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Peru replaces Venezuela as third-largest trade partner in Latin America. Overall Canada trade with the region grew as well.

BY CHRONICLE STAFF

Thanks to a strong increase in Peruvian exports of gold to Canada, Peru has replaced Venezuela as Canadas third-largest trading partner in Latin America, according to an analysis by Latin Business Chronicle.  Last year, Canadian imports from Peru grew by 54.5 percent to 2.1 billion Canadian dollars (approximately US$1.9 billion), according to Statistics Canada.

"The strong increase in imports from Peru is due to rising mineral prices and an increase in production in Canadian gold mines in Peru," says Brooke Grantham, a spokesman for Canadas Ministry of Foreign Affairs and International Trade.

Gold and other precious metals accounted for 53.4 percent of Canadas imports from Peru. Other leading imports include copper and copper-related products, zinc, lead and other ores and concentrates.

Meanwhile, Canadian exports to Peru grew by 9.5 percent to 289 million Canadian dollars. All in all, Canadian trade with Peru increased by 47.2 percent to 2.4 billion Canadian dollars.

MORE TWO-WAY INVESTMENT

However, Mexico and Brazil are still the top trading partners for Canada in Latin America. Mexico especially dominates, accounting for 52 percent of...

 

Companies mentioned in this story:  Barrick Gold, Scotiabank, Skye Resources

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