Peru - Chile Trade 2024 Q2: Resilient but Flat

Key Market Takeaways: Peru - Chile Trade

The bilateral trade relationship between Peru and Chile shows resilience but lacks year-on-year momentum in Q2 2024.

• Economic Pulse: Peru maintains a $244.38M trade surplus with Chile, exporting $540.31M (flat YoY) while importing $295.93M (flat YoY).
• Exchange Structure: Peru - Chile trade statistics reveal resource-for-resource complementarity—Peru supplies ores (32.57% of exports) and imports processed steel (14.31% of imports).
• Strategic Interdependence: Chile holds a slight value-add edge, processing Peru’s raw materials into industrial inputs, reflecting tight but stable supply chain links.

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

Peru-Chile Trade Trend in Q2 2024

Peru Export Performance: Shipments to Chile

• Total Volume: $540.31M in Q2 2024.
• Growth Trend & Context: Flat YoY (0.0% across all months). No significant policy shifts or external drivers noted.
• Key Volatility: May saw a sharp 22.26% MoM surge, followed by near-stagnation in June (+0.72%).

Peru Import Performance: Sourcing from Chile

• Total Volume: $295.93M in Q2 2024.
• Growth Trend & Context: Flat YoY (0.0%). No supply shocks or trade disruptions reported.
• Key Volatility: April imports dropped -8.21% MoM, then stabilized with modest growth in May (+0.56%) and June (+1.81%).

Peru - Chile Trade Balance & Market Dynamics

• Net Position: Peru holds a $244.38M trade surplus with Chile (Exports: $540.31M > Imports: $295.93M).
• Relationship Status: Strong net exporter role, with exports nearly double imports. Trade flows show resilience but lack YoY momentum.

Peru Import Trend from Chile 2024 Q2 (Source: yTrade)**

Peru Export Trend to Chile 2024 Q2 (Source: yTrade)**

Get Historical Peru Chile Trade Records

Peru-Chile Top Trading Products in Q2 2024

Peru Export Profile: What Does Peru Sell to Chile

• Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) at 32.57% of total exports to Chile.
• Demand Driver: Chile uses these raw materials for industrial processing, likely in mining or metallurgy.
• Concentration: Trade is highly concentrated, with HS 26 alone accounting for over 30% of exports.

Peru Import Profile: What Does Peru Buy from Chile

• Top Commodity: Rank #1 import is HS 72 (Iron and steel) at 14.31% of total imports from Chile.
• Dependency Nature: Reflects a raw material dependency, possibly for construction or manufacturing sectors.

Peru - Chile Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Complementarity. Peru exports ores (HS 26) and imports steel (HS 72), indicating a swap of raw materials for processed industrial inputs.
• Value Chain Position: Chile holds a slightly higher value-add position, exporting processed metals (HS 72) while Peru supplies unprocessed ores (HS 26).

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

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

Check Detailed Peru-Chile Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Peru’s trade with Chile is expected to remain stable in the near term, with modest growth potential in key commodity flows. The flat YoY performance in Q2 2024 suggests a mature trade relationship, but the resilience of Peru’s surplus—driven by strong demand for ores (HS 26)—indicates a solid foundation. However, the lack of YoY momentum signals a need for proactive measures to unlock new growth. Traders should anticipate steady demand for raw materials from Chile’s industrial sector, but volatility in monthly flows (e.g., May’s 22.26% export surge) warrants caution in inventory planning.

Strategic Moves

• Lock in Long-Term Ore Contracts: Given Chile’s reliance on Peru’s HS 26 exports, Peruvian mining firms should secure multi-year supply agreements to stabilize revenue and mitigate price fluctuations.
• Diversify Export Composition: Reduce overreliance on ores by promoting secondary exports (e.g., agricultural goods) to Chile, leveraging Peru’s broader competitive advantages.
• Optimize Steel Imports: Peruvian manufacturers dependent on Chilean steel (HS 72) should explore alternative suppliers or negotiate bulk purchase discounts to lower input costs and hedge against supply chain disruptions.

Frequently Asked Questions

How did Peru - Chile trade perform in 2024 Q2?

Peru's trade with Chile in Q2 2024 showed flat YoY growth, with exports totaling $540.31M and imports at $295.93M.

What are the top exports from Peru to Chile?

Peru's top export to Chile is HS 26 (Ores, slag, and ash), accounting for 32.57% of total exports.

What does Peru import from Chile?

Peru's primary import from Chile is HS 72 (Iron and steel), making up 14.31% of total imports.

What is the trade balance between Peru and Chile?

Peru holds a $244.38M trade surplus with Chile, maintaining a strong net exporter position.