► Peru exports to Canada total US$2.321 billion in Jan-Nov 2019, up 153%

(Andina)
Peruvian exports to Canada reached US$2.321 billion between January and November 2019, up 153% compared to the same period a year earlier, the Association of Peruvian Exporters' Global Business and Economy Research Center (Cien-Adex) has reported.

Cien-Adex noted that sales to Canada saw strong growth, while overall exports fell 4.3% in the first 11 months of 2019.

According to the center, this outcome was driven by increased demand for gold. Such mineral expanded 345%.

However, there are remarkable cases such as the aviation fuel (887%), jewelry (104%), strawberries (95%), and grapes (29%) to mention some products with a significant dollar FOB value.

Cien-Adex Director Carlos Gonzalez recommends a careful study of these cases because they may provide evidence about the factors required to strengthen the product diversification strategy, which could be applied to generate a new exports shock that revives the country's economy.

"Growth is remarkable. In the search of new destinations by entrepreneurs, Canada casts interesting lights that result in a series of products with great potential and possibilities," he said.

Gonzalez explained that a long list of new items is seen in the North American nation.

For example, 331 items were recorded worth less than US$1,000 between January and November 2019. They included rugs, drills, clothing items, shampoo, cochineal carmine, blankets, wine, among others.

Gonzalez said that the investment in the mining sector is one of the main drivers of growth in exports to Canada, as well as the strategic alliances with foreign companies, which help refine and ship aviation fuels.

► Peruvian Mining investment to reach US$12.800 billion in 2020-2021

Antapaccay mine pite Lake

Peru's Energy and Mines Ministry (MEM) on Thursday projected the country will receive mining investments worth US$6.300 billion in 2020 and US$6.500 billion in 2021.

Thus, the upward trend —registered since 2017— will remain in place.

Deputy Minister of Mines Augusto Cauti informed that mining investment is close to reaching US$6.000 billion in 2019, thus ending the year with a growth rate of almost 25%.

"This year, we are growing at about 25% in mining sector investments compared to last year. We will reach three consecutive years of expansion, which is not a minor figure considering the global situation," he expressed.

Steady increase

It should be noted mining investment totaled US$3.928 billion in 2017, which meant a growth of 17.8% over 2016.

In 2018, mining investment amounted to US$4.947 billion, thus representing an expansion of 25.9% compared to 2017.

"This improvement is not only important for this sector, but also for the country since mining is one of the driving forces behind the country's growth and the population's development," the deputy minister underlined.

► Light vehicle sales up 40.65% in Dec 2019

Sales of light vehicles —including cars, open-bed trucks, pickups, vans, station wagons, SUVs, and off-road vehicles— amounted to 14,397 units in December 2019, up 40.65% compared to the same month in 2018, the Automotive Association of Peru (AAP) reported on Tuesday.

Moreover, the December result is the best monthly growth since July 2012.

December sales resulted in a total of 151,997 sold light vehicles in 2019, a 2.42% increase over 2018, when sales declined by 9.32%.

"A result that puts the sector in the positive path and helps renew the vehicle fleet that is 13 years old on average," AAP highlighted.

The association stated that the recovery in sales of new vehicles in 2019 began to take shape in the middle of the year, when the rate of evolution turned upward after dropping consecutively for several months.

AAP explained that one of the important factors that influenced the positive behavior was the reduction of selective excise taxes on a certain vehicle segment.

Likewise, an improved performance of various economic indicators was observed during the second half of the year.🚗🚗