Of the total Peruvian exports to Hong Kong between January and September 2024 (US$ 238 million), US$ 76 million were traditional products (mainly fishmeal, gold, lead and zinc), and US$ 162 million were non-traditional products (blueberries, grapes and avocados).

The director of the Center for Research on Global Economy and Business of the Association of Exporters (CIEN-ADEX), Edgar Vásquez Vela, highlighted the importance of the Free Trade Agreement (FTA) recently signed with Hong Kong, as he considered it to be a very important gateway to mainland China.

It should be noted that Hong Kong's Gross Domestic Product (GDP) in 2023 was estimated at US$50.697 (nominal terms), which reflects its strong economy, based mainly on financial services, international trade and transportation. It also has around 7 million inhabitants.

“Having a trade agreement will put us in the spotlight of Hong Kong businessmen and that could encourage greater demand for Peruvian products, as well as promote investments in our country. Many of the most important traders operate through this region to supply the Asian giant,” he said.

According to figures from the ADEX Data Trade Business Intelligence System, between January and September of this year, the Asian economy ranked 24th in the ranking of destinations for national shipments, totaling US$ 238 million, achieving a growth of 38.3% and concentrating 0.44% of the total (US$ 53.651 million).

Imports amounted to US$ 16.200 billion and consisted mainly of other types of pipes used in iron or steel gas pipelines, rolled iron or steel products, cell phones, and printed paper or cardboard labels.

Of the total Peruvian offer to Hong Kong (US$ 238 million), US$ 76 million were traditional products (mainly fish meal, gold, lead and zinc), and US$ 162 million were non-traditional products (blueberries, grapes and avocados).

According to the CIEN-ADEX report 'Peru-APEC Multilateral Trade Profile 2024', 293 Peruvian companies exported 282 items to that economy last year, generating 40.756 jobs.

In 2023, imports from Hong Kong amounted to US$ 28 million, 800% more than in 1 (US$ 2022 million). The main products were tugboats, iron and steel profiles, rolled plates and temperature sensors.

Potential

In its report on untapped opportunities from late last year, CIEN-ADEX identified coffee as one of the countries with the greatest potential in this Asian destination. Between 2018 and 2022, its imports of this bean registered an average growth rate of 19%. Its five main suppliers were Brazil, Indonesia, Colombia, Ethiopia and Vietnam, which accounted for 61.3% of the total.