Peruvian exports increased by 15.8% between January and November 2024, totaling US$67.558 billion. November alone saw a 27% rise in shipments, marking seven consecutive months of growth. Key sectors showed both positive trends in mining and agriculture but challenges remain in fishing, non-metallic mining, and textiles. The trade balance maintained a surplus of US$17.549 billion with imports at US$50.009 billion.
Between January and November 2024, Peruvian exports reached a total of US$67.558 billion, reflecting a significant increase of 15.8% compared to US$58.348 billion in the same timeframe in 2023. This growth was largely driven by strong performances noted in the past seven months, according to the Peruvian Exporters Association (ADEX).
In November 2024 alone, shipments totaled US$7.377 billion, representing a notable increase of 27%, marking the seventh consecutive month of positive growth. Previous months exhibited similar improvements: May recorded a rise of 27.9%, June 11.8%, July 36.6%, August 29%, September 17.8%, and October 12.3%.
Despite the overall positive outcome, ADEX Chairman Julio Perez Alvan has raised concerns regarding declines observed in five specific sectors over the 11-month period. These sectors include fisheries for direct human consumption, down by 24.2%; non-metallic mining decreased by 13.2%; wood exports fell by 13%; textiles declined by 0.9%; and hydrocarbons in the primary sector decreased by 2%. Notwithstanding these challenges, there are significant advancements in sectors such as mining, agro-industry, iron and steel, and metalworking, which have all reported historic export figures.
The Export Report for November 2024 revealed that traditional exports totaled US$49.099 billion, a 17.7% increase compared to the same period the previous year. This growth is partly attributed to the performance of the mining sector, which alone contributed US$41.980 billion (+16.7%), alongside primary fishing reaching US$2.202 billion (+105.6%), and agriculture at US$1.144 billion (+42.9%), while the hydrocarbons sector experienced a 2% decline with shipments totaling US$3.774 billion.
Prominent commodities included copper and gold, which together constituted 61.6% of the total export portfolio, as well as refined copper cathodes, iron, zinc, fishmeal, molybdenum, natural gas, silver, and lead. China remains the primary market, purchasing goods valued at US$22.635 billion, followed by India, Canada, Japan, the United States, Switzerland, the United Arab Emirates, South Korea, Brazil, and Spain.
Non-traditional exports experienced a 10.9% rise to US$18.459 billion compared to US$16.644 billion during the same period in 2023. Six out of ten subsectors posted commendable results: agro-industry (+21.6%), clothing (+2%), metalworking (+3.2%), chemicals (+10.5%), iron and steel (+21.4%), and other products (+21.3%). Notably, blueberries accounted for US$2.108 billion, an increase of 46.3% and 11.4% of the total share. The United States remains the largest market for this sector, totaling US$5.710 billion or 31% of exports with a realized increase of 14.8%.
The Lima and Callao area exported products valued at US$16.148 billion, demonstrating a growth of 19.1% and representing 23.9% of the total. The coastal region accounted for over half of the total shipments at 50.8%, driven by the performance from significant regions including Ica, Arequipa, and Ancash, while the Andean and Amazonian regions accounted for 23.9% and 1.4%, respectively.
In summary, the trade balance for the period concluded with a surplus of US$17.549 billion, with total exports amounting to US$67.558 billion compared to imports of US$50.009 billion.
The report reflects the performance of Peruvian exports, showcasing significant growth amidst some challenges faced by specific sectors. ADEX plays a crucial role in analyzing and reporting on the export landscape, emphasizing both the positive trends in various industries and the sectors that are struggling. Understanding these dynamics is vital for stakeholders in the economy, including investors, policymakers, and exporters who depend on market trends and trade relations.
In conclusion, despite the 15.8% increase in total exports from January to November 2024, characterized by substantial growth in traditional and non-traditional sectors, challenges persist in specific areas that require attention. The Peruvian economy continues to benefit from robust mining and agricultural exports, influenced by strong international demand. A focus on bolstering underperforming sectors could further improve Peru’s export performance in the future.
Original Source: andina.pe
