2024 Q2 Peru Global Trade Data Summary: Exports Surge, Imports Drop

Peru 2024 Q2 Trade Data Key Takeaways

• Market Trend: Peru trade data shows exports surged 7.3% to $17.1B in Q2 2024, while imports dropped 9.7%, widening the trade surplus.
• Key Driver: Peru import export data reveals ores and metals dominate exports (66%), with China absorbing 34.4% of shipments.
• Strategic Risk: Over-reliance on raw material exports and China as a single market exposes Peru to commodity price volatility.

Analysis covers 2024 Q2 based on sanitized customs records from the yTrade database.

Peru 2024 Q2 Trade Data Trend Overview

• Peru's economy, a resource-driven export powerhouse, demonstrated resilience in Q2 2024, with its Peru global trade data showing a significant quarterly expansion despite mounting global trade policy headwinds.
• The Peru import export data reveals a 7.3% quarter-on-quarter surge in exports to $17.1 billion, while imports contracted by 9.7% to $13.15 billion, indicating a sharp pullback in domestic demand for foreign goods.
• This dynamic resulted in a substantial quarterly trade surplus of $3.95 billion, a dramatic reversal from the $440 million surplus in the previous quarter.
• The export strength was likely driven by sustained global demand for its key mineral shipments, which may have been front-loaded ahead of the implementation of new U.S. tariff policies that took effect in 2025 [EY].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Peru 2024 Q2 Top Trading Products

Peru Global Trade Core Summary

Peru's exports are heavily resource-driven, with ores, precious metals, and minerals making up 66% of total exports. The top three categories—ores (41%), precious stones/metals (18%), and mineral fuels (6%)—show a clear reliance on raw materials. Smaller shares go to agricultural products like fruit (5%) and cocoa (2%), along with limited manufactured goods such as knitted apparel (2%). Imports are more diverse, led by mineral fuels (16%), machinery (13%), and vehicles (8%), indicating a need for industrial equipment and energy. Key takeaways:

• Exports depend on mining and natural resources, creating vulnerability to price swings.
• Limited manufacturing exports suggest untapped potential in value-added production.
• High fuel imports reveal energy supply gaps despite Peru's own mineral fuel exports.

Peru Export-Import Structural Gap

Peru's trade shows a classic resource-exporting economy: it sells raw materials like ores and metals but buys machinery, vehicles, and fuels. The overlap in mineral fuels (exported and imported) hints at refining or processing limitations. Machinery and electrical equipment imports (21% combined) point to industrial needs not met locally. The lack of finished goods in exports versus high-tech imports suggests Peru could benefit from upgrading its production capabilities. This gap highlights reliance on foreign technology to extract and export its natural resources.

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

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Peru 2024 Q2 Top Trading Countries

Peru Global Trade Key Patterns

Peru's exports show strong concentration, with Mainland China taking 34.4% ($5.87B) of total shipments. The U.S. (10.4%, $1.78B) and India (5.9%, $1.00B) are secondary markets, followed by diversified buyers like Japan, Canada, and Switzerland. Imports also rely heavily on China (26.7%, $3.51B) and the U.S. (19.4%, $2.55B), but sourcing is broader, with Brazil, Argentina, and Mexico as mid-tier suppliers. Key asymmetries stand out: exports lean heavily on Asia (China, Japan, India, South Korea) while imports draw more from the Americas (U.S., Brazil, Argentina, Mexico).

• Top export dependency: China accounts for over 1/3 of Peru’s exports.
• Secondary export markets: U.S. and India combined represent 16.3% of shipments.
• Import diversification: Top 2 suppliers (China, U.S.) hold 46.1% share vs. 44.8% for top 3 export destinations.
• Regional import bias: 6 of top 10 import sources are in the Americas.
• Overlap: China, U.S., Canada, Japan, India, and Chile appear in both export/import lists.

Peru Export–Import Geographic Gap

Exports are Asia-centric with heavy reliance on China, while imports show a dual dependency on China and the U.S. but with stronger regional (Americas) diversification. The overlap in trade partners (6 countries) suggests processing trade elements, particularly with China and the U.S. Export markets are more concentrated (top 3 = 50.6% share) than import sources (top 3 = 52.4%), but the gap narrows when comparing top 5 partners. The structure implies upstream diversification in imports but downstream export reliance on a few key markets, notably 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 Q2?

Peru's top exports in Q2 2024 were ores, slag, and ash (41.41% of exports, $7.08B), followed by natural or cultured pearls and precious metals (18.24%, $3.12B), and mineral fuels (6.33%, $1.08B).

What are the main products Peru imports in 2024 Q2?

Peru's primary imports included mineral fuels (16.04%, $2.11B), machinery and mechanical appliances (13.17%, $1.73B), and vehicles (8.42%, $1.11B).

Which countries are the top destinations for Peru's exports in 2024 Q2?

Peru's largest export markets were Mainland China (26.71%, $3.51B), the United States (19.41%, $2.55B), and Brazil (6.29%, $827.18M).

Which countries supply most of Peru's imports in 2024 Q2?

Peru's main import sources were Mainland China (34.35%, $5.87B), the United States (10.40%, $1.78B), and India (5.85%, $1.00B).

How balanced are Peru's export and import markets in 2024 Q2?

Peru recorded a $3.95B trade surplus in Q2 2024, with exports surging 7.3% to $17.1B while imports fell 9.7% to $13.15B, reflecting strong mineral demand and weaker domestic consumption.

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