According to an executive at the remittance fintech Global66, Peruvian companies are looking for banking alternatives to obtain better exchange rates and avoid excessive shipping costs.
The growth of Chinese imports has generated a significant increase in the movement of remittances from Peru to Asia. According to data from ComexPerú, in the period from January to August 2023, Chinese imports amounted to US$ 8,582 million, consolidating said country as the main supplier of merchandise to the Peruvian market since 2014 .
"The growth in remittance shipments from Peru to Asia is attributed to the change in trade routes. Peruvian companies are looking for banking alternatives to obtain better exchange rates and avoid excessive shipping costs. Transparency and agility in shipments are prioritized to maintain reliable relationships with suppliers," said R odrigo Lama, Chief Business Officer of Global66, a Latin American remittance fintech , in an official statement.
Lama pointed out that, according to fintech data, in the last six months, there has been a significant growth of 100% in remittance shipments to the Asian continent. Likewise, he maintained that companies are prioritizing transparency and agility in shipments; key elements to maintain reliable business relationships with Asian suppliers.
“The movement of money focuses mainly on the payment of imports of textile products, technological accessories, food, fishing products and machinery. The Asian market represents a strategic opportunity for Peru, being one of its main commercial destinations,” says Lama.
According to the executive, continued growth is expected in commercial exchange between Peru and Asia, especially with China; which is driven by sectors such as fishing, agriculture, agribusiness, textiles, clothing and chemicals.
“It is crucial to be informed about the costs associated with purchasing dollars and sending money, especially for medium and small businesses. Having the correct banking information from the Asian supplier is essential to avoid delays or returns in money transfers, which could result in fines or delays in loading and shipping products,” Lama said.
It is important to note that a World Bank report highlights the relevant role of China in receiving remittances, ranking third in the world with a total of US$50 billion.
