Peru-Foreign Trade and the Balance of Payments
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Background | | Ancient Peru was the seat of several prominent Andean civilizations, most notably that of the Incas whose empire was captured by the Spanish conquistadors in 1533. Peruvian independence was declared in 1821, and remaining Spanish forces defeated in 1824. After a dozen years of military rule, Peru returned to democratic leadership in 1980, but experienced economic problems and the growth of a violent insurgency. President Alberto FUJIMORI's election in 1990 ushered in a decade that saw a dramatic turnaround in the economy and significant progress in curtailing guerrilla activity. Nevertheless, the president's increasing reliance on authoritarian measures and an economic slump in the late 1990s generated mounting dissatisfaction with his regime, which led to his ouster in 2000. A caretaker government oversaw new elections in the spring of 2001, which ushered in Alejandro TOLEDO Manrique as the new head of government - Peru's first democratically elected president of Native American ethnicity. The presidential election of 2006 saw the return of Alan GARCIA Perez who, after a disappointing presidential term from 1985 to 1990, has overseen a robust macroeconomic performance.
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Location | | Western South America, bordering the South Pacific Ocean, between Chile and Ecuador
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Area(sq km) | | total: 1,285,216 sq km
land: 1,279,996 sq km
water: 5,220 sq km
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Geographic coordinates | | 10 00 S, 76 00 W
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Land boundaries(km) | | total: 7,461 km
border countries: Bolivia 1,075 km, Brazil 2,995 km, Chile 171 km, Colombia 1,800 km, Ecuador 1,420 km
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Coastline(km) | | 2,414 km
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Climate | | varies from tropical in east to dry desert in west; temperate to frigid in Andes
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Elevation extremes(m) | | lowest point: Pacific Ocean 0 m
highest point: Nevado Huascaran 6,768 m
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Natural resources | | copper, silver, gold, petroleum, timber, fish, iron ore, coal, phosphate, potash, hydropower, natural gas
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Land use(%) | | arable land: 2.88%
permanent crops: 0.47%
other: 96.65% (2005)
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Irrigated land(sq km) | | 12,000 sq km (2003)
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Total renewable water resources(cu km) | | 1,913 cu km (2000)
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Freshwater withdrawal (domestic/industrial/agricultural) | | total: 20.13 cu km/yr (8%/10%/82%)
per capita: 720 cu m/yr (2000)
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Natural hazards | | earthquakes, tsunamis, flooding, landslides, mild volcanic activity
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Environment - current issues | | deforestation (some the result of illegal logging); overgrazing of the slopes of the costa and sierra leading to soil erosion; desertification; air pollution in Lima; pollution of rivers and coastal waters from municipal and mining wastes
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Environment - international agreements | | party to: Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
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Geography - note | | shares control of Lago Titicaca, world's highest navigable lake, with Bolivia; a remote slope of Nevado Mismi, a 5,316 m peak, is the ultimate source of the Amazon River
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Population | | 29,546,963 (July 2009 est.)
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Age structure(%) | | 0-14 years: 29.1% (male 4,370,923/female 4,216,364)
15-64 years: 65.2% (male 9,695,270/female 9,574,018)
65 years and over: 5.7% (male 796,631/female 893,757) (2009 est.)
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Median age(years) | | total: 26.1 years
male: 25.8 years
female: 26.4 years (2009 est.)
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Population growth rate(%) | | 1.229% (2009 est.)
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Birth rate(births/1,000 population) | | 19.38 births/1,000 population (2009 est.)
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Death rate(deaths/1,000 population) | | 6.14 deaths/1,000 population (July 2009 est.)
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Net migration rate(migrant(s)/1,000 population) | | -0.95 migrant(s)/1,000 population (2009 est.)
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Urbanization(%) | | urban population: 71% of total population (2008)
rate of urbanization: 1.3% annual rate of change (2005-10 est.)
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Sex ratio(male(s)/female) | | at birth: 1.05 male(s)/female
under 15 years: 1.04 male(s)/female
15-64 years: 1.01 male(s)/female
65 years and over: 0.89 male(s)/female
total population: 1.01 male(s)/female (2009 est.)
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Infant mortality rate(deaths/1,000 live births) | | total: 28.62 deaths/1,000 live births
male: 31.07 deaths/1,000 live births
female: 26.06 deaths/1,000 live births (2009 est.)
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Life expectancy at birth(years) | | total population: 70.74 years
male: 68.88 years
female: 72.69 years (2009 est.)
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Total fertility rate(children born/woman) | | 2.37 children born/woman (2009 est.)
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Nationality | | noun: Peruvian(s)
adjective: Peruvian
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Ethnic groups(%) | | Amerindian 45%, mestizo (mixed Amerindian and white) 37%, white 15%, black, Japanese, Chinese, and other 3%
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Religions(%) | | Roman Catholic 81.3%, Evangelical 12.5%, other 3.3%, unspecified or none 2.9% (2007 Census)
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Languages(%) | | Spanish (official), Quechua (official), Aymara, and a large number of minor Amazonian languages
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Country name | | conventional long form: Republic of Peru
conventional short form: Peru
local long form: Republica del Peru
local short form: Peru
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Government type | | constitutional republic
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Capital | | name: Lima
geographic coordinates: 12 03 S, 77 03 W
time difference: UTC-5 (same time as Washington, DC during Standard Time)
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Administrative divisions | | 25 regions (regiones, singular - region) and 1 province* (provincia); Amazonas, Ancash, Apurimac, Arequipa, Ayacucho, Cajamarca, Callao, Cusco, Huancavelica, Huanuco, Ica, Junin, La Libertad, Lambayeque, Lima, Lima*, Loreto, Madre de Dios, Moquegua, Pasco, Piura, Puno, San Martin, Tacna, Tumbes, Ucayali
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Constitution | | 29-Dec-93
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Legal system | | based on civil law system; accepts compulsory ICJ jurisdiction with reservations
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Suffrage | | 18 years of age; universal and compulsory until the age of 70; note - for the first time in recent elections, members of the military and national police were eligible to vote in the 2006 elections
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Executive branch | | chief of state: President Alan GARCIA Perez (since 28 July 2006); First Vice President Luis GIAMPIETRI Rojas (since 28 July 2006); Second Vice President Lourdes MENDOZA del Solar (since 28 July 2006); note - the president is both the chief of state and head of government
head of government: President Alan GARCIA Perez (since 28 July 2006); First Vice President Luis GIAMPIETRI Rojas (since 28 July 2006); Second Vice President Lourdes MENDOZA del Solar (since 28 July 2006)
note: Prime Minister Javier VELASQUEZ Quesquen (since 12 July 2009) does not exercise executive power; this power is in the hands of the president
cabinet: Council of Ministers appointed by the president
elections: president elected by popular vote for a five-year term (eligible for nonconsecutive reelection); presidential and congressional elections held 9 April 2006 with runoff election held 4 June 2006; next to be held in April 2011
election results: Alan GARCIA Perez elected president in runoff election; percent of vote - Alan GARCIA Perez 52.5%, Ollanta HUMALA Tasso 47.5%
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Legislative branch | | unicameral Congress of the Republic of Peru or Congreso de la Republica del Peru (120 seats; members are elected by popular vote to serve five-year terms)
elections: last held 9 April 2006 (next to be held in April 2011)
election results: percent of vote by party - UPP 21.2%, PAP 20.6%, UN 15.3%, AF 13.1%, FC 7.1%, PP 4.1%, RN 4.0%, other 14.6%; seats by party - UPP 45, PAP 36, UN 17, AF 13, FC 5, PP 2, RN 2
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Judicial branch | | Supreme Court of Justice or Corte Suprema de Justicia (judges are appointed by the National Council of the Judiciary)
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Political pressure groups and leaders | | General Workers Confederation of Peru (Confederacion General de Trabajadores del Peru) or CGTP [Mario HUAMAN]; Shining Path (Sendero Luminoso) or SL [Abimael GUZMAN Reynoso (imprisoned), Victor QUISPE Palomino (top leader at-large)] (leftist guerrilla group)
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International organization participation | | APEC, CAN, FAO, G-24, G-77, IADB, IAEA, IBRD, ICAO, ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, LAES, LAIA, Mercosur (associate), MIGA, MINUSTAH, MONUC, NAM, OAS, OPANAL, OPCW, PCA, RG, UN, UNASUR, UNCTAD, UNESCO, UNFICYP, UNIDO, Union Latina, UNMIL, UNMIS, UNOCI, UNWTO, UPU, WCL, WCO, WFTU, WHO, WIPO, WMO, WTO
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Flag description | | three equal, vertical bands of red (hoist side), white, and red with the coat of arms centered in the white band; the coat of arms features a shield bearing a vicuna, cinchona tree (the source of quinine), and a yellow cornucopia spilling out gold coins, all framed by a green wreath
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Economy - overview | | Peru's economy reflects its varied geography - an arid coastal region, the Andes further inland, and tropical lands bordering Colombia and Brazil. Abundant mineral resources are found in the mountainous areas, and Peru's coastal waters provide excellent fishing grounds. The Peruvian economy grew by more than 4% per year during the period 2002-06, with a stable exchange rate and low inflation. Growth jumped to 9% per year in 2007 and 2008, driven by higher world prices for minerals and metals and the government's aggressive trade liberalization strategies. Peru's rapid expansion has helped to reduce the national poverty rate by about 15% since 2002, though underemployment and inflation remain high. Despite Peru's strong macroeconomic performance, overdependence on minerals and metals subjects the economy to fluctuations in world prices, and poor infrastructure precludes the spread of growth to Peru's non-coastal areas. Not all Peruvians therefore have shared in the benefits of growth. President GARCIA's pursuit of sound trade and macroeconomic policies has cost him political support since his election. Nevertheless, he remains committed to Peru's free-trade path. The United States and Peru completed negotiations on the implementation of the US-Peru Trade Promotion Agreement (PTPA), and the agreement entered into force February 1, 2009, opening the way to greater trade and investment between the two economies.
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GDP (purchasing power parity) | | $247.9 billion (2008 est.)
$225.8 billion (2007 est.)
$207.3 billion (2006 est.)
note: data are in 2008 US dollars
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GDP (official exchange rate) | | $127.5 billion (2008 est.)
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GDP - real growth rate(%) | | 9.8% (2008 est.)
8.9% (2007 est.)
7.7% (2006 est.)
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GDP - per capita (PPP) | | $8,500 (2008 est.)
$7,800 (2007 est.)
$7,300 (2006 est.)
note: data are in 2008 US dollars
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GDP - composition by sector(%) | | agriculture: 8.5%
industry: 21.2%
services: 70.3% (2008 est.)
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Labor force | | 10.2 million (2008 est.)
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Labor force - by occupation(%) | | agriculture: 0.7%
industry: 23.8%
services: 75.5% (2005)
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Unemployment rate(%) | | 8.1% (2008 est.)
6.9% (2007 est.)
note: data are for metropolitan Lima; widespread underemployment
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Population below poverty line(%) | | 44.5% (2006)
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Household income or consumption by percentage share(%) | | lowest 10%: 1.5%
highest 10%: 37.9% (2006)
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Distribution of family income - Gini index | | 49.8 (2005)
46.2 (1996)
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Investment (gross fixed)(% of GDP) | | 25.9% of GDP (2008 est.)
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Budget | | revenues: $38.01 billion
expenditures: $35.29 billion (2008 est.)
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Inflation rate (consumer prices)(%) | | 5.8% (2008 est.)
1.8% (2007 est.)
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Stock of money | | $15.42 billion (31 December 2008)
$14.66 billion (31 December 2007)
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Stock of quasi money | | $25.32 billion (31 December 2008)
$19.95 billion (31 December 2007)
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Stock of domestic credit | | $21.98 billion (31 December 2008)
$17.88 billion (31 December 2007)
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Market value of publicly traded shares | | $55.63 billion (31 December 2008)
$106 billion (31 December 2007)
$59.66 billion (31 December 2006)
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Economic aid - recipient | | $397.8 million (2005)
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Public debt(% of GDP) | | 24% of GDP (2008 est.)
44.1% of GDP (2004 est.)
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Agriculture - products | | asparagus, coffee, cocoa, cotton, sugarcane, rice, potatoes, corn, plantains, grapes, oranges, pineapples, guavas, bananas, apples, lemons, pears, coca, tomatoes, mango, barley, medicinal plants, palm oil, marigold, onion, wheat, dry beans; poultry, beef, dairy products; fish, guinea pigs
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Industries | | mining and refining of minerals; steel, metal fabrication; petroleum extraction and refining, natural gas; fishing and fish processing, textiles, clothing, food processing
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Industrial production growth rate(%) | | 8% (2008 est.)
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Current account balance | | -$4.18 billion (2008 est.)
$1.22 billion (2007 est.)
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Exports | | $31.53 billion (2008 est.)
$27.88 billion (2007 est.)
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Exports - commodities(%) | | copper, gold, zinc, crude petroleum and petroleum products, coffee, potatoes, asparagus, textiles, fishmeal
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Exports - partners(%) | | US 20%, China 15.2%, Canada 8.3%, Japan 7%, Chile 5.8%, Brazil 4.2% (2008)
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Imports | | $28.44 billion (2008 est.)
$19.6 billion (2007 est.)
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Imports - commodities(%) | | petroleum and petroleum products, plastics, machinery, vehicles, iron and steel, wheat, paper
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Imports - partners(%) | | US 23.7%, China 10.6%, Brazil 7.5%, Ecuador 6.5%, Chile 5.1%, Argentina 5%, Mexico 4.5% (2008)
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Reserves of foreign exchange and gold | | $31.25 billion (31 December 2008 est.)
$27.78 billion (31 December 2007 est.)
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Debt - external | | $34.59 billion (31 December 2008)
$32.57 billion (31 December 2007)
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Stock of direct foreign investment - at home | | $30.31 billion (31 December 2008 est.)
$24.74 billion (31 December 2007 est.)
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Stock of direct foreign investment - abroad | | $1.694 billion (31 December 2008 est.)
$2.284 billion (31 December 2007 est.)
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Exchange rates | | nuevo sol (PEN) per US dollar - 2.91 (2008 est.), 3.1731 (2007), 3.2742 (2006), 3.2958 (2005), 3.4132 (2004)
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Currency (code) | | nuevo sol (PEN)
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Telephones - main lines in use | | 2.878 million (2008)
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Telephones - mobile cellular | | 20.952 million (2008)
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Telephone system | | general assessment: adequate for most requirements
domestic: fixed-line teledensity is only about 10 per 100 persons; mobile-cellular teledensity, spurred by competition among multiple providers, has increased to more than 70 telephones per 100 persons; nationwide microwave radio relay system and a domestic satellite system with 12 earth stations
international: country code - 51; the South America-1 (SAM-1) and Pan American (PAN-AM) submarine cable systems provide links to parts of Central and South America, the Caribbean, and US; satellite earth stations - 2 Intelsat (Atlantic Ocean) (2008)
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Internet country code | | .pe
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Internet users | | 7.128 million (2008)
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Airports | | 201 (2009)
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Pipelines(km) | | extra heavy crude 533 km; gas 1,078 km; liquid petroleum gas 654 km; oil 1,018 km; refined products 15 km (2008)
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Roadways(km) | | total: 78,829 km
paved: 11,351 km (includes 276 km of expressways)
unpaved: 67,478 km (2004)
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Ports and terminals | | Callao, Iquitos, Matarani, Paita, Pucallpa, Yurimaguas; note - Iquitos, Pucallpa, and Yurimaguas are on the upper reaches of the Amazon and its tributaries
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Military branches | | Army of Peru (Ejercito Peruano), Navy of Peru (Marina de Guerra del Peru, MGP (includes naval air, naval infantry, and Coast Guard)), Air Force of Peru (Fuerza Aerea del Peru, FAP) (2008)
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Military service age and obligation(years of age) | | 18-30 years of age for voluntary male and female military service; no conscription (2008)
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Manpower available for military service | | males age 16-49: 7,653,898
females age 16-49: 7,531,329 (2008 est.)
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Manpower fit for military service | | males age 16-49: 5,920,716
females age 16-49: 6,359,803 (2009 est.)
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Manpower reaching militarily significant age annually | | male: 310,575
female: 300,838 (2009 est.)
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Military expenditures(% of GDP) | | 1.5% of GDP (2006)
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Disputes - international | | Chile and Ecuador rejected Peru's November 2005 unilateral legislation to shift the axis of their joint treaty-defined maritime boundaries along the parallels of latitude to equidistance lines which favor Peru; organized illegal narcotics operations in Colombia have penetrated Peru's shared border; Peru rejects Bolivia's claim to restore maritime access through a sovereign corridor through Chile along the Peruvian border
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Refugees and internally displaced persons | | IDPs: 60,000-150,000 (civil war from 1980-2000; most IDPs are indigenous peasants in Andean and Amazonian regions) (2007)
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Electricity - production(kWh) | | 30.57 billion kWh (2008 est.)
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Electricity - production by source(%) | | fossil fuel: 14.5%
hydro: 84.7%
nuclear: 0%
other: 0.8% (2001)
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Electricity - consumption(kWh) | | 28.97 billion kWh (2008 est.)
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Electricity - exports(kWh) | | 0 kWh (2008 est.)
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Electricity - imports(kWh) | | 0 kWh (2008 est.)
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Oil - production(bbl/day) | | 120,200 bbl/day (2008 est.)
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Oil - consumption(bbl/day) | | 160,000 bbl/day (2008 est.)
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Oil - exports(bbl/day) | | 68,640 bbl/day (2007 est.)
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Oil - imports(bbl/day) | | 133,100 bbl/day (2007 est.)
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Oil - proved reserves(bbl) | | 415.8 million bbl (1 January 2009 est.)
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Natural gas - production(cu m) | | 3.39 billion cu m (2008 est.)
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Natural gas - consumption(cu m) | | 3.39 billion cu m (2008 est.)
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Natural gas - exports(cu m) | | 0 cu m (2008)
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Natural gas - proved reserves(cu m) | | 335.3 billion cu m (1 January 2009 est.)
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HIV/AIDS - adult prevalence rate(%) | | 0.5% (2007 est.)
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HIV/AIDS - people living with HIV/AIDS | | 76,000 (2007 est.)
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HIV/AIDS - deaths | | 3,300 (2007 est.)
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Major infectious diseases | | degree of risk: very high
food or waterborne diseases: bacterial, hepatitis A, and typhoid fever
vectorborne disease: dengue fever, malaria, and yellow fever
water contact disease: leptospirosis (2009)
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Literacy(%) | | definition: age 15 and over can read and write
total population: 92.9%
male: 96.4%
female: 89.4% (2007 Census)
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School life expectancy (primary to tertiary education)(years) | | total: 14 years
male: 14 years
female: 14 years (2006)
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Education expenditures(% of GDP) | | 2.5% of GDP (2006)
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