Peru - Mainland China Trade 2024 Q2: $2.36B Surplus

Key Market Takeaways: Peru - Mainland China Trade

The bilateral trade relationship between Peru and Mainland China remained stable with flat YoY growth in Q2 2024.

• Peru holds a $2.36B trade surplus, exporting $5.87B (mostly ores) while importing $3.51B (primarily machinery) from China.
• Resource-for-Tech exchange dominates: Peru’s top export (HS 26, 85.7% share) fuels China’s industrial base, while China supplies critical machinery (HS 84, 18.3% share).
• Asymmetric interdependence: Peru relies on Chinese demand for raw materials, while China secures resources and exports higher-value manufactured goods.

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

Peru-Mainland China Trade Trend in Q2 2024

Peru Export Performance: Shipments to Mainland China

• Total Volume: $5.87B in Q2 2024.
• Growth Trend & Context: YoY growth remained flat (0.0%) across all months, indicating stagnant demand or pricing stability. No significant policy shifts or disruptions were reported.
• Key Volatility: Exports surged 24.93% MoM in May, followed by another 21.63% rise in June, suggesting recovering demand or seasonal inventory buildup.

Peru Import Performance: Sourcing from Mainland China

• Total Volume: $3.51B in Q2 2024.
• Growth Trend & Context: YoY growth was neutral (0.0%), reflecting steady procurement. No supply shocks or policy changes were noted.
• Key Volatility: Imports jumped 11.77% MoM in June, the highest monthly gain, possibly signaling preemptive stockpiling or delayed shipments.

Peru - Mainland China Trade Balance & Market Dynamics

• Net Position: Peru recorded a trade surplus of $2.36B (Exports: $5.87B > Imports: $3.51B).
• Relationship Status: Strong net exporter role, with exports outpacing imports by 67% in Q2. Dependence on Chinese demand for Peruvian goods remains a key driver.

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

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

Get Historical Peru Mainland China Trade Records

Peru-Mainland China Top Trading Products in Q2 2024

Peru Export Profile: What Does Peru Sell to Mainland China

• Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) with 85.73% share.
• Demand Driver: Mainland China uses these raw materials for industrial processing, likely in steel production and other manufacturing sectors.
• Concentration: Trade is heavily concentrated, with HS 26 alone accounting for over 85% of exports.

Peru Import Profile: What Does Peru Buy from Mainland China

• Top Commodity: Rank #1 import is HS 84 (Nuclear reactors, boilers, machinery) with 18.30% share.
• Dependency Nature: Critical technology dependency, as these imports include industrial machinery and equipment essential for Peru's manufacturing and infrastructure development.

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-tech machinery and manufactured goods.
• Value Chain Position: Mainland China holds the higher value-add position, exporting complex machinery (HS 84, 85) while Peru primarily supplies low-value raw materials (HS 26).

Import Analysis by Product: Mainland China to Peru (Source: yTrade)

Export Analysis by Product: Peru to Mainland China (Source: yTrade)

Check Detailed Peru-Mainland China Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Peru’s trade surplus with Mainland China is likely to hold steady in Q3 2024, driven by sustained demand for ores (HS 26) amid China’s industrial recovery. However, flat YoY growth signals vulnerability to commodity price swings, requiring vigilance. The recent MoM surges in exports suggest short-term inventory restocking, but long-term stability hinges on China’s steel and construction sectors. Import volatility (e.g., June’s 11.77% spike) may persist as Peru’s machinery needs align with infrastructure projects, reinforcing the resource-for-tech exchange.

Strategic Moves

• Lock in Ore Contracts: Exporters should secure long-term agreements with Chinese buyers to mitigate price volatility, leveraging Peru’s dominant position in HS 26.
• Diversify Import Sources: Reduce overreliance on Chinese machinery (HS 84) by exploring competitive suppliers in Southeast Asia or Europe to hedge against supply chain disruptions.
• Invest in Value-Add Processing: Peru must upgrade ore processing capabilities to capture higher margins, shifting from raw material exports to semi-finished products like refined copper or steel alloys.

Frequently Asked Questions

How did Peru - Mainland China trade perform in 2024 Q2?

Peru's exports to Mainland China totaled $5.87B, with flat YoY growth (0.0%), while imports reached $3.51B, also showing neutral YoY growth (0.0%).

What are the top exports from Peru to Mainland China?

Peru's top export to Mainland China is HS 26 (Ores, slag, and ash), accounting for 85.73% of total exports.

What does Peru import from Mainland China?

Peru's top import from Mainland China is HS 84 (Nuclear reactors, boilers, machinery), making up 18.30% of total imports.

What is the trade balance between Peru and Mainland China?

Peru recorded a trade surplus of $2.36B with Mainland China in Q2 2024, with exports outpacing imports by 67%.