Peru’s exports grew by 15.8% from January to November 2024, totaling USD 67.558 billion. November saw a remarkable increase of 27% in shipments. Traditional exports rose to USD 49.099 billion, driven by mining, while non-traditional exports reached USD 18.459 billion. The United States was the top destination for exports, and the trade balance recorded a surplus of USD 17.549 billion for the period.
In the period spanning January to November 2024, Peru’s exports reached a total of USD 67.558 billion, marking an increase of 15.8% from the USD 58.348 billion recorded during the same timeframe in 2023. This growth is largely attributed to a solid performance in the final seven months of the year, as reported by the Peruvian Exporters Association (ADEX).
November alone saw shipments totaling USD 7.377 billion, representing an impressive 27% increase and the seventh consecutive month of positive export figures. Earlier months demonstrated similar growth, with notable increases in May (+27.9%), July (+36.6%), and August (+29%). Despite these positive trends, ADEX Chairman Julio Perez Alvan expressed concern over declines in several sectors, including fishing for direct human consumption (-24.2%) and non-metallic mining (-13.2%).
The Export Report for November 2024 reveals that traditional exports constituted USD 49.099 billion, which reflects a 17.7% rise compared to the previous year. This growth is primarily driven by mining, whose exports reached USD 41.980 billion, alongside notable increases in primary fishing (USD 2.202 billion; +105.6%) and agriculture (USD 1.144 billion; +42.9%). However, hydrocarbons experienced a slight decline of 2%.
Exports were largely made up of copper and gold, which represented 61.6% of overall shipments, along with other products such as iron, zinc, and natural gas. The majority of these exports were directed to China, amounting to USD 22.635 billion, followed by markets in India, Canada, and the United States, among others.
Non-traditional exports achieved USD 18.459 billion, reflecting a growth of 10.9%. Six out of ten subsectors registered significant increases, particularly in agro-industry (+21.6%) and chemicals (+10.5%). Noteworthy items included blueberries, with exports valued at USD 2.108 billion, a 46.3% increase. The United States remained the leading destination for these goods, accounting for USD 5.710 billion or 31% of total non-traditional exports.
The Lima and Callao region contributed significantly to export figures, with product values of USD 16.148 billion, experiencing a growth of 19.1% and constituting 23.9% of total exports. The vast coastal region accounted for over 50.8% of shipments, benefiting from key areas such as Ica and Arequipa.
The trade balance for the period concluded with a surplus of USD 17.549 billion, as exports totaled USD 67.558 billion while imports reached USD 50.009 billion. ADEX continues to monitor these developments amidst sector-specific challenges.
Peru’s export landscape demonstrated significant growth from January to November 2024, as detailed in ADEX’s recent export reports. The increase in exports is primarily attributed to the strong performance of traditional sectors such as mining, and reflects a recovery trend post-pandemic. However, certain sectors faced declines, revealing a mixed picture in the export economy. Understanding these dynamics is crucial for stakeholders in evaluating Peru’s position in global markets and planning future trade strategies.
In summary, Peru’s exports have seen a robust increase of 15.8% in the first eleven months of 2024, led by traditional sectors such as mining and agriculture. However, some industries have experienced downturns, highlighting the need for targeted strategies to revitalize these areas. Overall, the trade balance remains healthy with a surplus, indicating a stable economic outlook despite sector-specific challenges.
Original Source: andina.pe
