Peru exported US$177 million to Hong Kong in the first nine months of 2025, down from US$240 million in the same period of 2024. According to the Association of Exporters (ADEX), this decline puts pressure on companies, which hope that the bilateral FTA—signed in November 2024—will soon translate into greater dynamism for value-added exports.

The implementation of the agreement includes the elimination of tariffs, as well as the possibility of exporting services without a physical presence in Hong Kong, opening up opportunities for sectors such as technology, consulting, and software development. At the same time, the treaty is expected to stimulate the inflow of capital from Hong Kong, especially in the financial sector, strengthening economic integration and laying the groundwork for new agricultural export projects.

An open and strategic market for premium fruit

The Peru-Hong Kong Free Trade Agreement includes 14 chapters addressing market access, rules of origin, sanitary and phytosanitary measures, trade in services, e-commerce, investment, cooperation, and trade facilitation, among other topics. These areas are critical for the agribusiness sector, as they define entry costs, certifications, and operational times at the destination.

Hong Kong is one of the world's most open economies and a renowned global financial center. Its affluent population shows a strong preference for premium and high-quality products, with a growing trend toward healthy, organic, and functional foods. For fresh fruit—especially grapes, blueberries, and avocados—this creates an attractive market, provided that producers can compete on quality, consistency, and associated services.

Furthermore, the territory boasts a highly efficient logistics infrastructure, which boosts foreign trade and serves as a redistribution platform to other Asian markets. For Peruvian exporters of berries and other fruits, Hong Kong represents not only a final market but also a gateway to consumers in China and Southeast Asia, where demand for out-of-season fresh fruit continues to grow.

Grapes, blueberries and avocados: agribusiness under pressure

In 2024, Hong Kong was the 14th largest destination for Peruvian value-added exports, accounting for 1,5% of total exports. Of that total, 69% consisted of agricultural products (traditional and non-traditional), 13% of fisheries (primary catch and fish for direct human consumption), and 8% of manufactured goods, among others. Agribusiness, therefore, is at the heart of the bilateral relationship.

According to the ADEX Data Trade Business Intelligence System, Peruvian exports to Hong Kong totaled US$177 million between January and September 2025. Traditional sectors accounted for US$78,28 million, with slight growth of 3,3% driven by mining (copper and tin) and primary fishing (fishmeal). However, non-traditional exports totaled US$98,73 million, a decrease of 39,9%, reflecting the impact on higher value-added products.

In this last segment, the agribusiness sector—with US$65,45 million—remained the most important, despite a 52,2% decline. Grapes, blueberries, and avocados topped the list of exported products, confirming their role as ambassadors of Peruvian fruit in that market. Alongside them, the iron and steel industry, the "miscellaneous" category, fishing and aquaculture, apparel, and metalworking also stood out, in addition to chemical, textile, and non-metallic mining products, all affected by lower demand.

Balance of payments surplus and expectations focused on the FTA

Despite the decline in shipments, the trade balance between Peru and Hong Kong remained significantly in Peru's favor: between January and September 2025, the positive balance reached US$158,19 million. Meanwhile, Peru imported tugboats and pushboats, printed books and brochures, and flat-rolled iron or steel products, among other goods, from Hong Kong.

For the agricultural export sector, the entry into force of the Free Trade Agreement represents an opportunity to recover lost ground and better leverage comparative advantages in fresh fruit, especially grapes, blueberries, and avocados. The expectation is that the combination of preferential access, efficient logistics, and growing demand for healthy foods in Asia will revitalize export growth, restoring the Peru-Hong Kong trade relationship to the dynamism it displayed in previous years.