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Peru: Service exports increased 1% in 2014Thursday, March 05, 2015 > 10:34:25
(Peru This Week)
By Hillary Ojeda
The Lima Chamber of Commerce (CCL) calculates a 1% increase in growth for Peru’s services exports in 2014.
The Lima Chamber of Commerce (CCL) announced a growth of 1% for Peruvian services exports in 2014, according to Gestion.
The CCL reports that in 2014, Peru made US$ 5.8 billion in service exports and increased its growth by 1% compared to the year before.
The Institute for Economics and Business Development (IEDEP) of the CCL compiled the data from the wide ranging, and still developing services sector of Peru. The service exports sector includes products such as software, contact centers, franchises, consulting, travel, transport, insurance, rental equipment, etc.
Peru is very new to this world of products and according to Gestion, the Andean nation makes up about .1% of the world trade in services. In the region, Peru ranks 4th after Brazil, Argentina, and Chile.
According to the CCL and IEDEP, the industry is in a pivotal growing stage and therefore needs promotion.
“This result shows that this sector is still in its infancy, so it is important to emphasize the importance of the export of services for the external sector and the economy in general, which will generate decent jobs and foreign exchange, which corresponds as promotion for their development,” executive director of the FTC IEDEP, César Peñaranda, told Gestion.
The other major and related issue is the immense legislative and legal barrier in developing this sector.
“The low participation is largely attributed to the various legal and regulatory obstacles that slow the international trade in services,” said Peñaranda.
Despite these somewhat static figures and the difficult environment surrounding development, Peñaranda highlighted that the services exports of Peru have increased by 58.1% over the last five years.
Particularly, Peru’s software, contact centers, and insurance services have performed well among its broad services offered.
“In the past five years, insurance and reinsurance almost doubled (99%) while other services and communications grew by 63.3% and 60.3%, respectively,” explained Peñaranda.