Peru emerged as a notable market for U.S. agricultural products, ranking 28th in exports valued at $851 million in 2023. The U.S.-Peru Trade Promotion Agreement supports this growth despite a recent decline in exports. Rapid urbanization, increased demand for convenience foods, and a younger demographic drive market potential. The full implementation of the PTPA by 2026 presents significant opportunities for U.S. exporters.
In 2023, Peru ranked as the 28th-largest market for U.S. agricultural exports, valued at $851 million, making it the third-largest market in South America. The U.S.-Peru Trade Promotion Agreement (PTPA) that came into force in February 2009 has fostered growth, with U.S. exports initially surpassing $1 billion in 2014 and peaking at $1.36 billion in 2018. The U.S. holds 14% of Peru’s agricultural import market share, maintaining its status as the second-largest supplier, though exports declined by 17% since 2019.
Peru is on an upward trajectory post-COVID-19, offering strong potential for U.S. agricultural exports. The evolving consumer demographic emphasizes convenience and health, validating the need for U.S. suppliers to innovate and meet these demands. With the full implementation of the PTPA by 2026, U.S. exporters are positioned to further enhance their market presence in Peru, addressing the trends of affordability and quality.
Original Source: www.fas.usda.gov
