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Exporting from the UK to Peru: A market guide

Overview

Peru has been the fastest growing economy in Latin America for most of the past decade. Key export sectors for the UK include health and life sciences, mining, energy, sustainable infrastructure, and security. The UK and Peru have a close and constructive trade and investment relationship.

Trade statistics

£299.0 million total UK exports to Peru for the four quarters to the end of Q2 2024

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2024)

95th largest UK export market

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2024)

less than 0.1% of total UK exports for the four quarters to the end of Q2 2024

(Source: ONS UK total trade: all countries, seasonally adjusted
Last updated: October 2024)

An open economy that welcomes UK business

Peru is a like-minded and open economy. The UK is the largest foreign investor in Peru, mostly in the mining sector. The UK and Peru have a broad trading relationship. UK products and services are recognised for quality and innovation. The UK-Andean trade agreement has governed UK trade with Peru, Colombia, and Ecuador since January 2021.

The UK concluded negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 31 March 2023 and signed the Protocol of Accession on 16 July 2023.

CPTPP entered in force between the UK and Peru on 15th December 2024. 

How to Utilise the Free Trade Agreements with Peru

The FTAs with Peru make exporting to Peru cheaper, faster and more secure for UK businesses.

Benefits include:

  • more flexible rules of origin when exporting goods that are better suited to modern supply chains
  • equal treatment and improved business environment for UK businesses operating in Peru
  • easier travel rules for UK businesspeople wishing to deliver services in Peru

The UK-Andean FTA and CPTPP are in force simultaneously. Some of the provisions will apply automatically, whilst others may require you to take action first before you can benefit or will need to specify which agreement you choose to trade under (notably when applying rules of origin). The action(s) you will need to take also depends on the type of goods or services you are selling.

Top five UK goods exported to Peru , in the four quarters to the end of Q2 2024

Goods Value (£ million )
Cars 28.2
Medicinal & pharmaceutical products 12.1
Mechanical power generators (capital) 10.1
Dairy products & eggs 10.0
General industrial machinery (capital) 9.4

Source: ONS Trade in goods: country-by-commodity exports
Last updated: October 2024
Download the latest trade and investment factsheet for Peru.

Peru: at a glance

Economic growth

-0.6%

Actual figure (IMF, 2023)
The UK is 0.1% (IMF, 2023, projected figure)

GDP per capita

$6,965

Actual figure (IMF, 2017)
The UK is $40,618 (IMF, 2017, actual figure)

Currency

Sol

Business language

Spanish

Time zone

GMT -5

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Opportunities for exporters

Peru is the fifth largest economy in Latin America, in terms of purchasing power parity (International Monetary Fund 2022). There are significant opportunities for UK companies across a wide range of sectors including mining, energy, infrastructure, life sciences and healthcare, security, and food and drinks.

Check for trade barriers

Trade barriers, such as tariffs or taxes, can raise costs, cause delays, or even stop you from exporting. Check for any issues that may impact your business when exporting.

See current trade barriers

See resolved trade barriers

Check duties and customs

Find information on how to export goods from the UK. View the duties, rules, restrictions, and the documents you need for your products.

See current duties and customs procedures

Doing business in Peru

Preparing to export

The Superintendent of Tax Administration (SUNAT) is responsible for the administration of tax and customs.

VAT

The VAT rate in Peru is 18%.

Your company may be able to recover VAT early. Qualification requirements include investing a minimum of US$5 million (before taxes) and being at least 2 years at preoperative stage.

Holders of mine concessions and oil and gas agreements can apply for special agreements regarding this benefit.

Import duties

Peru applies a 3 level tariff regime: 0%, 6% and 11%. The non-weighted average customs duty is 2.1%, whereas it was more than 60% in the mid-1990's.

Trade agreements

Peru is party of more than 70 bilateral commercial agreements, including a free trade agreement with the UK.

Regulations

You must have a certificate from the Department of Medicine, Supplies and Drugs (website in Spanish) before exporting pharmaceuticals, cosmetics, biochemical preparations and medical equipment, devices and materials.

It can take up to one month to get the certificate.

The Environmental Health Department (website in Spanish) regulates imports of toys, food products, alcoholic beverages and insecticides.

Every product in Peru must have a label that includes:

  • product name and country of origin
  • expiry date and conditions for preservation (in Spanish)
  • net content in units or mass of volume
  • lot code number
  • name, address and tax specification number of manufacturer, importer, packager or distributor in Peru (in Spanish)
  • warning of any risk or danger in the product and care instructions (in Spanish)

Legal considerations

The political constitution and the legal system guarantee:

  • private property rights
  • the fulfilment of contracts
  • free capital transfer and remittance of earnings
  • unrestricted access to internal and external credit
  • unrestricted access to most economic sectors

There are restrictions which apply for security and air/maritime transport.

Operating in Peru

Intellectual property

Intellectual property (IP) rights are territorial. Rights granted in the UK do not provide protection elsewhere. You should consider getting IP protection abroad if you want to trade overseas or sell to overseas customers via the internet.

The Intellectual Property Office’s International IP Service provides practical information to help you protect, manage and enforce your IP in Peru.

British Businesses looking for IP support can also contact the IP Attaché for Latin America and the Caribbean.

Payment terms

While doing business with the Peruvian government, you will be asked to issue a bank guarantee prior to delivering the service. The details on the guarantee are set in the tender bases. Peruvian government does not usually make payments in advance, and payments are made upon delivery of the service.

Setting up a business

The options for doing business in Peru include:

  • setting up a foreign owned company
  • setting up a subsidiary office in Peru
  • establishing a joint venture with an established company in Peru
  • finding an agent or distributor

Property ownership

If you are doing business in Peru, you have the same rights as Peruvians, except within 50 km from the national borders. Real estate ownership is generally absolute. You need a real estate agent. Registering a property takes 33 days. Transfer of real property must be made by public deed.

Next steps

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