Exporting to Peru

Over the past decade, Peru has been the fastest growing economy in Latin America (World Bank, 2019). The UK is a large foreign investor in Peru, most of it in the mining sector. Peru is a large global producer of copper, silver and zinc and gold.

Welcomes UK business

The Peruvian perception of UK products and services is one of quality and reliability. In th year up until April 2019, UK goods exported to Peru rose by 8.5% (ONS, 2019). Top exports include beverages, medicinal products, cars and machinery.

Economic growth

Unemployment is under 7% and forecast to drop further over the next few years. GDP has grown year on year and GDP per capita is expected to keep riding in the country until at least 2025 (IMF, 2019). This should lead to an increase in spending power for the local Honduran consumer.

Ease of doing business

68th

out of 190 countries (World Bank, 2018)

Currency

Sol

Business language

Spanish

GDP per capita

$6,732

UK is $42,558 (IMF, 2018)

Economic growth

2.5%

(IMF, 2018)

Time zone

GMT -5

Opportunities for exporters

There are opportunities for UK companies across a broad range of industries. Our trade advisers in the Peru have identified particular opportunities for UK businesses in the following sectors.

Doing business in Peru

Preparing to export

VAT

The VAT rate in Peru is 18%.

If you’re a VAT registered UK business, it may be possible to zero-rate your exports if certain conditions are met.

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 a year to get the certificate.

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

You must include the following documentation in export shipments:

  • the original invoice translated into Spanish
  • a full description of the products per item with brand and model
  • commodity codes
  • unit value per number, quantity and unit of measure
  • total shipment value
  • sender’s logo
  • manufacturer’s details
  • importer’s contact details
  • currency and international commercial terms (Incoterms)

Operating in Peru

Intellectual property

As a first step, we advise you to speak to an intellectual property lawyer if you think you need patent protection when exporting.

Companies that own a protected right can register with the Customs Administration Agency (SUNAT) to request the suspension of imports presumed to be fake, very similar trademarks or pirated goods violating copyright.

Setting up a business

Before doing business in Peru you’ll need to register with Proinversion, the authorised government agency. Options include setting up a foreign owned company, a branch office, establishing a joint venture and finding an agent or distributor.

Next steps

DIT can advise you on doing business abroad, and help put you in touch with other people who can help such as lawyers and distributors.