Peru’s exports from January to November 2024 rose by 15.8% to US$67.558 billion, with a 27% increase in November alone. Traditional exports accounted for US$49.099 billion, primarily from mining. Non-traditional exports also grew by 10.9%. Despite concerns over declines in sectors such as fishing and textiles, the overall trade balance reported a surplus of US$17.549 billion.
Between January and November 2024, Peru’s exports surged to US$67.558 billion, representing a significant 15.8% increase from US$58.348 billion during the same timeframe in 2023, primarily attributed to robust performance in the latter half of the year, as reported by the Peruvian Exporters Association (ADEX).
The CIEN-ADEX Global Economy and Business Research Center noted that exports in November alone reached US$7.377 billion, marking a remarkable 27% rise and extending the trend of positive results for seven consecutive months, following substantial increases in May (27.9%), June (11.8%), July (36.6%), August (29%), September (17.8%), and October (12.3%). Despite the positive cumulative figures, ADEX Chairman Julio Perez Alvan expressed alarm at declines in five sectors throughout the 11 months; specifically, fishing for direct human consumption (-24.2%), non-metallic mining (-13.2%), wood (-13%), textiles (-0.9%), and hydrocarbons in the primary sector (-2%). Conversely, he highlighted significant advancements in mining, agro-industry, iron-steel, and metalworking sectors that achieved historic figures.
According to the Export Report for November 2024, traditional exports totaled US$49.099 billion from January to November, demonstrating a 17.7% increase compared to the previous year’s figures. This growth is largely attributed to mining exports, which amounted to US$41.980 billion (up 16.7%), as well as substantial increases in primary fishing (US$2.202 billion; +105.6%) and agriculture (US$1.144 billion; +42.9%), while hydrocarbons recorded a slight decline.
Key export products included copper and gold, which together constituted 61.6% of total shipments, along with refined copper cathodes, iron, zinc, fishmeal, molybdenum, natural gas, silver, and lead. The bulk of these products was exported to China (US$22.635 billion), followed by other nations including India, Canada, Japan, the United States, Switzerland, the United Arab Emirates, South Korea, Brazil, and Spain.
In contrast, non-traditional exports reached US$18.459 billion, reflecting a 10.9% rise against last year’s figures of US$16.644 billion. Strong performers within this category included agro-industry (+21.6%), clothing (+2%), metalworking (+3.2%), chemicals (+10.5%), iron-steel (+21.4%), and other sectors (+21.3%). Notably, blueberries dominated the export landscape, valued at US$2.108 billion and marking a significant 46.3% increase. The top export destination for this category was the United States (US$5.710 billion), which accounted for 31% of total non-traditional exports, experiencing a 14.8% rise.
The Lima and Callao region exported products worth US$16.148 billion, enjoying a 19.1% growth and representing 23.9% of total exports. Furthermore, the coastal region accounted for over half of all shipments (50.8%), owing to strong performances from key regions such as Ica, Arequipa, and Ancash. Meanwhile, the Andean region contributed 23.9% and the Amazonian region accounted for only 1.4% of exports.
In terms of trade balance, the period from January to November concluded with a surplus of US$17.549 billion, as total exports reached US$67.558 billion against imports of US$50.009 billion.
The report highlights significant changes in Peru’s export landscape throughout 2024, with a concerning yet overall positive trajectory. With exports increasing markedly and certain sectors flourishing—particularly mining and agro-industry—it underscores the importance of continual monitoring and support for declining sectors to foster an inclusive growth strategy for the national economy. Such data analysis aids in understanding potential areas for recovery and investment.
In summary, Peru’s exports experienced a substantial increase of 15.8% from January to November 2024, with notable contributions from both traditional and non-traditional sectors. Despite the positive overall performance, there were concerning declines in key sectors, which warrant attention. The continued success in mining and agro-industry provides a robust foundation for future growth, while the trade surplus signifies a healthy economic status. The findings by ADEX provide critical insights into Peru’s export dynamics and suggest areas for strategic focus moving forward.
Original Source: andina.pe
