Peru’s GDP Rises 5.55 Percent In March

Peru’s economy grew by 5.55 percent in March, which is slower than many economists had expected, state news agency Andina reported.

Growth in March, which is the 31st straight month of economic growth in Peru, was lower than the 7.18 percent in February.

The National Statistics and Information Bureau, or INEI, said Peru’s agriculture sector rose 1.62 percent in March, while fishing fell 15.07 percent.

The mining and hydrocarbon sector grew 6 percent in March, as metallic mining Read more…

Peru’s Exports Rise 5% In March To $3.91 Billion

Foreign Trade and Tourism Minister Jose Luis Silva said Thursday that Peru’s exports totaled $3.91 billion in March, which is 5 percent higher than the same month last year.

The increase in exports was thanks largely to a 14 percent rise in non-traditional exports, which includes non-metallic minerals, steel, metal-mechanics, and textiles.

Traditional exports, which include Peru’s important mineral shipments, rose 2 Read more…

Britain, Peru Begin Mending Relations With Business Road Show

Britain and Peru appear to be mending ties through the private sector following a diplomatic rift caused by Peru’s last minute cancellation in March of a visit to the port of Callao by Britain’s HMS Montrose, a navy frigate.

Peruvian business and government leaders travelled to London last week as part of a three-city tour this year that aims to increase investments in the South American country.

The Peruvian business group included leaders from the country’s banking, mining, energy, and other sectors, and was led by the Minister of Finance, Luis Miguel Read more…

Peruvian Exports Rise 10.7 Percent In First Quarter 2012

Peruvian exports totaled $11.2 billion in the first quarter of this year, up 10.7 percent from the same period in 2011, the private-sector Foreign Trade Society, or Comex Peru, said.

Non-traditional exports in the quarter totaled $2.54 billion, which is a 12 percent increase from year-ago period, daily El Comercio reported.

Sectors that led the non-traditional exports were agriculture at $679 million, Read more…

Peru’s GDP Rises 7.18 Percent In February

Peru’s economy grew by 7.18 percent in February, its fastest rate of growth since last August, the government said.

The National Institute for Statistics and Information (INEI) said that construction led growth for the month, rising 14.03 percent, as domestic demand was boosted among an increase in public-sector investments, state news agency Andina reported.

The retail sector grew 8.89 percent amid higher vehicle sales, while electricity and Read more…

Humala: Gov’t Aiming For “Zero Cost” To Shining Path Kidnapping

President Ollanta Humala said Thursday that Peru’s security forces are looking to resolve the kidnapping of up to 40 natural gas workers by suspected Shining Path rebels with “zero cost” to the hostages.

“We are taking into account the life of the workers,” said Humala, according to daily El Comercio.

Humala’s comments were his first since the 36 to 40 workers were kidnapped early Read more…

Report: Shining Path Seeks $10 Million Ransom For Kidnapped Workers

Shining Path rebels, suspected of kidnapping natural gas workers on Monday, have reportedly demanded a $10 million ransom, explosives, and clothes in exchange for the hostages, daily El Comercio reported.

The workers —between 36 and 40— were kidnapped early Monday morning in Kepashiato, a town located in the province of La Convencion in Cusco region.

Peru’s government has maintained military-like silence about the incident. On Monday, the Interior Ministry confirmed the kidnapping of the workers and that it was taking actions to rescue them, however it did not provide further information.

According to local news reports, a combined military-police force of 1,500 troops Read more…

Peru’s Non-Traditional Exports To Canada Seen Up 20 Percent This Year

Peruvian non-traditional exports to Canada, the country’s fourth biggest trade partner, could rise by more than 20 percent this year thanks to a free trade agreement that came into force in 2009, a top Peruvian government official said.

Jose Luis Silva, Peru’s Trade and Tourism Minister, said that Peru’s non-traditional exports to Canada have increased to $96 million in 2011 from $48 million in 2009 as products from the fishing sector jumped 118 percent, 48 percent from agriculture and 23 percent from textiles.

“In the agriculture, there is a lot to still develop because the volume of total Read more…

Peru Exports Total $3.67 Billion In February, Up 9 Percent On Year

Peruvian exports totaled $3.67 billion in February, up 9 percent from the same month last year, according to the exporters’ association, Adex.

The growth rate in exports, however, was significantly slower than in January, when shipments abroad increased 27 percent year-on-year, state news agency Andina reported.

The slowdown in growth was the result of a slowdown in mineral exports due to concerns about the economic crisis in Europe and a decrease in demand from Read more…

Indigenous Communities Reject Prior Consultation Law Rules

Indigenous leaders on Wednesday came out against the regulations of the Prior Consultation Law, enacted Tuesday, daily El Comercio reported.

One of the main reasons why some indigenous community organizations are against the law, which is intended to provide the communities with better consultation rights on natural resource projects, is that the legislation is not binding.

Instead, the government has reserved the right to make the final decision on whether a project will be developed if the indigenous communities reject it in the consultation process. The law is intended to prevent social conflicts by improving Read more…

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