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The Korea-Peru Free Trade Agreement turned out to have significantly boosted Korea’s exports to the South American state, as well as its relative share in the local import market.
Over the past two years, since the FTA effectuation, Korea’s exports to Peru increased by 11.6 percent, whereas the nation’s general export growth rate was 2.2 percent, the Institute for International Trade said through a report on Wednesday.
The total trade volume between the two countries, too, rose by 7.5 percent to $6.1 billion, the report showed.
Color television sets and television monitors were the items most visibly affected ― their export amount soaring by 68 percent and 80 percent respectively during the period.
The export volumes for small and medium-sized automobiles, copper cables, refrigerators and synthetic resins were also promoted by the FTA, according to the report.
Korea also outran Japan in the Peruvian import market, at 3.88 percent over 3.45 percent as of the end of May. Before the bilateral trade pact took effect in August 2011, the corresponding figures were 3.64 percent and 3.77 percent, respectively.
Peru had once been classified as a pro-Japan trade partner, especially when it was under the rule of Japanese-Peruvian former President Alberto Fujimori, from 1990 until 2000.
“Peru is currently going through a period of drastic economic and political changes, and is thus in immediate need of infrastructure and advanced technology,” said an official from IIT.
This may act as a new investment opportunity for Korea’s construction, automobile, medical and other consumer industries to move beyond the struggling local market into the lucrative overseas market, the official said.
By Bae Hyun-jung (tellme@heraldcorp.com)
Over the past two years, since the FTA effectuation, Korea’s exports to Peru increased by 11.6 percent, whereas the nation’s general export growth rate was 2.2 percent, the Institute for International Trade said through a report on Wednesday.
The total trade volume between the two countries, too, rose by 7.5 percent to $6.1 billion, the report showed.
Color television sets and television monitors were the items most visibly affected ― their export amount soaring by 68 percent and 80 percent respectively during the period.
The export volumes for small and medium-sized automobiles, copper cables, refrigerators and synthetic resins were also promoted by the FTA, according to the report.
Korea also outran Japan in the Peruvian import market, at 3.88 percent over 3.45 percent as of the end of May. Before the bilateral trade pact took effect in August 2011, the corresponding figures were 3.64 percent and 3.77 percent, respectively.
Peru had once been classified as a pro-Japan trade partner, especially when it was under the rule of Japanese-Peruvian former President Alberto Fujimori, from 1990 until 2000.
“Peru is currently going through a period of drastic economic and political changes, and is thus in immediate need of infrastructure and advanced technology,” said an official from IIT.
This may act as a new investment opportunity for Korea’s construction, automobile, medical and other consumer industries to move beyond the struggling local market into the lucrative overseas market, the official said.
By Bae Hyun-jung (tellme@heraldcorp.com)
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Articles by Korea Herald
