Peru - India Trade 2024 Q1: Resource-for-Tech Model

Key Market Takeaways: Peru - India Trade

The bilateral trade relationship between Peru and India remains stable but volatile in Q1 2024.

• Economic Pulse: Peru holds a $364.67M trade surplus with India, exporting $599.90M (flat YoY) while importing $235.23M. Export volatility (e.g., -77.08% MoM drop in March) signals irregular shipments.
• Exchange Structure: Peru - India trade statistics reveal a resource-for-tech model: Peru supplies 97.94% precious metals (HS 71), while India exports vehicles (HS 87, 24.46%) and machinery.
• Strategic Interdependence: Highly complementary—Peru feeds India’s manufacturing with raw materials, India supplies finished goods. Extreme export concentration (HS 71) poses risk.

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

Peru-India Trade Trend in Q1 2024

Peru Export Performance: Shipments to India

• Total Volume: $599.90M in Q1 2024.
• Growth Trend & Context: YoY data shows no change (0.0% for all months), indicating stable demand. No trade news to contextualize shifts.
• Key Volatility: February saw a 47.84% MoM surge, followed by a sharp -77.08% drop in March, suggesting irregular shipment patterns or one-off transactions.

Peru Import Performance: Sourcing from India

• Total Volume: $235.23M in Q1 2024.
• Growth Trend & Context: YoY remained flat (0.0%), reflecting steady procurement. No news to explain trends.
• Key Volatility: February recorded the highest imports ($78.82M, +2.42% MoM), while January and March showed minimal movement (±0.81%).

Peru - India Trade Balance & Market Dynamics

• Net Position: Trade surplus of $364.67M (Exports $599.90M > Imports $235.23M).
• Relationship Status: Peru is a strong net exporter to India, with exports 2.5x imports, highlighting India’s reliance on Peruvian goods. Volatility in exports warrants monitoring for sustainability.

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

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

Get Historical Peru India Trade Records

Peru-India Top Trading Products in Q1 2024

Peru Export Profile: What Does Peru Sell to India

• Top Commodity: HS Code 71 (Pearls, precious stones, metals) dominates with 97.94% of exports.
• Demand Driver: India likely uses these raw materials for jewelry manufacturing and industrial processing.
• Concentration: Extreme concentration—HS Code 71 accounts for nearly all exports, indicating high reliance on a single category.

Peru Import Profile: What Does Peru Buy from India

• Top Commodity: HS Code 87 (Vehicles, parts) leads with 24.46% of imports.
• Dependency Nature: Imports are mixed—vehicles (industrial/consumer), pharmaceuticals (HS Code 30), and machinery (HS Code 84) suggest a blend of technology and consumer market needs.

Peru - India Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Peru exports raw materials (precious metals), while India supplies manufactured goods (vehicles, machinery, pharma).
• Value Chain Position: India holds the higher value-add position, exporting finished products (vehicles, drugs) versus Peru’s raw material exports.

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

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

Check Detailed Peru-India Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Peru-India Trade

Peru’s trade surplus with India is expected to hold steady in Q2 2024, driven by sustained Indian demand for precious metals (HS Code 71). However, the extreme volatility in Peru’s exports—highlighted by the sharp February surge and March collapse—suggests potential supply chain disruptions or irregular bulk shipments. Traders should anticipate sporadic spikes rather than linear growth. Meanwhile, India’s exports of vehicles, machinery, and pharmaceuticals to Peru will likely remain stable, reinforcing the resource-for-tech exchange model.

Strategic Moves for Traders & Policymakers

• Diversify Export Commodities: Peru’s over-reliance on precious metals (97.94% of exports) leaves trade vulnerable to price swings. Exporters must explore untapped sectors like agriculture (e.g., quinoa, coffee) or minerals (copper) to mitigate risk.
• Lock in Long-Term Contracts for Precious Metals: Indian jewelry manufacturers should secure multi-quarter agreements with Peruvian suppliers to stabilize raw material costs amid volatile shipment patterns.
• Boost High-Value Imports from India: Peru should prioritize importing advanced Indian machinery (HS Code 84) and pharmaceuticals (HS Code 30) to enhance domestic productivity and reduce dependency on low-value-added raw material exports.

Frequently Asked Questions

How did Peru - India trade perform in 2024 Q1?

Peru's exports to India totaled $599.90M, while imports were $235.23M in Q1 2024. Both exports and imports showed no year-on-year growth (0.0%), indicating stable trade volumes.

What are the top exports from Peru to India?

Peru's top export to India is HS Code 71 (Pearls, precious stones, metals), accounting for 97.94% of total exports, reflecting heavy reliance on this commodity.

What does Peru import from India?

Peru primarily imports HS Code 87 (Vehicles and parts), HS Code 30 (Pharmaceuticals), and HS Code 84 (Machinery) from India, showcasing a mix of industrial and consumer goods.

What is the trade balance between Peru and India?

Peru recorded a trade surplus of $364.67M with India in Q1 2024, as exports were 2.5x higher than imports, highlighting India's dependence on Peruvian raw materials.