Peru, UAE deepens trade ties amid bumper billion-dollar export year

Peru, UAE deepens trade ties amid bumper billion-dollar export year

Peru’s Trade, Tourism, and Investment Office in the UAE and GCC, has lauded the country’s deepening ties with the UAE, following a bumper year in which the Latin American nation recorded US$1 billion in total exports to the UAE.

Export levels from Peru to the UAE have increased substantially in the past decade, reaching an aggregate total of more than US$4.1 billion for the 10-year period from 2012 to 2021.

Amidst the worldwide halt, after reaching for the first time the billion-dollar mark in 2019, numbers are on path towards the same. A readaptation to new structural market demands, refocusing of activities and strategies as well as repositioning synergies between stakeholders have kept Peruvian exports to the UAE on a sustainable trend.

The UAE imports significant quantities of goods from the South American country including avocados, quinoa, berries, mangoes and asparagus, amongst many others, as well as gold, high-quality craft products and clothing.

The data also reveals a substantial flow of capital between the two nations, with Peru being the second-biggest investment destination of the UAE in South America, and the third-biggest investor in the UAE from Latin America, according to official figures from the UAE’s Ministry of Economy.

Alvaro Silva-Santisteban, Director of the Trade, Tourism & Investment Office of Peru-GCC, commented,

"The UAE and Peru may be 14,000 kilometers apart and nine time zones difference, but ever-deepening trade ties have brought our nations closer together, and this path is only the beginning.

"The UAE is a catalyst to amplify our reach onto new markets whilst setting trends for new sectors to develop, thus a prominent base for economic drivers to further expand. Forward thinking, pragmatism, planning, strategy and flexible decision making are fundamentals that have allowed us to believe even further on our relations and contribute to new levels and scaling in the coming years."

The UAE-Peru relations have enhanced since the opening of Peru’s Trade, Tourism and Investment Office in 2011. In recent years, the two nations have witnessed a remarkable increase in official visits to further solidify commercial exchange.

News Source: Emirates News Agency

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