Improvement in the export of Peruvian services
The year Covid-19 arrived and the pandemic –and the global confinement— began, sectors within the work area of the various and different governments around the world, were severely affected and their ratios mostly decreased. Thus, the Peruvian economy was affected and, as part of the areas that were also affected, service exports showed a worrying setback. However, by the following year (2021) these ones also denoted an advance that accounted for the economic recovery worldwide and, according to ComexPeru, it could increase according to the reaction and the obvious action taken by the State for a prompt recovery of this aspect.
Taking into consideration the dialogue and information shared at the United Nations Conference on Trade and Development (UNCTAD), in the previous two years, service exports registered an increase of 24.4% in Latin America and the Caribbean (LAC). However, in this part of the American continent they have not yet returned to pre-pandemic levels -or at least not in their entirety-, since before the spread of the disease began, the number of service exports amounted to US$ 201,000 million., while the value registered in 2021 was US$ 156,000 million. As recently mentioned in one of our previous articles (regard to Peru) although there was an improvement in the ratio of unemployment and poverty rates, the economic situation is still considered uncertain. In fact, ComexPeru (2022) itself stated that concerning the Peruvian services exports, these could be very close to returning to the levels they were at before the pandemic. The Central Reserve Bank of Peru (BCRP), in 2021, also shared figures in which the numbers reached up to US$10,294 million, close to what was registered in 2019 (US$10,677 million). This progress is due to the recovery of the travel and transport sectors, thanks to the lifting of the restrictions associated with the containment of COVID-19.
All the sectors that make up service exports have been obviously affected by the pandemic and travel being the worst one. Recently, this has managed to recover, although not fully, and can be seen when comparing the value exported in the first quarter of 2022 with the ones of the first quarter of 2019, a decline of 27% is shown, quite the opposite with what happened with transport, which has managed to recover and even improved as the demand multiplied in the second half of 2020 and in 2021, besides consumers spent more on goods than services during lockdowns and given health restrictions. The main cause of the problem was that orders increased and the supply of containers and others was maintained, since during the confinement their production was not continued and they found a demand that grew exorbitantly.
In
conclusion, it is important to promote the development of other transport
services taking advantage of the digital revolution that has been improved
since the pandemic. This is crucial because it is an alternative to save the
exportation workplace by making it a better experience to the users and
workers.
For
a detailed interpretation about the topic, check the ComexPeru article in:
“Exportaciones peruanas de servicios se recuperan y se sitúan en niveles
prepandemia” (link above) that has a total and more specific information about
the matter.
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