Peru’s exports surged to US$67.558 billion between January and November 2024, a 15.8% increase from 2023. Traditional exports rose to US$49.099 billion, aided by mining and agriculture, while non-traditional exports also grew by 10.9%. Despite declines in certain sectors, the trade balance reflected a surplus of US$17.549 billion, signaling a robust export performance.
Peru has witnessed a substantial surge in exports, reaching a total of US$67.558 billion from January to November 2024, indicating a remarkable 15.8% rise compared to US$58.348 billion during the same period in 2023. This increase has been largely attributed to the vibrant performance in the latter months of the year, specifically in November where exports amounted to US$7.377 billion, marking a 27% growth from the previous year and continuing a seven-month streak of positive results. Notably, this upward trend is despite declines in specific sectors, including fishing for direct human consumption, non-metallic mining, and textiles, as expressed by the Chairman of the Peruvian Exporters Association (ADEX), Julio Perez Alvan.
ADEX’s Export Report for November 2024 highlighted that traditional exports totaled US$49.099 billion, representing a 17.7% increase from the prior year, predominantly driven by mining activities which realized US$41.980 billion. In particular, significant growth was observed in primary fishing and agricultural sectors, with increases of 105.6% and 42.9%, respectively. However, hydrocarbons saw a decline of 2%. Major exports included copper and gold, which constituted over 61.6% of total shipments, mostly directed towards China.
In contrast, non-traditional exports reached US$18.459 billion, showcasing a 10.9% rise. Several subsectors, including agro-industry and chemicals, contributed positively, with blueberries representing a notable increase of 46.3% to US$2.108 billion. The United States remained the foremost destination for these exports, capturing 31% of the total, illustrating a notable 14.8% rise in trade with this sector. Additionally, the Lima and Callao area reported a significant contribution to overall exports, evidencing a robust growth of 19.1%.
The trade balance for the period closed with a surplus of US$17.549 billion, with total exports reaching US$67.558 billion and imports at US$50.009 billion, indicating a positive trajectory in Peru’s overall trade performance.
This report covers the performance of Peru’s export sector from January to November 2024. It emphasizes the notable growth experienced in various sectors while also identifying areas that have faced declines. The data provided reflects insights from the Peruvian Exporters Association (ADEX), giving a comprehensive overview of export trends, major products, and trading partners.
In summary, Peru’s export sector demonstrated significant growth in 2024, achieving a 15.8% increase year-on-year despite declines in key industries. Both traditional and non-traditional sectors contributed to this rise, with notable successes in mining and the agro-industry. The achievement of a trade surplus further underscores the resilience of Peru’s economy against global challenges, while ongoing attention to underperforming sectors is essential for balanced growth.
Original Source: andina.pe
