Peru to increase trade exchange with U.S. West Coast

Peruvian products entering the United States’ West Coast will boost development and provide more capital to the Inca country, Peru’s Los Angeles-based Trade Office Advisor Ricardo Romero affirmed Thursday.

OCEX Los Angeles was created in 2008 and has 13 States under its jurisdiction, including: California, Oregon, Washington, Arizona, Hawaii, Nevada, Idaho, Montana, Wyoming, Utah, Nuevo Mexico, Colorado, and Alaska.

This region represents 49.3% of the United States’ total territory, and contributes 25% of the country’s GDP, Romero told El Peruano official gazette.

Concerning trade, the region’s worldwide imports exceeded US$574 billion in 2017. From the total, Peruvian goods amounted to US$2.6 billion.

In this sense, 36.5% of deals between the United States and Peru enter the North American country through ports under the OCEX Los Angeles jurisdiction.

Peru’s traditional shipments account for 74.6% of total imports, and they are commercialized through already-established and conventional channels, whereas non-traditional products (25.4%) require promotion efforts and assessment on business opportunities for small and medium-sized enterprises (SMEs).

Despite the worldwide financial crisis, non-traditional exports to the U.S. West Coast increased continuously, rising from US$299 million in 2007 to US$672 million in 2017, a 124.6% growth.

84.3% (US$567 million) of Peru’s non-traditional shipments enter the United States through Californian ports. In particular, Los Angeles receives 61% of total Inca value-added exports for the West Coast.

In 2007, these shipments accounted for 15.6%. Ten years later, they reached 20.5% of the total, registering an almost 5% increase.

This result was underpinned by the positioning of Peruvian industry in the North American market and an awareness campaign aimed at informing Inca companies about the importance of the West Coast’s market.

Likewise, important business centers can be found in the west area, such as those related to mining and energy, food, and infrastructure, among other sectors.

It must be noted California stands out since it is the biggest State in the North American country and the fifth independent economy in the world.

It also holds the first place among agricultural centers. Furthermore, it hosts Silicon Valley and the U.S. second-largest investment banking center in San Francisco.

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