Peru - Canada Trade 2024 Q3: Lopsided Surplus

Key Market Takeaways: Peru - Canada Trade

The bilateral trade relationship between Peru and Canada remains stable with a lopsided surplus in Peru’s favor in Q3 2024.

• Economic Pulse: Peru holds a $678.59M trade surplus ($957.11M exports vs. $278.52M imports), with flat YoY growth but volatile monthly swings in precious metals and cereals trade.
• Exchange Structure: Peru - Canada trade statistics reveal a resource-for-food model—Peru ships high-value precious metals/stones (80% of exports) while importing critical cereals (43% of imports).
• Strategic Interdependence: Highly complementary but imbalanced: Peru’s export concentration risks offset by Canada’s role as a stable food supplier.

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

Peru-Canada Trade Trend in Q3 2024

Peru Export Performance: Shipments to Canada

• Total Volume: $957.11M in Q3 2024.
• Growth Trend & Context: YoY data shows 0.0% change, indicating stable export levels compared to 2023. No significant policy shifts or disruptions noted.
• Key Volatility: Exports peaked in September ($328.19M), though MoM growth slowed to 1.49% after stronger gains in July (11.05%) and August (5.85%).

Peru Import Performance: Sourcing from Canada

• Total Volume: $278.52M in Q3 2024.
• Growth Trend & Context: YoY flat (0.0%), reflecting consistent import demand. No supply shocks or trade policy changes reported.
• Key Volatility: September saw a sharp 37.24% MoM rebound ($107.73M) after a 14.95% drop in August ($78.50M). July’s imports ($92.30M) were the lowest of the quarter.

Peru - Canada Trade Balance & Market Dynamics

• Net Position: Peru holds a trade surplus of $678.59M (Exports $957.11M > Imports $278.52M).
• Relationship Status: Strong net exporter role, with exports to Canada exceeding imports by 3.4x. Trade remains stable but lopsided in Peru’s favor.

Peru Import Trend from Canada 2024 Q3 (Source: yTrade)**

Peru Export Trend to Canada 2024 Q3 (Source: yTrade)**

Get Historical Peru Canada Trade Records

Peru-Canada Top Trading Products in Q3 2024

Peru Export Profile: What Does Peru Sell to Canada

• Top Commodity: HS Code 71 (Pearls, precious stones, metals) dominates with 80.73% of exports.
• Demand Driver: Canada likely imports these for industrial processing, particularly in jewelry or high-tech manufacturing.
• Concentration: Extreme concentration—HS Code 71 alone accounts for over 80% of exports, indicating heavy reliance on this category.

Peru Import Profile: What Does Peru Buy from Canada

• Top Commodity: HS Code 10 (Cereals) leads with 43.35% of imports.
• Dependency Nature: Reflects food security dependency, as Peru sources a critical share of its cereal supply from Canada.

Peru - Canada Trade Relationship Dynamics

• The Exchange Model: Resource-for-Food Complementarity. Peru exports high-value raw materials (precious metals/stones) and imports essential agricultural goods (cereals).
• Value Chain Position: Peru holds the higher value-add position in exports (precious commodities), while Canada supplies lower-value but essential food products.

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 Q4 2024, supported by sustained demand for precious metals and stones (HS 71) and stable cereal imports (HS 10). However, the extreme concentration in Peru’s exports poses a risk—any downturn in global commodity prices or shifts in Canadian industrial demand could disrupt trade flows. Meanwhile, Canada’s role as a key cereal supplier ensures continued import reliance, but traders should monitor potential supply chain bottlenecks, especially given September’s import volatility. The Peru-Canada trade forecast remains cautiously optimistic, with growth hinging on commodity market stability and agricultural supply consistency.

Strategic Moves for Traders & Policymakers

• Diversify Export Markets: Peru’s overreliance on HS 71 exports leaves it vulnerable to demand shocks. Exporters should aggressively target new sectors (e.g., agriculture, textiles) to reduce dependency on a single commodity.
• Lock in Cereal Supply Contracts: Canadian cereal imports are critical for Peru’s food security. Buyers should negotiate long-term agreements to hedge against price spikes or logistical disruptions.
• Invest in Trade Infrastructure: To capitalize on the resource-for-food exchange model, both nations should streamline customs procedures and upgrade port facilities, ensuring smoother trade flows amid rising volumes.

Frequently Asked Questions

How did Peru - Canada trade perform in 2024 Q3?

Peru's exports to Canada totaled $957.11M, while imports were $278.52M in Q3 2024. Both exports and imports showed 0.0% YoY growth, indicating stable trade levels.

What are the top exports from Peru to Canada?

HS Code 71 (Pearls, precious stones, metals) dominates Peru's exports to Canada, accounting for 80.73% of total shipments.

What does Peru import from Canada?

HS Code 10 (Cereals) is Peru's top import from Canada, representing 43.35% of total imports.

What is the trade balance between Peru and Canada?

Peru holds a trade surplus of $678.59M with Canada in Q3 2024. Exports exceed imports by 3.4x, maintaining a strong net exporter position.