2024 Nov Peru Global Trade Data Summary: Commodity Reliance Risk

Peru 2024 Nov Trade Data Key Takeaways

• Market Trend: Peru trade data shows flat exports ($7.64B) and imports ($4.92B) in Nov 2024, maintaining a $2.72B surplus.
• Key Driver: Peru import export data reveals ores (HS 26) dominate exports (43.2%), while China (34.76%) is the top buyer.
• Strategic Risk: High export concentration in raw materials increases vulnerability to commodity price swings.

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

Peru 2024 Nov Trade Data Trend Overview

• Peru, a major mining and agricultural commodity exporter, maintained its trade surplus in November 2024, with the latest Peru global trade data showing the economy's continued reliance on raw material shipments.
• November’s Peru import export data showed exports of $7.64 billion, flat year-on-year, while imports of $4.92 billion also showed no growth from the prior year, indicating a period of stasis in trade flows.
• The stagnant flows resulted in a substantial trade surplus of $2.72 billion for the month.
• The flat performance was primarily driven by stable global commodity prices for key exports like copper, which offset the impact of persistent external uncertainties [BBVA Research].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Peru 2024 Nov Top Trading Products

Peru Global Trade Core Summary

Peru's exports are heavily resource-driven, with ores, slag, and ash (HS 26) dominating at 43.2% of total exports, followed by precious metals and stones (HS 71) at 15.3%. Agricultural products like edible fruits (HS 08) and coffee (HS 09) also play a key role, making up 13.2% and 1.8% respectively. Imports, however, are more diversified, led by mineral fuels (HS 27) at 15.1% and machinery (HS 84) at 13.3%, reflecting a reliance on industrial inputs and energy. The trade structure shows high export concentration in raw materials, posing dependence risks, while imports focus on machinery and fuel to support production.

Key Takeaways:

• Exports rely heavily on mining and agriculture, with limited diversification.
• Imports are driven by industrial machinery and energy needs.
• High export concentration increases vulnerability to commodity price swings.

Peru Export-Import Structural Gap

Peru’s trade pattern highlights a classic resource-based economy: it exports raw materials like ores and agricultural goods while importing machinery, vehicles, and fuel. The lack of overlap between top export and import categories suggests limited processing trade, with most exports shipped as unrefined commodities. This gap points to an opportunity for value-added production, such as refining metals or processing agricultural goods domestically. The reliance on imported machinery and energy also indicates a need for industrial upgrading to reduce dependency. Overall, Peru’s trade structure reflects its role as a supplier of raw materials rather than a manufacturer of finished goods.

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

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Peru 2024 Nov Top Trading Countries

Peru Global Trade Key Patterns

Peru's trade flows show strong concentration in both exports and imports, with Mainland China and the United States as top partners. Exports are heavily reliant on China (34.76% share) and the U.S. (14.64%), followed by India (8.4%) and Canada (4.51%). Imports also depend heavily on China (31.19%) and the U.S. (16.63%), with Brazil (7.63%) and Argentina (5.76%) as secondary sources. Regional trade is notable, with Chile, Brazil, and Argentina appearing in both export and import lists. Key takeaways:

• High dependence on China and the U.S. for both exports and imports.
• Moderate diversification in exports, with India, Canada, and Europe playing roles.
• Latin American trade links are stronger in imports than exports.

Peru Export–Import Geographic Gap

Peru’s exports and imports share key partners (China, U.S., Brazil, Chile, India), suggesting processing trade or two-way commerce. However, exports are more globally spread (reaching the Netherlands, Switzerland, Japan), while imports lean regional (Brazil, Argentina, Ecuador, Mexico). This indicates upstream dependency on nearby suppliers but downstream diversification in sales markets. The overlap in trade partners hints at integrated supply chains, particularly with China and the U.S. The structure balances regional sourcing with global demand.

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 Nov?

Peru's top exports in November 2024 were ores, slag, and ash (43.20% of total exports), followed by natural or cultured pearls (15.32%), and edible fruit and nuts (13.16%), as per the HS code data.

What are the main products Peru imports in 2024 Nov?

Peru's primary imports in November 2024 included mineral fuels and oils (15.05%), nuclear reactors and machinery (13.29%), and vehicles (8.28%), according to the HS code breakdown.

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

The leading export destinations for Peru in November 2024 were Mainland China (31.19% of exports), the United States (16.63%), and Brazil (7.63%), based on country trade data.

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

Peru's main import sources in November 2024 were Mainland China (34.76%), the United States (14.64%), and India (8.40%), as indicated by the country trade statistics.

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

Peru maintained a trade surplus of $2.72 billion in November 2024, with flat year-on-year exports ($7.64B) and imports ($4.92B), driven by stable commodity prices, per the trend analysis.