Peru - Canada Trade 2024 Q1: $519M Surplus

Key Market Takeaways: Peru - Canada Trade

• The bilateral trade relationship between Peru and Canada remains stable with a strong net exporter role for Peru in Q1 2024.
• Peru holds a $518.79M trade surplus, exporting $878.61M (flat YoY) while importing $359.82M (volatile MoM swings).
• Peru - Canada trade statistics reveal a resource-for-energy exchange: Peru ships precious metals (81% of exports) and buys Canadian mineral fuels (44% of imports).
• Complementary but asymmetric—Peru supplies raw materials while Canada dominates higher-value energy exports, reflecting Peru’s lower value-add position.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Peru-Canada Trade Trend in Q1 2024

Peru Export Performance: Shipments to Canada

• Total Volume: $878.61M in Q1 2024.
• Growth Trend & Context: YoY data shows no change (0.0% across months). MoM volatility was mild, with a -3.82% dip in February followed by a 3.48% rebound in March.
• Key Volatility: February marked the lowest export value ($285.78M), though March nearly recovered to January levels ($295.71M).

Peru Import Performance: Sourcing from Canada

• Total Volume: $359.82M in Q1 2024.
• Growth Trend & Context: YoY data remains flat (0.0%). MoM swings were sharp: a 60.44% surge in February ($163.82M) collapsed by -42.68% in March ($93.90M).
• Key Volatility: February’s spike was the quarter’s peak, while March imports halved month-on-month.

Peru - Canada Trade Balance & Market Dynamics

• Net Position: Peru holds a trade surplus of $518.79M (Exports: $878.61M > Imports: $359.82M).
• Relationship Status: Strong net exporter role, with exports 2.4x higher than imports. Volatility in imports suggests uneven demand or supply chain adjustments.

Peru Import Trend from Canada 2024 Q1 (Source: yTrade)**

Peru Export Trend to Canada 2024 Q1 (Source: yTrade)**

Get Historical Peru Canada Trade Records

Peru-Canada Top Trading Products in Q1 2024

Peru Export Profile: What Does Peru Sell to Canada

• Top Commodity: Rank #1 export is HS 71 (Pearls, precious stones, metals) at 81.06% of total exports to Canada.
• Demand Driver: Canada likely imports these for industrial processing (e.g., jewelry manufacturing) or consumer market demand for luxury goods.
• Concentration: Trade is highly concentrated, with HS 71 dominating over 80% of exports.

Peru Import Profile: What Does Peru Buy from Canada

• Top Commodity: Rank #1 import is HS 27 (Mineral fuels, oils) at 43.51% of total imports from Canada.
• Dependency Nature: Reflects energy security dependency, as Peru relies on Canada for fuel supplies.

Peru - Canada Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Peru exports raw materials (HS 71) and imports energy (HS 27) from Canada.
• Value Chain Position: Peru holds a lower value-add position, exporting unprocessed commodities (HS 71, 26) while importing higher-value energy products (HS 27).

Import Analysis by Product: Canada to Peru (Source: yTrade)

Export Analysis by Product: Peru to Canada (Source: yTrade)

Check Detailed Peru-Canada Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Peru-Canada Trade

Peru’s trade surplus with Canada is expected to hold steady in Q2 2024, driven by sustained demand for precious metals (HS 71) and stable energy imports (HS 27). However, the volatility in Canada’s monthly fuel shipments suggests potential supply chain disruptions or pricing fluctuations, which could tighten margins for Peruvian importers. Exporters should prepare for flat YoY growth unless new industrial or luxury demand emerges in Canada. The Peru-Canada trade forecast hinges on maintaining this complementary exchange—raw materials for energy—but diversification is critical to mitigate over-reliance on a single commodity.

Strategic Moves for Traders & Policymakers

• Lock in Long-Term Contracts for HS 27 Imports: Given the erratic monthly swings in Canadian fuel shipments, Peruvian energy buyers should secure fixed-price agreements to stabilize costs and ensure supply continuity.
• Diversify Export Markets Beyond HS 71: Peru’s extreme concentration in precious metals (81% of exports) leaves it vulnerable to demand shocks. Traders must aggressively market secondary exports (e.g., agriculture, textiles) to Canadian buyers.
• Invest in Value-Added Processing for HS 71: To escape the low-value trap, Peruvian exporters should partner with Canadian manufacturers to refine metals domestically before export, capturing higher margins in the jewelry supply chain.

Frequently Asked Questions

How did Peru - Canada trade perform in 2024 Q1?

Peru exported $878.61M to Canada and imported $359.82M in Q1 2024, with flat YoY growth (0.0%) for both exports and imports.

What are the top exports from Peru to Canada?

Peru’s top export to Canada is HS 71 (Pearls, precious stones, metals), accounting for 81.06% of total exports.

What does Peru import from Canada?

Peru’s top import from Canada is HS 27 (Mineral fuels, oils), representing 43.51% of total imports.

What is the trade balance between Peru and Canada?

Peru holds a trade surplus of $518.79M, with exports 2.4x higher than imports in Q1 2024.