Peru - Mainland China Trade 2024 Q1: Strong Surplus
Key Market Takeaways: Peru - Mainland China Trade
The bilateral trade relationship between Peru and Mainland China remains stable with a strong surplus in Q1 2024.
- Economic Pulse: Peru posted a $2.56B trade surplus ($5.87B exports vs. $3.31B imports), reflecting steady demand for Peruvian commodities.
- Exchange Structure: Peru - Mainland China trade statistics reveal a resource-for-tech model—Peru supplies ores (83% of exports) while importing machinery (20% of imports).
- Strategic Interdependence: Highly complementary economies, with China dominating high-value manufacturing and Peru anchoring raw material supply.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Peru-Mainland China Trade Trend in Q1 2024
Peru Export Performance: Shipments to Mainland China
- Total Volume: $5.87B in Q1 2024.
- Growth Trend & Context:
- YoY data shows no change (0.0% for all months), indicating stable export levels compared to 2023.
- MoM growth accelerated in February (+13.15%) and March (+5.35%), suggesting strengthening demand or seasonal factors.
- Key Volatility: February saw the sharpest MoM jump (+13.15%), likely reflecting renewed orders post-holiday lulls.
Peru Import Performance: Sourcing from Mainland China
- Total Volume: $3.31B in Q1 2024.
- Growth Trend & Context:
- YoY data flat (0.0%), mirroring export stability.
- MoM dipped in February (-4.03%) before a slight March recovery (+1.35%), possibly due to inventory adjustments.
- Key Volatility: February recorded the lowest monthly value ($1.08B) and the only MoM decline.
Peru - Mainland China Trade Balance & Market Dynamics
- Net Position: Trade surplus of $2.56B (Exports $5.87B > Imports $3.31B).
- Relationship Status: Peru maintains a strong net exporter role, with exports nearly doubling imports. Demand for Peruvian commodities (e.g., minerals, agricultural goods) likely drives this imbalance.
Peru Import Trend from Mainland China 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.13B | 0.0% | 0.0% |
| Feb | 1.08B | -4.03% | 0.0% |
| Mar | 1.10B | 1.35% | 0.0% |
| Total | 3.31B | - | - |
Peru Export Trend to Mainland China 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 1.77B | 0.0% | 0.0% |
| Feb | 2.00B | 13.15% | 0.0% |
| Mar | 2.11B | 5.35% | 0.0% |
| Total | 5.87B | - | - |
Get Historical Peru Mainland China Trade Records
Peru-Mainland China Top Trading Products in Q1 2024
Peru Export Profile: What Does Peru Sell to Mainland China
- Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) with 83.03% share.
- Demand Driver: Mainland China uses these raw materials for industrial processing, likely in steel and metal production.
- Concentration: Trade is heavily concentrated, with HS 26 alone accounting for over 80% of exports.
Peru Import Profile: What Does Peru Buy from Mainland China
- Top Commodity: Rank #1 import is HS 85 (Electrical machinery and equipment) with 19.88% share.
- Dependency Nature: Critical technology dependency, as these imports include high-tech components and machinery essential for Peru's industrial and consumer sectors.
Peru - Mainland China Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Peru exports raw materials (ores) to Mainland China, which in turn supplies high-value machinery and manufactured goods.
- Value Chain Position: Mainland China holds the higher value-add position, exporting complex manufactured goods, while Peru remains a supplier of primary commodities.
Import Analysis by Product: Mainland China to Peru (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 657.55M | 19.88% |
| 84 | 514.24M | 15.55% |
| 87 | 321.01M | 9.71% |
| 39 | 191.64M | 5.79% |
| 72 | 178.68M | 5.40% |
| 73 | 134.51M | 4.07% |
| 29 | 85.13M | 2.57% |
| 64 | 76.89M | 2.33% |
| 61 | 67.87M | 2.05% |
| 62 | 66.10M | 2.00% |
Export Analysis by Product: Peru to Mainland China (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 4.87B | 83.03% |
| 23 | 402.61M | 6.86% |
| 74 | 315.99M | 5.38% |
| 27 | 71.66M | 1.22% |
| 08 | 54.07M | 0.92% |
| 03 | 43.75M | 0.75% |
| 80 | 38.51M | 0.66% |
| 51 | 18.04M | 0.31% |
| 14 | 6.42M | 0.11% |
| 79 | 5.69M | 0.10% |
Check Detailed Peru-Mainland China Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Peru’s trade surplus with Mainland China is expected to hold steady in Q2 2024, supported by sustained demand for raw materials like ores (HS 26) and recovering imports of Chinese machinery. The MoM export growth in Q1 suggests resilience, but flat YoY figures indicate potential stagnation if commodity prices soften. Traders should anticipate moderate volatility, particularly around Chinese industrial cycles and inventory restocking phases. Long-term, Peru’s reliance on commodity exports underscores the need to diversify its trade portfolio to mitigate price shocks.
Strategic Moves
- Lock in commodity contracts: Peruvian exporters of ores should secure long-term agreements with Chinese buyers to stabilize revenue amid fluctuating global demand.
- Diversify import sources: Peruvian importers of high-tech machinery (HS 85) should explore alternative suppliers in Southeast Asia or Europe to reduce dependency on Mainland China.
- Invest in value-added processing: Peru must prioritize domestic processing of raw materials to capture more value in the supply chain, reducing its role as a pure commodity exporter.
Frequently Asked Questions
How did Peru - Mainland China trade perform in 2024 Q1?
Peru exported $5.87B and imported $3.31B in Q1 2024, with stable YoY growth (0.0%) but MoM fluctuations in both directions.
What are the top exports from Peru to Mainland China?
Ores, slag, and ash (HS 26) dominated Peru’s exports, accounting for 83.03% of shipments to Mainland China.
What does Peru import from Mainland China?
Electrical machinery and equipment (HS 85) was the top import, representing 19.88% of Peru’s purchases from Mainland China.
What is the trade balance between Peru and Mainland China?
Peru maintained a trade surplus of $2.56B in Q1 2024, with exports nearly doubling imports.
Peru - Mainland China Trade 2024 Whole Year: $40.65B Exchange
Peru's Mainland China trade trend shows a $9.03B surplus, with ores dominating exports and electrical machinery as top imports. Verified by yTrade data.
Peru - Mainland China Trade 2024 Q2: $2.36B Surplus
Peru's $2.36B trade surplus with Mainland China highlights stable Q2 2024 trends, fueled by ores exports and machinery imports. Explore Peru-China trade dynamics with yTrade data.
