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Peruvian economic policy has varied widely over the past decades. In the 1990s the government's liberalizing ended price controls, protectionism, restrictions on foreign direct investment, and most state ownership of companies.
Services account for 53% of Peruvian gross domestic product, followed by manufacturing, extractive industries, and taxes. Recent economic growth has been fueled by macroeconomic stability, improved terms of trade, and rising investment and consumption. Peru's trade is expected to increase further after the implementation of a free trade agreement with the United States signed in 2006.
Peru is one of the top 10 coffee producing countries in the world; coffee is also a flagship product of Peru.
In recent years, Peru has been experiencing a surge in commodity exports. The major exports of Peru are copper and gold. Others include gasoline, zinc, fish meal, lead ore and textiles. Major export partners of Peru are United States, China, Chile, Canada, Germany, Spain, South Korea, Brazil.
Peru's main exports are:
The economy of Peru is considered to be an upper middle income economy and is the 39th largest in the world. Peru is one of the world's fastest-growing economies owing to the economic boom experienced during the 2000s. Historically, the country's economic performance has been tied to exports, which provide hard currency to finance imports and external debt payments. Although they have provided substantial revenue, self-sustained growth and a more egalitarian distribution of income have proven elusive. According to 2010 data, 31.3% of its total population is poor, including 9.8% that lives in extreme poverty. Though the economic policies of Peru are growing better. The extent of poverty is largely concentrated upon the rural areas.
Major imports of Peru are crude and refined oil, trucks, buses and light trucks and industrial machinery and equipment. Other important commodities imported by Peru are petroleum, iron and steel, and food items.
Major import partners of Peru are China, United States, Brazil, Mexico and South Korea. In the recent years, the country has experienced both trade surplus as well as balance of payment surplus.
Peru's main imports are:
- Crude Petroleum
- Refined Petroleum
- Delivery Trucks
- Large Construction Vehicles
- Broadcasting Equipment
- Video Displays