Between January and November 2024, Peru’s exports reached US$67.558 billion, a 15.8% increase from US$58.348 billion in 2023. November alone saw exports of US$7.377 billion, marking a 27% rise. While some sectors reported declines, mining and agro-industry thrived, contributing to an overall positive export outcome and a trade balance surplus of US$17.549 billion.
Peru’s export performance showed significant growth, amounting to US$67.558 billion between January and November 2024, a marked increase of 15.8% compared to US$58.348 billion in the same period in 2023. This surge was predominantly driven by robust outcomes in the last seven months of 2024, as reported by the Peruvian Exporters Association (ADEX).
In November alone, exports reached US$7.377 billion, reflecting a remarkable 27% increase and marking the seventh consecutive month of positive results. This upward trend was preceded by increases in May, June, July, August, September, and October, with notable monthly percentages ranging from 11.8% to 36.6%. While overall figures appear positive, ADEX Chairman Julio Perez Alvan expressed concerns regarding declines in five sectors, namely fishing for direct human consumption (-24.2%), non-metallic mining (-13.2%), and textiles (-0.9%), along with hydrocarbons falling by 2%.
Conversely, several sectors demonstrated remarkable growth, including mining, agro-industry, iron-steel, and metalworking. Notably, traditional shipments composed US$49.099 billion of the total, displaying a positive variation of 17.7% year-on-year, chiefly attributed to advancements in mining and agriculture. Significant products such as copper and gold accounted for a substantial portion of the export portfolio, with China identified as the leading destination.
Non-traditional shipments also thrived, reaching US$18.459 billion, an increase of 10.9% from the previous year. Key subsectors like agro-industry and chemicals reported impressive growth rates, with blueberries emerging as standout products. The United States remained the top destination for non-traditional exports, exhibiting a 14.8% increase.
Overall, the Lima and Callao area contributed significantly to export growth, while the trade balance closed with a favorable surplus of US$17.549 billion, with exports surpassing imports.
The report by the Peruvian Exporters Association indicates a robust export performance from January to November 2024, driven particularly by traditional and several non-traditional sectors. While some sectors faced downturns, others such as mining and agro-industry saw historic highs. The increase in exports signifies Peru’s growing presence in global markets, particularly with emphasis on key commodities like copper and gold, which highlights the country’s reliance on natural resource exports.
In summary, Peru’s exports in the first eleven months of 2024 showcased a promising growth trajectory, achieving a 15.8% increase from the previous year. Despite setbacks in certain sectors, notable gains were observed in mining and agro-industry. With a strong trade balance surplus, the data reflects the resilience and potential of Peru’s export economy, maintaining significant trade relations with major partners, especially China and the United States.
Original Source: andina.pe
