Between January and November 2024, Peru’s exports increased by 15.8% to US$67.558 billion compared to the previous year. While traditional shipments rose to US$49.099 billion, driven by mining and agriculture, non-traditional exports also showed growth. Concerns arise from declines in several sectors, yet overall performance remains strong with a trade surplus of US$17.549 billion.
Peru’s exports reached US$67.558 billion from January to November 2024, marking a noteworthy increase of 15.8% from the previous year when they totaled US$58.348 billion, as highlighted by the Peruvian Exporters Association (ADEX). The significant uptick over the past seven months has been pivotal in this growth. In November alone, exports amounted to US$7.377 billion, a remarkable rise of 27%, continuing a trend of positive growth over the last seven months, bolstered by earlier months like May (+27.9%), July (+36.6%), and September (+17.8%).
However, ADEX Chairman Julio Perez Alvan expressed concerns regarding declines in five sectors within the same eleven months, specifically in fishing for direct human consumption (-24.2%), non-metallic mining (-13.2%), wood (-13%), and textiles (-0.9%), alongside a 2% decrease in hydrocarbons. Despite these challenges, certain sectors such as mining, agro-industry, iron-steel, and metalworking demonstrated remarkable growth, achieving unprecedented figures.
The Export Report for November 2024 indicates that traditional shipments amounted to US$49.099 billion, demonstrating a 17.7% increase compared to the previous year. Key contributors to this surge include an increase in mining exports worth US$41.980 billion (+16.7%) and primary fishing which saw a significant spike of 105.6%. Mining exports were primarily comprised of copper and gold, which together constituted 61.6% of the total. These products were predominantly exported to China (US$22.635 billion), followed by countries such as India, Canada, and the United States.
In contrast, non-traditional exports, valued at US$18.459 billion, experienced a 10.9% growth, highlighting strong performances in agroindustry (+21.6%), chemicals (+10.5%), and iron-steel (+21.4%). The blueberry exports alone reached US$2.108 billion, signifying 11.4% of total non-traditional exports with a notable growth of 46.3%. The United States remained the primary market for these exports, accounting for 31% of total non-traditional exports, reflecting a 14.8% increase.
The Lima and Callao region accounted for US$16.148 billion of exports, a 19.1% increase, and represented 23.9% of total exports, while the coastal area contributed over half (50.8%) of national shipments. Conversely, the Amazonian region accounted for only 1.4% of the total.
The trade balance during this period concluded with a surplus of US$17.549 billion, with total exports reaching US$67.558 billion against imports of US$50.009 billion.
The dynamics of Peru’s export performance are crucial for understanding the broader economic landscape of the country. As a significant player in global trade, Peru’s export statistics reflect its economic resilience and sectoral developments. The analysis provided by the Peruvian Exporters Association (ADEX) offers insights into sector-specific growth and decline, underscoring the importance of traditional commodities like copper and gold while also highlighting emerging non-traditional goods such as agricultural products. The focus on diverse markets, especially in Asia and North America, depicts Peru’s strategic engagement in international trade.
In conclusion, Peru’s export growth of 15.8% between January and November 2024 illustrates a robust recovery bolstered by key sectors such as mining and agro-industry. While certain sectors experienced declines, the overall export landscape remains optimistic with significant contributions from both traditional and non-traditional goods. The surplus trade balance of US$17.549 billion further emphasizes the country’s favorable economic position in the global marketplace.
Original Source: andina.pe
