Export Association: Greek crisis to affect Peruvian exports

The financial crisis in Greece and its influence on the European Union will likely be felt by Peruvian exporters, Carlos Lozada, the vice president of Peru’s export association Adex, told RPP radio station.

“This crisis is affecting [Europe] and everything is pointing toward it having an impact on Peruvian exports because Europe is one of our main markets where we sell our products,” said Lozada.

Meanwhile, the president of Peru’s Central Bank, Julio Velarde, agreed that the situation in Greece is having an affect on Peru, adding, however, that compared to other Latin American countries it has been minimal, according to a report cited by Peru’s national mining, oil, and energy society SNMPE.

Velarde said the main sign of the crisis was on the exchange rate between Latin American currencies and the U.S. dollar. All Latin American currencies devaluated in comparison to the dollar as a result of the Greek crisis, however its effect on Peru’s Nuevo sol was less noticeable, he added.

Also, the minister of economy, Mercedes Aráoz, said Monday Peru’s government will continue to observe and evaluate the situation in Greece to detect any ripples it creates for Peru’s economy, RPP reported.

The European Union is one of Peru’s largest trading partners, along with the United States and China. In early March, Peru reached a free trade agreement with the EU. The trade deal is set to come into force in 2012.

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