Guatemala prepares to strengthen its presence in the South American market after the entry into force of the Free Trade Agreement (FTA) with Peru, an agreement that opens the door to an estimated export potential at US $ 146 million – US $ 123 million in goods and US $ 23 million in services.
The governments of Guatemala and Peru recently signed in Lima the protocol that formalizes the entry into force of the Free Trade Agreement (FTA) between the two nations, an agreement that becomes an opportunity to expand Guatemalan exports and boost the economic activity of micro, small and medium enterprises (MSMEs).
The firm, made in the Government Palace of Lima, was in charge of the Guatemalan Minister of Economics, Gabriela García, and her Peruvian counterpart, Desilú León, Minister of Foreign Trade and Tourism. This step marks the beginning of a new stage for bilateral trade, especially in a context where MSMEs require more solid legal security frameworks, preferential access and stable conditions to compete in new markets.
During 2024, Guatemala exported to Peru a total of US $ 98 million, which represents a 14% growth compared to the previous year. This commercial relationship has been particularly established in sectors such as agricultural, which generated US $ 52 million, followed by manufacturing with US $ 45 million. There were also fishing and aquaculture exports, costumes and textiles, wood and products from the extractive sector, among others.
According to estimates of the AGEXport market intelligence unit, the total export potential in goods to Peru reaches US $ 123 million. Among the products with the greatest projection are cane sugar, iron and steel bars, rum, ethyl alcohol, soap and packaging such as barrels and boxes. Likewise, an important margin of growth in services is visualized, with an estimated potential of US $ 23 million in areas such as telecommunications, computer science, financial and business services, as well as travel and cultural activities.
Fanny D. Estrada, Director of Institutional Relations of AGEXPORT, commented that they observe with very good eyes the opening of new commercial roads in viable markets for products in the country. At the moment when there are changes in global trade behavior, market diversification is one of the important strategies.
Peru is a market with a lot of potential for Central America, especially Guatemala. We are Peru’s second supplier from the region, exporting in 2024, $ 19.25 millions.
There are thousands of customers who arrive with agricultural products, manufactures such as furniture, confectionery, paper and cardboard, costumes and textiles, among others, and we can surely arrive with more innovative and competitive products and services. “While Guatemala is already a customer of Peru of products such as grapes, oils, food preparations, cookies, among others,” concluded the director.