Spain increased its exports and imports by more than 50% with Peru during 2017, according to the study “Commercial relations between Spain and Latin America in 2017”, prepared by the EAE Business School, said Andina News Agency on Thursday.
“The report indicated that Spain had an increase of 50.6% in its exports to Peru, and also increased its imports by 51.8%, being the highest growth in the entire region”, the news agency informed.
In 2017, Spain managed to increase both exports and imports with the Colombia-Peru axis, with whom it maintains various trade and economic association agreements, increasing its trade surplus by 44% compared to 2016, the study said, adding that in the case of Peru, the increase had to do with the growing economic strength of the Inca country.
The study also indicated that both countries show high figures of economic growth during the last two decades and enjoy a strategic position as a gateway to the Asia-Pacific axis.
“Peru and Colombia are members of the Andean Community of Nations, the Asia-Pacific Economic Cooperation Association (APEC) and together with Mexico and Chile make up the Pacific Alliance,” the study revealed.
Spain not only increased its exports to Peru but to the entire Latin American region by 12.5% last year. “The result of the trade balance showed a trade deficit of 1,742 million Euros because the increase in imports was higher (25%)”, Andina said.