Peru's $23 billion trade corridor with the US — zero tariffs, real opportunity

Peru is one of Latin America’s fastest-growing economies, with a GDP of approximately $267 billion in 2023 and a population of 34 million. The United States and Peru have enjoyed a strong trade partnership under the U.S.-Peru Trade Promotion Agreement (PTPA) since 2009, which eliminated tariffs on nearly all consumer and industrial goods and expanded market access for agricultural and manufactured products. In 2023, bilateral trade in goods exceeded $23 billion, with the U.S. running a modest surplus. For U.S. businesses seeking a stable, open market in South America, Peru offers a gateway defined by macroeconomic stability, a dollarized financial system, and growing demand for machinery, agricultural inputs, and technology.

Top Import Sectors from the U.S.

U.S. exports to Peru totaled roughly $12.8 billion in 2023, driven by machinery, mineral fuels, and agricultural products. The largest category is machinery and mechanical appliances, including computers, industrial engines, and construction equipment, which accounted for about $2.5 billion. Peru’s ongoing infrastructure expansion and mining sector modernization create sustained demand for U.S.-made heavy equipment and parts. Mineral fuels and oils, particularly refined petroleum and liquefied natural gas, represent another $2 billion in U.S. exports, as Peru’s domestic refining capacity remains limited. Agricultural products, especially wheat, corn, and soybeans, make up a third major segment, with U.S. farmers supplying roughly 40% of Peru’s grain imports. Additionally, plastics, optical and medical instruments, and organic chemicals each contribute several hundred million dollars annually. The PTPA’s tariff elimination has made U.S. goods highly competitive against suppliers from China and Brazil.

Top Export Opportunities to the U.S.

Peru’s exports to the United States reached $11.2 billion in 2023, led by gold, copper, and other minerals. Peru is the world’s second-largest copper producer, and U.S. smelters and manufacturers rely on Peruvian copper concentrates, which alone account for over $3 billion in annual exports. Gold bullion and gold ore add another $2.5 billion, making Peru a critical source of precious metals for the U.S. market. Agricultural exports are equally significant: Peru is the leading supplier of fresh grapes, blueberries, and avocados to the United States during the Northern Hemisphere’s off-season, with fresh fruit exports exceeding $1.5 billion. Other high-growth categories include asparagus, mangoes, and quinoa, as well as fishmeal and fish oil used in animal feed. Textiles and apparel, particularly high-quality pima cotton and alpaca wool garments, also find a niche market among U.S. consumers. The PTPA provides duty-free access for nearly all these products, reinforcing Peru’s competitiveness.

Business Entry and Regulatory Overview

Foreign companies seeking to enter Peru face a generally transparent legal framework, though local knowledge and due diligence are essential. The most common business structures are the Sociedad Anónima (S.A.) and the Sociedad Anónima Cerrada (S.A.C.), both of which limit shareholder liability. Registration with the National Superintendency of Public Registries (SUNARP) and obtaining a tax ID from SUNAT are mandatory steps. Peru does not impose significant foreign ownership restrictions outside of a few sectors such as media and air transport. Import procedures are streamlined under the PTPA: most goods enter duty-free with a certificate of origin, though certain agricultural products may require sanitary and phytosanitary (SPS) permits from SENASA. The average customs clearance time is 3–5 days for air cargo and 7–10 days for sea freight. Tax rates include a general sales tax (IGV) of 18% and a corporate income tax rate of 29.5%. Labor laws are protective of employees, with mandatory profit-sharing in mining and manufacturing. U.S. investors should also be aware of Peru’s environmental impact assessment requirements for industrial projects.

Key Ports and Logistics Infrastructure

Peru’s geography concentrates trade through a few major gateways. The Port of Callao, located near Lima, handles over 80% of the country’s containerized cargo and is the primary hub for U.S.-bound exports and imports. Recent expansions have increased its annual capacity to over 3 million TEUs, with modern cranes and cold storage facilities essential for agricultural exports. The Port of Paita in the north serves the growing agro-export sector, particularly for blueberries and avocados shipped to the U.S. East Coast. For mineral exports, the ports of Matarani and San Nicolás provide bulk loading facilities for copper and zinc concentrates. Air cargo is concentrated at Jorge Chávez International Airport in Lima, which offers direct freighter services to Miami, Los Angeles, and New York, with a dedicated perishables terminal that speeds customs clearance for fresh produce. The Pan-American Highway connects Lima to the northern and southern regions, though road infrastructure in the Andes remains a challenge for inland logistics. The Interoceanic Highway linking Peru to Brazil offers potential for transcontinental trade, though it is underutilized for U.S. trade.

Coppermont Advisory for Peru

Coppermont provides end-to-end trade advisory for companies navigating the Peru-U.S. corridor. Our services begin with market entry strategy, including partner identification and distributor vetting in Lima’s industrial districts. We assist with customs classification under the PTPA, ensuring your goods qualify for duty-free treatment and that certificates of origin are correctly filed. For U.S. importers of Peruvian produce, we coordinate cold-chain logistics from field to port, leveraging relationships with Callao’s terminal operators and USDA inspectors. Our regulatory team handles SPS compliance for agricultural shipments and environmental permitting for mining equipment imports. We also provide trade finance solutions, including letters of credit and export credit insurance through U.S. EXIM Bank programs. Whether you are exporting machinery to Peru’s mining sector or importing alpaca textiles for a U.S. retail chain, Coppermont’s bilingual team in Lima and Miami ensures your supply chain runs smoothly. Contact us to begin your Peru trade strategy.

Ready to explore trade with Peru? Coppermont’s advisors are standing by to help you seize opportunities in one of South America’s most dynamic markets. Reach out today for a complimentary consultation on your import or export plan.