Peru-Singapore Economic Snapshots

FDI
Singaporean investments in Peru amounted to SGD 2,095.00 million (approximately USD 1,566 million) as of 2021, the most recent year on record. Notable Singaporean companies that have invested in Peru include Olam International, Tamshi, PSA Marine, Boroo Pte Ltd, Crimsonlogic, Grupo Kaybee, and Aqua Expeditions. (Source: Singapore Department of Statistics)

TRADE
Bilateral trade in the last five years between Singapore and Peru has shown signs of dynamic growth and potential. Peru’s exports to Singapore started at $9 million in 2018, and tripled by 2021, reaching $33 million. Though 2022 experienced a slight dip, standing at $16 million, the overall trend exhibits a positive trajectory. Conversely, the consistent rise in Peru’s imports from Singapore, culminating at $102 million in 2022, underscores Singapore’s growing significance in the Peruvian market.

EXPORTS
Peru’s exports to Singapore are focused on ‘traditional mineral products’ with an export value of $26 million in 2021, although it saw a reduction to $4 million in 2022. The fishing sector showed a noticeable increase in non-traditional products, moving from $1 million in 2018 to $5 million in 2022. Another steady sector is ‘Agriculture and Agro Industries’, exporting goods worth $3 million from 2018 to 2022.

IMPORTS
Peru’s imports from Singapore went from $68 million in 2018 to $112 million in 2022. The ‘Agriculture and Agroindustries’ sector has consistently grown, starting at $13 million in 2018 and increasing to $22 million in 2022. The “Chemical” sector remains a significant contributor, with imports worth $23 million in 2018 and reaching $34 million in 2022.

Peruvian Business Missions to Singapore in recent years:

April 2018: The Peruvian Association of Exporters (ADEX) participated in the “Food & Hotel Asia” expo with four Peruvian companies.

June 2019: ADEX organized a trade mission with a smaller delegation consisting of four representatives from two Peruvian companies.

April 2023: The Lima Chamber of Commerce led a delegation that showcased a pavilion at “Food & Hotel Asia 2023,” featuring five Peruvian companies. Notably, AJE, with regional offices in Bangkok, Thailand, also joined the Chamber’s delegation.

May 2023: ADEX led a trade mission with a delegation of 14 representatives from eight Peruvian companies.

TOURISM
According to the Ministry of Foreign Trade and Tourism of Peru, the flow of tourists from Singapore to Peru has shown dynamic changes over recent years. In 2017, Peru welcomed 2,096 Singaporean visitors, which surged by 24.4% to 2,608 in 2018. This growth maintained a steady pace in 2019 with 2,666 visitors. The year 2020, however, witnessed a significant drop, bringing the number down to just 240 tourists due to the impacts of the pandemic. The subsequent year, 2021, saw a further decline to 48 visitors. However, 2022 observed a rebound with 635 visitors from Singapore. This suggests a resilient recovery in tourism connections between the two nations.

PROMPERU, the official tourism board for Peru, participated in this year’s ITB Asia edition in October 2023, with a national pavilion featuring six companies and an additional Peruvian company participating individually.