Peru’s exports increased by 15.8% from January to November 2024, totaling US$67.558 billion. November alone saw a 27% rise. Traditional exports rose by 17.7%, led by mining, while non-traditional exports grew 10.9%. Despite challenges in sectors like fishing and textiles, the trade balance showed a surplus of US$17.549 billion, indicating overall economic growth.
Between January and November 2024, Peru’s exports reached US$67.558 billion, an increase of 15.8% compared to US$58.348 billion during the same period in 2023, as reported by the Peruvian Exporters Association (ADEX). This growth was substantially driven by strong performance in the latter half of the year, particularly in November, where exports amounted to US$7.377 billion, marking a 27% rise. This increase represented the seventh consecutive month of positive export figures, following substantial growths in preceding months including May (27.9%) and August (29%).
Despite the overall upward trend, ADEX’s Chairman, Julio Perez Alvan expressed concern over declines in five sectors, particularly in fishing for direct human consumption (-24.2%), non-metallic mining (-13.2%), wood (-13%), textiles (-0.9%), and a slight drop in hydrocarbons (-2%). Conversely, sectors such as mining, agro-industry, iron-steel, and metalworking demonstrated record growth, contributing significantly to the overall export figures.
According to the recently published Export Report for November 2024, traditional exports totaled US$49.099 billion, reflecting a 17.7% increase from the previous year. The growth was primarily seen in mining shipments valued at US$41.980 billion (+16.7%) and primary fishing exports, which surged by 105.6%. However, the hydrocarbons sector noted a decline to US$3.774 billion.
Notably, the export portfolio was dominated by copper and gold, which constituted 61.6% of total shipments. Key destinations included China, accounting for US$22.635 billion, followed by India, Canada, and the United States.
In the non-traditional export sector, shipments amounted to US$18.459 billion, representing a 10.9% increase over the same period in 2023. Six out of ten subsectors reported positive growth, particularly in agro-industry with a 21.6% increase. Among exported products, blueberries were outstanding, generating US$2.108 billion, a 46.3% rise. The United States emerged as the leading market, comprising 31% of non-traditional export activities.
The Lima and Callao region contributed significantly with exports valued at US$16.148 billion, translating to a 19.1% increase overall. It is worth noting that the coastal region dominated exports, accounting for 50.8% of the total, while the Andean and Amazonian regions represented 23.9% and 1.4%, respectively.
The trade balance for the same period reflected a healthy surplus of US$17.549 billion, with total exports at US$67.558 billion against imports of US$50.009 billion.
The article focuses on the significant growth of Peru’s exports from January to November 2024, showcasing the economic vitality and sector-specific performance amid global trade dynamics. It highlights both the successes in traditional and non-traditional exports and identifies sectors that faced challenges, providing a comprehensive overview of the country’s export landscape during this period. ADEX plays a crucial role in analyzing and reporting on these economic activities, presenting insights into the factors contributing to both growth and decline across various industries.
In summary, Peru’s export figures for January through November 2024 indicate a robust increase of 15.8%, driven by strong performances in traditional sectors like mining and agriculture, while also highlighting challenges in certain industries such as fishing and textiles. The trade balance reflects a significant surplus, showcasing the overall health of Peru’s economy during this period. Continued focus on strengthening key sectors could enhance the nation’s export potential further in the future.
Original Source: andina.pe
