Peru - Colombia Trade 2024 Q1: Deficit & Resource Exchange

Key Market Takeaways: Peru - Colombia Trade

The bilateral trade relationship between Peru and Colombia remains stable but skewed in Q1 2024.

• Deficit-Driven Trade: Peru posted an $87.07M trade deficit, with imports ($289.27M) outpacing exports ($202.20M). Volume growth was flat YoY, signaling steady but unexpanded flows.
• Resource-for-Consumer Exchange: Peru - Colombia trade statistics reveal a classic complementarity—Peru ships raw materials (25.67% copper) while importing finished goods like cosmetics (13.24% essential oils).
• Limited Integration: The relationship is transactional, with Peru upstream (raw materials) and Colombia downstream (consumer goods), lacking deep supply chain ties.

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

Peru-Colombia Trade Trend in Q1 2024

Peru Export Performance: Shipments to Colombia

• Total Volume: $202.20M in Q1 2024.
• Growth Trend & Context: YoY data shows no change (0.0% for all months), indicating stable demand. No significant policy shifts or disruptions reported.
• Key Volatility: February saw the highest MoM growth (+6.07%), though March growth slowed to +2.83%.

Peru Import Performance: Sourcing from Colombia

• Total Volume: $289.27M in Q1 2024.
• Growth Trend & Context: YoY data flat (0.0%), suggesting steady supply chains. No news-driven anomalies detected.
• Key Volatility: February recorded the sharpest MoM jump (+16.83%), with March growth tapering to +11.85%.

Peru - Colombia Trade Balance & Market Dynamics

• Net Position: Trade deficit of $87.07M (Imports exceeded exports).
• Relationship Status: Peru remains a net importer from Colombia, reflecting higher reliance on Colombian goods. Trade flows are stable but skewed.

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

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

Get Historical Peru Colombia Trade Records

Peru-Colombia Top Trading Products in Q1 2024

Peru Export Profile: What Does Peru Sell to Colombia

• Top Commodity: Copper (HS Code 74) dominates with a 25.67% share of total exports to Colombia.
• Demand Driver: Colombia likely uses these raw materials (copper, plastics, iron/steel) for industrial processing and manufacturing.
• Concentration: The trade is moderately concentrated, with copper alone accounting for a quarter of exports.

Peru Import Profile: What Does Peru Buy from Colombia

• Top Commodity: Essential oils and perfumery (HS Code 33) lead imports with a 13.24% share.
• Dependency Nature: Peru relies on Colombia for consumer goods (cosmetics, plastics, paper) rather than critical industrial inputs. This suggests a consumer market-driven trade flow.

Peru - Colombia Trade Relationship Dynamics

• The Exchange Model: Resource-for-Consumer Goods Complementarity. Peru exports raw materials (copper, plastics, metals) while importing finished consumer products (cosmetics, processed foods, pharmaceuticals).
• Value Chain Position: Peru holds the upstream position (raw materials), while Colombia supplies higher-value-added consumer goods. The trade lacks deep supply chain integration, indicating a classic bilateral exchange rather than intra-industry collaboration.

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

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

Check Detailed Peru-Colombia Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Peru’s trade with Colombia is expected to maintain its stable trajectory in Q2 2024, with modest growth in both exports and imports. The steady demand for Peruvian raw materials like copper and Colombia’s consumer goods suggests no immediate disruption, but the persistent trade deficit warrants attention. If commodity prices rise, Peru’s export earnings could improve, narrowing the deficit slightly. However, without structural shifts, the resource-for-consumer goods dynamic will likely persist, reinforcing Colombia’s position as a net supplier of higher-value products. Traders should prepare for incremental growth rather than sudden spikes.

Strategic Moves

• Diversify Export Markets: Peruvian exporters must reduce reliance on Colombia by targeting other regional buyers for copper and industrial materials, mitigating concentration risk.
• Boost Value-Added Exports: Peru should invest in light manufacturing to transform raw materials (e.g., copper wires instead of ore) before export, capturing more value in the trade relationship.
• Negotiate Tariff Reductions: The Peruvian government should push for bilateral concessions on consumer goods imports (e.g., cosmetics) to ease the trade deficit while maintaining access to Colombian markets.

Frequently Asked Questions

How did Peru - Colombia trade perform in 2024 Q1?

Peru exported $202.20M and imported $289.27M from Colombia in Q1 2024, with both exports and imports showing stable YoY growth (0.0%).

What are the top exports from Peru to Colombia?

Copper (HS Code 74) dominates Peru's exports to Colombia, accounting for 25.67% of total shipments, followed by plastics and iron/steel.

What does Peru import from Colombia?

Peru primarily imports essential oils and perfumery (HS Code 33) from Colombia, which make up 13.24% of total imports, alongside consumer goods like cosmetics and processed foods.

What is the trade balance between Peru and Colombia?

Peru recorded a trade deficit of $87.07M with Colombia in Q1 2024, reflecting higher reliance on Colombian consumer goods.