Peru’s exports between January and November 2024 reached US$67.558 billion, up 15.8% from 2023. November alone saw a 27% increase. While traditional sectors like mining thrived, there were declines in fishing and textiles. The trade balance demonstrated a surplus of US$17.549 billion, with strong demand primarily from China and the United States.
Peruvian exports reached US$67.558 billion from January to November 2024, marking a significant increase of 15.8% compared to US$58.348 billion during the same period in 2023. This growth is attributed to strong performance over the last seven months, as reported by the Peruvian Exporters Association (ADEX). Notably, November alone saw exports totaling US$7.377 billion, a remarkable 27% rise, representing the seventh consecutive month of positive export growth.
While the overall figure is encouraging, Adex Chairman Julio Perez Alvan expressed concern over declines observed in five sectors, including fishing for direct human consumption (-24.2%) and non-metallic mining (-13.2%). Conversely, sectors such as mining, agro-industry, iron-steel, and metalworking achieved historic performance levels. Traditional exports amounted to US$49.099 billion, increasing by 17.7%, driven predominantly by mining, which yielded US$41.980 billion (+16.7%). Meanwhile, primary fishing and agriculture also performed well, increasing by 105.6% and 42.9%, respectively.
The geographical distribution of exports shows significant demand from China, receiving US$22.635 billion, followed by countries such as India, Canada, and Japan. On the other hand, non-traditional exports reached US$18.459 billion, representing a 10.9% increase. Celebrated products included blueberries, with a significant share of 11.4% and a growth of 46.3%. The United States remains the leading destination, accounting for 31% of non-traditional exports.
The Lima and Callao area significantly contributed to exports, reaching US$16.148 billion, a 19.1% growth, while the coastal zones commanded over half of the total shipments due to robust activity from key regions. Overall, the trade balance for the period closed with a surplus of US$17.549 billion, indicating that exports outstripped imports, which totaled US$50.009 billion.
In 2024, Peru’s export sector experienced substantial growth reflecting a robust economic performance compared to the previous year. The statistics presented by the Peruvian Exporters Association highlight the key contributors to export success, including traditional and non-traditional sectors. The examination of significant export categories, including mining and agriculture, provides insight into the strengths and weaknesses within Peru’s trade landscape, revealing both potential for growth and areas needing improvement.
In summary, Peru’s exports from January to November 2024 experienced a commendable 15.8% increase from the previous year, primarily driven by traditional sectors, especially mining. However, concerns remain regarding declines in specific sectors. With a healthy trade surplus and growth in non-traditional exports, Peru’s economy shows resilience, yet strategic focus on underperforming sectors could enhance future trade outcomes. The continued strong demand from key international markets positions Peru for further export success.
Original Source: andina.pe
