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In 2023, Peru was the 28th-largest market for U.S. agricultural exports, valued at $851 million, making it the 3rd-largest market in South America. The U.S.-Peru Trade Promotion Agreement (PTPA) entered into force in February 2009, and U.S. agricultural exports reached $1 billion for the first time in 2014, peaking at $1.36 billion in 2018. The United States accounts for 14 percent of Peru's agricultural import market share, positioning it as the second-largest supplier to the country.

New labeling requirements for dairy products that may impact U.S. exports to Chile will come into effect on January 9, 2025.

Discrepancies between the information provided on the export certificate and the information on the label of the package in U.S. dairy products is causing recurring detentions at the ports of entry in Chile.

The Chilean dairy sector is crucial to the economy, producing milk, cheese, butter, yogurt, and powdered milk. In marketing year (MY) 2024, milk receipts increased by two percent to 1,293 million liters, and fluid milk production rose by seven percent.

In marketing year (MY) 2023, milk price is experiencing an increasing trend due to the low milk supply and high demand for dairy. In Chile, most processing plants produce fluid milk and cheese, very few produce yoghurt, whey, condensed milk, or other value-added dairy products.

Chile is the second-largest South American market for U.S. agricultural products. Solid political institutions and a stable macroeconomic environment, combined with high consumer purchasing power, make Chile a lucrative market for U.S. producers of wheat, cheese, pet food, alcoholic beverages, and other consumer-oriented products.

In 2021, the Chilean economy grew by 11.7 percent. Government support programs increased disposable income for many consumers, putting upward pressure on consumption of beef, pork, and chicken.

Peru is the third-largest South American market for U.S. consumer-oriented agricultural products. Increasing wealth and lower barriers to entry were facilitated by the implementation of the U.S.-Peru Trade Promotion Agreement (PTPA), resulting in a 423-percent increase in consumer-oriented exports from $65 million in 2009 to $340 million in 2021.

In marketing year (MY) 2022, rainfall during the winter was abundant favoring pasture production in the southern regions of Los Lagos and Los Rios. As a result, Chilean production of milk powders increased significantly in recent months, and are expected to remain high during the remainder of the marketing year.