In the present investigation the analysis of the relationship of the Terms of Exchange on the Gross Domestic Product for Peru, using information Quarterly of the statistical series of the Central Reserve Bank of Peru (BCRP) for the period 1997 - 2016. Using the methodology proposed by R. Engle and C. Granger and using the Johansen cointegration test added to a correction model of errors, it was possible to estimate a directly positive relationship between the Terms of exchange and the Gross Domestic Product with a coefficient of 0.2564, for the Peruvian case.