Peru: Service exports to reach US$8 billion in 2018

Deputy Foreign Trade Minister Edgar Vasquez on Wednesday projected Peru’s service exports will expand 8% in 2018 compared to last year, reaching a total of US$8 billion.

“Said amount would represent a historical record for Peruvian exports of services,” Vasquez told Andina News Agency.

“We expect to achieve this goal with the help of Peruvian businesspeople’s entrepreneurial and creative spirits,” he added.

Vasquez informed said exports amounted to US$7.4 billion in 2017, a 100% increase compared to 2010.

The Deputy Minister went on to add 50% of the total exported services are aimed at Latin America, followed by Europe (nearly 40%), and the United States (10%).

Furthermore, he mentioned the Asian market can be explored in the future, thus allowing Peru to benefit from its size and development.

“It is logical that Latin America is our main market, since we share similarities in the cultural, business, and logistic spheres, which provides us with lower costs when it comes to participating in fairs or attracting buyers,” he explained.

Most exported services

According to Vasquez, among the types of service exports, travel takes the first place due to the constant development of the Inca country’s tourism industry.

“Almost 4 million tourists come to Peru on an annual basis; they eat at restaurants, buy crafts, stay at hotels, as well as use travel agencies, entertainment services, and airlines,” he informed.

The second type is transportation, which is related to tourism, followed by business services and technological development.

“Apart from that, there is potential in other sectors such as graphic and editorial services, as well as in franchises we are supporting internationally, starting with gastronomy and expanding to beauty, among others,” the official pointed out.

Remarks were made at Peru Service Summit 2018. The 3-day event generated deals worth US$107.536 million.


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