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Trade between Peru and Taiwan would be around US$1 billion this 2023

Trade between Peru and Taiwan would be around US$1 billion this 2023

Despite the current context that Peru is going through, a 35-member delegation from the Republic of China (Taiwan) —organized by the Taiwan Foreign Trade Development Council— arrived in our country with the aim of developing a total of 292 bilateral business meetings with more than 150 Peruvian businessmen. This as part of the “Taiwan Trade Mission to Latin America 2023”, for which they previously visited MexicoGuatemala and Ecuador.

Francisca Yu-Tsz Chang, representative of the Economic and Cultural Office of Taipei, Taiwan, pointed out that there is a high interest in buying Peruvian products, as well as investing in our country.

“It is a delegation that comes to do business, not just to sell products. Among the 35 members of the delegation, some come to see the investment environment to be able to invest their capital“Chang said in dialogue with The Republic.

Trade between Peru and Taiwan

Trade between Peru and Taiwan has been constantly growing in recent years. According to the Ministry of Foreign Trade and Tourism (Mincetur), the commercial exchange of both countries went from US$695 million in 2021 to US$881 million in 2022, a growth of 26.8%.

In detail, Peruvian exports in FOB value to taiwan reached US$484 million, a growth of 44.2% compared to 2021 (US$336 million). While imports totaled US$397 million, an increase of 10.5% compared to the previous year (US$359 million).

It is important to mention that the main products exported from Peru to Taiwan are liquefied natural gas (26%), copper (22.5%), zinc (17.6%), fishmeal (8.3%), grapes (5 .6%), blueberries (2.4%), among others.

“In 2022 we have a growth, compared to 2021, for almost 50% of Peruvian exports to Taiwan. The total sum (of trade between Peru and taiwan) reaches US$802 million, it is a figure that recently is good because we are trying much harder. But with the lifting of COVID-19, that number will continue to rise,” the representative of the Taipei Economic and Cultural Office told this outlet.

For the Asian official, this good performance would continue and she expects that this year the commercial exchange between Peru and Taiwan will be around US$1,000 million.

For this year we can expect growth of 20% and would reach US$950 millionwhich is close to US$1 billion,” emphasized Francisca Yu-Tsz Chang.

Adhesion to the CPTPP

Finally, the representative of Taiwan hoped that her country’s accession to the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP, in its acronym in English) be approved soon so that Peru, which is already a member of it, can benefit even more from trade between the two nations.

Source: Larepublica

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