2024 May Peru Global Trade Data Summary: Steady Growth, China Reliance

Peru 2024 May Trade Data Key Takeaways

• Market Trend: Peru trade data shows flat YoY growth in May 2024, with exports ($6.08B) and imports ($4.52B) holding steady.
• Key Driver: Peru import export data reveals 43.8% of exports are ores (HS 26), with China absorbing 32% of shipments.
• Strategic Risk: Heavy reliance on raw material exports and Chinese demand exposes Peru to price volatility and trade policy shifts.

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

Peru 2024 May Trade Data Trend Overview

• Peru, a major mineral and agricultural exporter, maintained its trade engine in May 2024, with the latest Peru global trade data showing a steady performance from the previous year.
• The Peru import export data for the month shows exports held at $6.08 billion, flat year-on-year, while imports were also stable at $4.52 billion.
• This resulted in a solid trade surplus of $1.56 billion for the period.
• The flat annual growth reflects a period of stability before the significant external shock of new US tariffs imposed in 2025, which later targeted agricultural goods but exempted critical mineral exports [OECD].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Peru 2024 May Top Trading Products

Peru Global Trade Core Summary

Peru's exports are heavily resource-driven, with ores, slag, and ash (HS 26) making up 43.8% of total exports, followed by precious metals and stones (HS 71) at 18.5%. Mineral fuels (HS 27) and copper (HS 74) add another 10.7%, reinforcing a reliance on raw materials. Smaller shares come from agricultural products like edible fruits (HS 08) and cocoa (HS 18). In contrast, imports are dominated by industrial goods: mineral fuels (HS 27) lead at 18%, followed by machinery (HS 84), vehicles (HS 87), and electrical equipment (HS 85), totaling 28.4%. This shows a clear gap—Peru exports raw materials but depends on imports for machinery and manufactured goods.

Key Takeaways:

• Exports are concentrated in minerals and metals, posing price volatility risks.
• Limited export diversification beyond raw materials.
• High import reliance on machinery and industrial equipment.

Peru Export-Import Structural Gap

Peru’s trade structure highlights a classic resource-based economy. It exports unprocessed ores, metals, and agricultural goods but imports machinery, vehicles, and fuel—suggesting limited domestic manufacturing capacity. The overlap in mineral fuels (HS 27) as both a top export and import indicates some refining or re-export activity. However, the lack of high-value finished goods in exports points to untapped industrial upgrading potential. To reduce dependency, Peru could invest in processing raw materials domestically before export. The current pattern shows a need for more balanced trade with higher-value exports.

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

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Peru 2024 May Top Trading Countries

Peru Global Trade Key Patterns

Peru's exports show strong concentration, with Mainland China accounting for 32% ($1.95B) of total shipments. The US (10.4%), India (6.4%), and Japan (5.8%) are other major destinations, indicating a mix of Asian and North American demand. Imports also rely heavily on China (25.2%) and the US (20.3%), but sourcing is more diversified across Latin America (Brazil 5.7%, Argentina 4.7%, Mexico 3.6%). Key asymmetries:

• Exports lean heavily on China, while imports balance China/US dominance with regional suppliers.
• Overlapping trade partners (China, US, Canada, Japan, India, Chile) suggest processing trade links.
• No single region dominates exports, but imports show stronger Latin American integration.

Peru Export–Import Geographic Gap

Peru’s export markets are more diversified than import sources, though both depend heavily on China and the US. Exports flow globally (Asia, Americas, Middle East), while imports are more regional (45% from the Americas vs. 15% in exports). The overlap in key partners like China and the US points to two-way trade in processed goods. The structure implies upstream reliance on regional inputs (Latin America) and downstream access to global buyers, particularly in Asia. This gap highlights Peru’s role as a resource exporter with diversified demand but concentrated supply chains.

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 May?

Peru's top exports in May 2024 were ores, slag, and ash (43.79% of exports, $2.66B), followed by natural or cultured pearls (18.46%, $1.12B), and mineral fuels (5.54%, $337.12M).

What are the main products Peru imports in 2024 May?

Peru's primary imports included mineral fuels (18.00%, $813.94M), nuclear reactors and machinery (12.33%, $557.63M), and vehicles (8.72%, $394.37M).

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

Mainland China was the largest export destination (25.16%, $1.14B), followed by the United States (20.31%, $918.27M) and Brazil (5.67%, $256.49M).

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

Mainland China was the leading import source (32.01%, $1.95B), with the United States (10.39%, $631.76M) and India (6.38%, $387.65M) as other key suppliers.

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

Peru maintained a trade surplus of $1.56B in May 2024, with exports at $6.08B and imports at $4.52B, showing stable year-on-year performance.