to our country," ComexPeru emphasized.

Finally, Thailand stands out as another country with which we maintain a partially favored trade agreement due to the favorable conditions of APEC. Between 2008 and 2022, exports to that market grew by 8% on average annually, going from US$45 million to US$133 million, and 44% were fisheries products. As of November 2023, exports surpassed US$134 million, an 18% growth compared to the same period of the previous year.

APEC Presidency

This year, Peru will host the APEC leaders' meeting for the third time, after successfully leading the meetings in 2008 and 2016. Established in 1989, the bloc brings together a total of 21 economies from the Pacific basin, including the world's major economies. With nearly 60% of global GDP and half of international trade, APEC has become a prominent global economic forum, promoting economic growth, fostering technical and economic cooperation, and facilitating trade and investment among its members.

"Chairing the APEC forum again will provide us with the opportunity to enhance our exports in existing and emerging markets, as well as to boost the growth of our economy. Additionally, it will provide a conducive space for the improvement of public policies through joint technical collaboration between the public and private sectors, thanks to the exchange of best practices," ComexPeru considered.