2024 Oct Peru Global Trade Data Summary: Flat Exports Amid Uncertainty

Peru 2024 Oct Trade Data Key Takeaways

• Market Trend: Peru trade data shows flat exports ($6.28B) and imports ($5.10B) in October amid US tariff uncertainty.
• Key Driver: Peru import export data reveals ores (31.7%) and precious metals (21.6%) dominate exports, while machinery (13.9%) leads imports.
• Strategic Risk: Heavy reliance on raw material exports and concentrated suppliers (China, US) exposes Peru to commodity price swings.

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

Peru 2024 Oct Trade Data Trend Overview

• Peru's export-driven economy, a key global copper and mineral supplier, saw its October Peru global trade data hold steady after a period of strong recovery, reflecting a cautious equilibrium amid new external headwinds.
• The Peru import export data for October shows exports flat at $6.28B and imports unchanged at $5.10B year-over-year, indicating a broad stall in trade flows as the market digested new US tariff policies.
• This resulted in a trade surplus of $1.18B, consistent with the nation's structural position as a net exporter of commodities.
• The flatlining was primarily driven by market anticipation and adjustment to the US's new 10% baseline reciprocal tariffs, which created uncertainty for Peruvian exporters ahead of their implementation [EY].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Peru 2024 Oct Top Trading Products

Peru Global Trade Core Summary

Peru's exports are heavily resource-driven, with ores, precious stones, and agricultural products dominating. The top three export categories—ores (31.7%), precious metals (21.6%), and edible fruits (13.3%)—account for over 66% of total exports. This highlights a reliance on raw materials and low-value-added goods. In contrast, imports are dominated by machinery (13.9%), fuels (13.5%), and vehicles (9.6%), reflecting a need for industrial and energy inputs. The trade structure shows a clear divide: Peru exports raw materials while importing manufactured and capital goods.

Key takeaways:

• Heavy dependence on mining and agriculture for exports.
• Imports focus on machinery, energy, and transportation.
• Limited export diversification increases vulnerability to commodity price swings.

Peru Export-Import Structural Gap

Peru’s trade gap reveals an economy reliant on raw material exports but dependent on foreign machinery and fuels. The lack of overlap between top export and import categories suggests minimal processing trade. For example, Peru exports ores (HS 26) but imports machinery (HS 84) to extract them, missing opportunities for higher-value production. The import of vehicles and electronics further underscores a gap in domestic manufacturing. This structure points to untapped potential in industrial upgrading, particularly in refining raw materials locally before export.

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

Check Detailed Peru Trade HS Code Breakdown

Peru 2024 Oct 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 dominating. Exports are led by Mainland China (27.8%, $1.74B) and the U.S. (16.4%, $1.03B), followed by India (8.4%) and Canada (6.4%). Imports also rely heavily on Mainland China (32.2%, $1.64B) and the U.S. (17.2%, $874.7M), with Brazil (8%) as the third-largest supplier. Regional patterns highlight diversified export markets (Asia, North America, Europe) while imports lean on Latin American neighbors like Brazil, Colombia, and Argentina. Key asymmetries include higher export reliance on China and broader import sourcing from South America.

• Top exports: China, U.S., India, Canada, Netherlands
• Top imports: China, U.S., Brazil, Colombia, Argentina
• Trade gap: Exports more concentrated than imports

Peru Export–Import Geographic Gap

Peru’s exports target global markets, while imports depend heavily on a few key suppliers, particularly China and the U.S. Overlapping trade partners like China, the U.S., Brazil, and India suggest processing trade or bilateral exchange. The structure indicates upstream dependency (imports) with downstream diversification (exports). Imports are more regionally focused, with South America supplying critical inputs, while exports reach distant markets in Europe and 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 Oct?

Peru's top exports in October 2024 were ores, slag, and ash (31.73% of exports), followed by natural or cultured pearls and precious stones (21.62%), and edible fruits and nuts (13.33%), as per the HS code data.

What are the main products Peru imports in 2024 Oct?

Peru primarily imported nuclear reactors, boilers, and machinery (13.88% of imports), mineral fuels and oils (13.48%), and vehicles (9.57%) in October 2024, according to the HS code breakdown.

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

Mainland China (32.17% of exports), the United States (17.16%), and Brazil (7.98%) were the leading destinations for Peru's exports in October 2024, based on country trade data.

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

Mainland China (27.79% of imports), the United States (16.42%), and India (8.44%) were the largest sources of Peru's imports in October 2024, per the country trade data.

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

Peru maintained a trade surplus of $1.18B in October 2024, with exports flat at $6.28B and imports unchanged at $5.10B year-over-year, reflecting its role as a net commodity exporter amid global trade adjustments.