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CONSULADO GENERAL DEL PERU
PERUVIAN ECONOMY

This page will present some commercial information about the country

 As a result of the existing investment opportunities and the confidence and security climate offered within the country, Peru stands on the threshold of the 21 century distinguished from the rest of Latin America by a consistent macroeconomics framework, robust fiscal position and the prospect of realizing more its economic potential.

The solid and stable economic position earned by Peru in the 90s, as result of the economic stabilization and structural reform process applied in the early '90s, was a determining factor for the creation of an appropriate climate for investment and business.

Notwithstanding, Peru was not excluded from the effects of the international financial crisis, though it was less vulnerable than other Latin American countries. According to some international entities, risk-rating agencies and investment banks the decision to keep the current macro economic policy will enable Peru to recover faster and reach dynamic growth again.

As we close the present decade, the actions taken by Peru as to openness and modernization of its economy enable the country to be considered as a trustworthy place. Facing the new millennium, Peru offers foreign investors and business men: a stable economy that has largely liberalized its investment regime, clear rules, a skilled labor force and national entrepreneurs willing to share the challenge of developing within a market governed by modern competition policies, based on consumer protection laws and fulfillment of the WTO agreements.

Peru is a member of the free trade area accorded amongst the Andean Community nations, which include Bolivia, Colombia, Ecuador and Venezuela and means a market of 106 million consumers. Additionally, Peru has concluded an agreement with Chile for a progressive establishment of a free trade zone. In a few years, we expect the Andean Community and MERCOSUR to agree on South American free trade zone.

With regard to the US market, the Andean Trade Preference Act (ATPA) benefits 6300 products that enter this competitive market with zero tariff. As to the European Union, the General System of Preferences for the Andean countries sets zero tariffs for fishing, agricultural and textile products for which Peru provides competitive advantages due to its natural resources. Finally, our country has become a member of the Asia Pacific Economic Cooperation (APEC) forum, which comprises 50% of the world's trade, which makes us a natural link between the emerging economies of Asia and Latin America

 ADVANTAGE OF DOING BUSINESS WITH PERU

 Peru offers the countries of the world an interesting and advantageous option for doing business because of the condition, the characteristic of its market, and the variety and comparative advantages of its products.

 Peru ranks second in worldwide production and export of asparagus, a production in great demand because of its quality. Its long fiber PIMA cotton is comparable only to Egyptian cotton and its exported in the form of thread and textiles and in ready-made clothing; canned tuna, sardines, shrimp, squid and hake; gold and silver jewelry that account for 80% of US imports of those products; alpaca garments; coffee, flowers, garlic, onions, orange, strawberry, palm hearts, corn, chocolates and cocoa; luggage, footwear, furniture, parquet, plywood and molding, among others.

 The Perus strategic geographic location extending from the coast to the Andes and Amazon region covers a variety of ecological layers. These give the country a range of climates and microclimates that endow it with an abundance of natural resources and enable it to offer products from privileged commercial position.

 Peru has the advantage of being able to enter the Northern Hemisphere with outof-season products that complement the regular supply. This gives Peru access to the markets under competitive conditions, for when the supply is low and the levels of protection drop, Peru are able to get better prices.

 Abundant natural resources are to be found throughout the broad and varied territory of Peru, where coastal, highland and Amazon regions come together in harmony. These agricultural, forestry and mineral resources, among others, make Peru highly attractive to industry. An exportable supply exists in all of the production sectors, such as the agricultural, agribusiness, fishing, textile, chemical, non- metallic minerals, jewelry, iron and metallurgical sectors, among others.

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 PRODUCTS OF INTERNATIONALLY GUARANTEED QUALITY

 The concept of quality is an intrinsic part of the working vocabulary and efforts of Peru to harmonize production standards and meet international requirements. In this connection, Peru has internationally recognized quality control and certification institute like INDECOPI.

 FREE ACCESS TO MARKETS

 Peru enjoys special access to two megamarkets: The United States and European Union.

          ANDEAN TARIFF PREFERENCES ACT (ATPA): Through this Act, The United States government offers special treatment to Peru. Based on specified eligibility conditions and relatively flexible standards of origins, the ATPA provides for duty-free importation of some 6300 tariff items; another 1,100 tariff items are excluded from these benefits.

         SPECIAL TREATMENT BY THE EUROPEAN UNION: Exemption from customs duties for a large number of products exported by Peru is the contribution the European Union makes to Peru.

         TARIFF REDUCTION FOR PRODUCTS ENTERING OTHER DEVELOP MARKETS: Peru qualify as beneficiary for all Generalized Systems of Preferences (GSP) that permit a large part of Peru supply to enter markets under preferential conditions.

         FOREIGN TRADE SYSTEM:  Peru is member of the World Trade Organization (WTO) and as such is committed to the progressive liberalization of foreign trade by virtue of a process of economic opening and modernization that will improve its insertion through a free trade policy.

 TARIFF SYSTEM

 Peru has tariffs of 12% and 20% and a surtax of 5% for certain agricultural products (350 sub-items). Also Peru has the Value Added Tax (VAT) ranges from 10% to 18%. In Peru. The VAT is Known as the General Sales Tax.

 SPECIAL FOREIGN TRADE PROMOTION REGIME

 Peru has special regime to facilitate foreign trade operation, the most important of which include the following:

          Temporary Import to Reexport in the same conditions (free from customs duties and import taxes)

         Temporary Entry

         Simplified Ad-Valorem Customs Duties Refund Procedure (5% of the FOB value of the export good).

         Duty-Free Replenishment of Goods.

         Temporary Export.

         Drawback

 EXPORTING TO PERU

 Freedom of foreign trade is guaranteed by government.

  • There are few restrictions on imports and no quotas are imposed.
  • The government in some cases may waive import duties.
  • Regimen for the suspension of import duties and taxes are available, under certain conditions.
  • Import and export procedures may be carried our without the need fur customs agents.

 Shipments going to Peru require the following:

          Commercial Invoice

         Bill of Landing

         Packing List

         Insurance

         Certification of Inspection: Peru requests all importers pre-shipment inspection (PSI) made for appointed PSI companies as Bureau Veritas/COTECNA, Societe Generali de Surveillance.

 The Scope of Duties:

 -          Quality, Quantity

-          Complete description of goods

-          Export market price

-          Customs Classification

-          Value for Customs purposes (WTO valuation purposes)

-          Import Eligibility

 Minimum Value Subject to PSI: 

-          USD 5,000 FOB

-          USD 2,000 FOB second hands goods

 IMPORT RESTRICTIONS

 The state guarantees free foreign trade. There are no quota restrictions or taxes imposed other than import duties and internal sales taxes.

 Restricted Items

 In general terms, it is possible to import all kinds of new or used goods except fire works, which are prohibited. However, there are restrictions on the import of firearms and supplies, communications equipment, geographical texts or cartographic publications, chemical products that may directly or indirectly be used to manufacture cocaine, pharmaceutical products, hydrobiological products, products and subproducts of vegetable and animal origin agricultural plagicids and similar veterinary products, wild flora and fauna specimens, ammonium nitrate, and dangerous or radioactive residues and waste. Used garments and textiles.

 Import Duties

 Peru is signatory to the World Trade Organization (WTO) and to various bilateral agreements providing for most favored nation treatment on a reciprocal  basis. Peru is also member of the Andean Community Pact and the Andean Tariff Preferences Act (ATPA)

 Import duties are imposed on a CIF ad valorem basis. Goods are classified for customs duty purposes under Andean nomenclature (NANDINA).

 The following are the imports duties:

          The rate is between 12 % for the 90 percent of the products and 20 percent for the balance.

         Internal Sales Tax ranges from 10% to 18% (Value Added Tax)

         Selective Tax for certain products such as cigarettes, liquor, vehicles, etc.

 The principal ports of entry are Callao, Matarani, Paita, Puno and Iquitos, in addition to the Peruvian international airport located in Lima.

 180 North Michigan Avenue, Suite 1830 Chicago Illinois 60601

(312) 7821599, 8536173 & 8536174