2024 Feb Peru Trade Data Summary: Flat Exports, China Dominance

Peru 2024 Feb Trade Data Key Takeaways

• Market Trend: Peru trade data shows flat exports ($5.35B) and imports ($4.04B) in Feb 2024, maintaining a $1.31B surplus.
• Key Driver: Peru import export data reveals China dominates exports (37.35%) while imports rely on China (26.76%) and the U.S. (16.8%).
• Strategic Risk: Export concentration in raw materials (HS 26, 42.7%) exposes Peru to commodity price swings and demand shocks.

Analysis covers 2024 Feb based on sanitized customs records from the yTrade database.

Peru 2024 Feb Trade Data Trend Overview

• Peru's export-driven economy, heavily reliant on mining and agricultural shipments, showed stability in its latest Peru global trade data release.
• February's Peru import export data showed exports holding at $5.35 billion, flat year-on-year, while imports totaled $4.04 billion, also unchanged from the prior year.
• This resulted in a trade surplus of $1.31 billion for the month.
• The flat growth reflects a period of equilibrium, likely influenced by steady commodity prices and stable demand preceding the significant US tariff policy shifts that began in April 2025 [OECD].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Peru 2024 Feb Top Trading Products

Peru Global Trade Core Summary

Peru's exports are heavily resource-driven, with ores, slag, and ash (HS 26) making up 42.7% of total exports, followed by precious metals and stones (HS 71) at 16%. Other key exports include edible fruits (HS 08), mineral fuels (HS 27), and copper (HS 74). This shows a strong reliance on raw materials and primary goods. Imports, however, are dominated by refined fuels (HS 27, 19.2%), machinery (HS 84, 12.5%), and electrical equipment (HS 85, 8.8%), indicating a need for industrial inputs and consumer goods.

Key takeaways:

• Exports are concentrated in minerals and agricultural products.
• High dependence on fuel imports despite being a mineral fuel exporter.
• Limited manufacturing exports suggest untapped industrial potential.

Peru Export-Import Structural Gap

Peru’s trade structure shows a clear gap: it exports raw materials but imports machinery, vehicles, and refined fuels. This suggests an economy focused on extraction rather than value-added production. The overlap in mineral fuels (HS 27) as both a major export and import highlights inefficiencies in refining capacity. The lack of high-value manufactured exports points to opportunities in industrial upgrading, especially in metals processing. The reliance on imported machinery and equipment signals a need for domestic industrial development.

Table: Peru Top Import & Export Product Categories (Source: yTrade)

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Peru 2024 Feb Top Trading Countries

Peru Global Trade Key Patterns

Peru's exports show strong concentration, with Mainland China accounting for 37.35% ($2.00B) of total shipments. The United States (10.66%, $570.11M) and India (5.89%, $314.81M) follow, indicating a reliance on a few major markets. Imports are more diversified, though Mainland China (26.76%, $1.08B) and the U.S. (16.80%, $679.51M) remain top suppliers. Regional sourcing is evident, with Argentina (6.51%), Brazil (5.11%), and other Latin American nations contributing significantly. Key takeaways:

• Exports heavily depend on China, while imports are more spread out.
• The U.S. is a critical partner for both exports and imports.
• Latin America plays a larger role in imports than exports.

Peru Export–Import Geographic Gap

Peru’s exports are highly concentrated in a few markets, while imports come from a broader set of suppliers. Exports lean toward Asia (China, India, Japan) and North America (U.S., Canada), while imports include strong regional ties to South America (Argentina, Brazil, Ecuador). The overlap with China and the U.S. in both lists suggests processing or re-export trade. The structure points to upstream diversification in imports but downstream reliance on a few export destinations. This gap could expose Peru to demand shocks in key markets like China.

Table: Peru Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Peru in 2024 Feb?

Peru's top exports in February 2024 were ores, slag, and ash (42.71% of exports, $2.28B), followed by natural/cultured pearls and precious stones (16.03%, $857.30M), and edible fruits/nuts (7.46%, $398.82M).

What are the main products Peru imports in 2024 Feb?

Peru's leading imports included mineral fuels/oils (19.23%, $777.63M), nuclear reactors/machinery (12.52%, $506.27M), and electrical machinery (8.84%, $357.44M).

Which countries are the top destinations for Peru's exports in 2024 Feb?

Mainland China was the top export destination (26.76%, $1.08B), followed by the United States (16.80%, $679.51M) and Argentina (6.51%, $263.35M).

Which countries supply most of Peru's imports in 2024 Feb?

Mainland China dominated Peru's imports (37.35%, $2.00B), with the United States (10.66%, $570.11M) and India (5.89%, $314.81M) as other key suppliers.

How balanced are Peru's export and import markets in 2024 Feb?

Peru maintained a trade surplus of $1.31B, with flat year-on-year growth in both exports ($5.35B) and imports ($4.04B), reflecting stable commodity demand.