The value of Peruvian exports to the Southern Common Market (Mercosur) expanded 27.23% between January and October 2017 over the same period last year, the country's Exports and Tourism Promotion Board (PromPeru) reported on Tuesday.
According to PromPeru, shipments to Mercosur countries —Argentina, Brazil, Paraguay, and Uruguay— increased from US$1.156 billion (Jan-Oct 2016) to US$1.472 billion (Jan-Oct 2017).
In this sense, sales to Brazil registered the highest growth rate, thus totaling US$1.300 billion in the first 10 months of the current year, up by 27.88% over the same period in 2016 (US$1.016 billion).
Inca exports to Uruguay experienced a 27.68% rise in the analyzed period, going from US$26.557 million to US$33.907 million.
Likewise, Peruvian shipments to Argentina reached US$126.860 million between January and October 2017, a 21.29% increase compared to the same period in 2016 (US$104.591 million).
Lastly, exports to Paraguay amounted to US$10.701 million in the first 10 months of 2017, a 20.92% expansion from the same term the previous year (US$8.850 million).
What is Mercosur?
Mercosur is a regional integration process originally composed of Argentina, Brazil, Paraguay, and Uruguay. Later, Bolivia (currently in accession process) and Venezuela (with suspended rights and obligations) joined the trade bloc.
Mercosur's main objective is to promote a common space aimed at creating business and investment opportunities through the competitive integration of member economies into the international market.