Peruvian agricultural shipments to South Korea fell -37.5% in the first five months of 2020

Published Jul 30, 2020

Tridge summary

The Free Trade Agreement between Peru and South Korea, which went into effect on August 1, 2011, has positioned South Korea as Peru's third-largest export destination in the first five months of 2020. In 2019, Peru's exports to South Korea amounted to US $2,280 million, with a cumulative growth of 34.4% from 2011 to 2019. However, there was a 7.6% decrease in 2019 compared to 2018 due to a decline in traditional exports. The agriculture sector was the only one to grow, with a 22.8% increase in exports, largely driven by coffee. The pandemic has impacted export values, with a decrease of 1.8% from January to May compared to the same period in the previous year. Despite this, the agreement has led to the elimination of tariffs on 526 additional items, effective from January 1, which is expected to strengthen Peru's position in the South Korean market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(Agraria.pe) On August 1, 2011, the Free Trade Agreement between Peru and South Korea entered into force. After nine years of its implementation, this country has strengthened its position as one of our main export destinations, reaching fourth place in 2019 and third during the first five months of this year. Regarding the performance of our exports to said destination in 2019, the Peruvian Foreign Trade Society (ComexPerú) indicated that these amounted to US $ 2,280 million, which reflected a cumulative growth of 34.4% in the period 2011-2019, according to figures of the Sunat. The international trade union said that the performance of 2019 showed a fall of 7.6% in relation to 2018. This result is explained by a contraction of 8.7% in shipments of the traditional item, which reached a value of US $ 1.97 billion and represented 86.4% of our sales to this destination. On the other hand, our non-traditional shipments totaled US $ 310 million, registering a decline of 0.4%. ...

Source: Agraria