2024 Q3 Peru Global Trade Data Summary: Metal Prices Surge

Peru 2024 Q3 Trade Data Key Takeaways

• Market Trend: Peru trade data shows flat exports ($20.21B) and imports ($14.50B) in Q3 2024, with a $5.71B surplus buoyed by metal prices.
• Key Driver: Peru import export data reveals ores (37.87% of exports) and China (33.9% share) as top product and partner.
• Strategic Risk: Heavy reliance on raw materials and China exposes Peru to commodity swings and bilateral trade shocks.

Analysis covers 2024 Q3 based on sanitized customs records from the yTrade database.

Peru 2024 Q3 Trade Data Trend Overview

• Peru's economy remains an export-driven powerhouse, heavily reliant on mineral shipments, with its Q3 2024 global trade data reflecting this commodity-dependent structure.
• The Peru import export data for Q3 shows exports totaled $20.21 billion, flat year-on-year, while imports reached $14.50 billion, also unchanged from the prior year.
• This resulted in a substantial trade surplus of $5.71 billion for the quarter, underscoring the nation's strong external position.
• The surplus was supported by elevated metal prices, including copper and gold, which bolstered export values and improved the country's terms of trade, despite flat volumes [Trading Economics].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Peru Trade Data

Peru 2024 Q3 Top Trading Products

Peru Global Trade Core Summary

Peru's exports are heavily resource-driven, with ores, precious metals, and agricultural products dominating. The top three export categories—ores (37.87%), precious stones/metals (18.04%), and edible fruits/nuts (7.35%)—account for over 63% of total exports. This shows a high reliance on raw materials and primary goods. Imports, however, are more diversified, led by mineral fuels (17.41%), machinery (12.43%), and vehicles (8.84%), reflecting a need for industrial and consumer goods. The trade structure highlights Peru's role as a supplier of raw materials while depending on imports for manufactured and high-value products.

Key takeaways:

• Exports are concentrated in raw materials, exposing Peru to commodity price swings.
• Imports focus on machinery and fuels, indicating industrial and energy needs.
• Limited export diversification raises economic vulnerability risks.

Peru Export-Import Structural Gap

Peru's exports are dominated by unprocessed or lightly processed goods, while imports are skewed toward machinery, vehicles, and industrial inputs. This gap suggests a reliance on foreign manufacturing capabilities and a lack of domestic value-added production. For example, Peru exports ores (HS 26) but imports machinery (HS 84) to process them, missing opportunities for higher-value exports. The import of fuels (HS 27) alongside mineral exports (HS 26) also points to energy dependency. Closing this gap would require investing in local processing and manufacturing to reduce import reliance and boost export earnings.

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

Check Detailed Peru Trade HS Code Breakdown

Peru 2024 Q3 Top Trading Countries

Peru Global Trade Key Patterns

Peru's exports show heavy reliance on Mainland China (33.9% share, $6.85B) and the United States (12.79%, $2.59B), with India (6.96%) and Canada (4.74%) as secondary markets. Imports also depend on China (29.21%, $4.24B) and the U.S. (18.57%, $2.69B), followed by Brazil (6.53%) and Argentina (5.33%). Export destinations are moderately diversified, while import sources reveal tighter supplier concentration. Key asymmetries include:

• China dominates both exports and imports, indicating strong bilateral trade.
• Exports spread across Asia, North America, and Europe; imports lean heavily on the Americas.
• No single region dominates exports, but imports are skewed toward South American suppliers.

Peru Export–Import Geographic Gap

Peru’s exports reach a broader mix of markets, while imports rely on a narrower set of suppliers, notably China and the U.S. Overlapping trade partners (China, U.S., India, Chile) suggest processing trade or re-export activity. The structure points to upstream dependency (imports concentrated in raw materials or intermediate goods) and downstream diversification (finished goods exports). Trade flows are neither fully global nor regional but reflect a hybrid model with strong bilateral ties.

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 Q3?

Peru's top exports in Q3 2024 were ores/slag/ash ($7.65B, 37.87%), pearls/precious stones ($3.65B, 18.04%), and edible fruits/nuts ($1.48B, 7.35%), based on HS code data.

What are the main products Peru imports in 2024 Q3?

Peru primarily imported mineral fuels/oils ($2.52B, 17.41%), machinery/equipment ($1.80B, 12.43%), and vehicles ($1.28B, 8.84%) during Q3 2024, per HS code analysis.

Which countries are the top destinations for Peru's exports in 2024 Q3?

Mainland China ($4.24B, 29.21%), the United States ($2.69B, 18.57%), and Brazil ($946M, 6.53%) were Peru's leading export markets in Q3 2024.

Which countries supply most of Peru's imports in 2024 Q3?

Peru's imports were dominated by Mainland China ($6.85B, 33.90%), the United States ($2.59B, 12.79%), and India ($1.41B, 6.96%) in Q3 2024.

How balanced are Peru's export and import markets in 2024 Q3?

Peru recorded a $5.71B trade surplus in Q3 2024, with exports ($20.21B) exceeding imports ($14.50B), supported by strong mineral shipments and stable metal prices.

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