Since the 1800s, Peru has been able to bounce back from crises faster than other countries in the region. Since the Pacific war in 1880 to the Subprime crisis in 2009, Peru has managed to recover its growth in 1-2 years.Historically, we’ve been a young country – with around half of our population under 25 years old – and the drive of our people has enabled fast recoveries, as shown in the figure below:
Source: MEF (Ministerio de Economía y Finanzas)
During the last decade, Peruvian apparel factories have invested USD 2.2. billion in equipment to adapt to our customers’ new requirements. In parallel, macroeconomically speaking, Peru has been one of the most stable countries in America; e.g. our inflation during 2019 was 1.9% (vs. 2.3% in USA) and our international reserves are over USD 67 billion – highest level ever! Also, the Peruvian Sol is among the most stable currencies in the World; e.g. the Peruvian Sol only lost 1.3% of its value vs. the US Dollar since the commercial conflicts between US and China started (June 2018).
During the Covid-19 crisis, the Peruvian Government has issued 2 aid packages (i.e. Reactiva I & II) to help formal companies secure cashflow during the pandemic. Even during this tough context, apparel factories have continued to invest in their infrastructure and their people. Since most of the textile companies in Peru are family owned, they have been able to better manage de Covid-19 crisis and adapt faster to the market’s new requirements.
In conclusion: we have the raw materials, the equipment, the vertical integration and, most importantly, we have the people to make PERU TEXTILES the standard of excellence in Quality with Sustainability.