Peru - Mexico Trade 2024 Whole Year: Stagnant Growth, Tech Imports

Key Market Takeaways: Peru - Mexico Trade

The bilateral trade relationship between Peru and Mexico remains stagnant in 2024, with flat growth and volatile monthly swings.

• Economic Pulse: Peru runs an $815.82M trade deficit with Mexico ($1.68B imports vs. $865.18M exports), reflecting heavy reliance on Mexican goods.
• Exchange Structure: Peru - Mexico trade statistics reveal a resource-for-tech model—Peru ships fruits, nuts, and copper (top 3 exports: 40.52% share) while importing machinery and electrical equipment (45.11% of imports).
• Strategic Interdependence: Complementary but imbalanced—Mexico holds the high-value position in this exchange, supplying critical industrial inputs.

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

Peru-Mexico Trade Trend in Whole Year 2024

Peru Export Performance: Shipments to Mexico

• Total Volume: $865.18M in 2024.
• Growth Trend & Context: YoY data is flat (0.0% across all months), indicating no year-over-year change. No relevant trade news to explain trends.
• Key Volatility: November saw a sharp 65.46% MoM surge, while April and June recorded steep drops (-25.97% and -17.69% MoM, respectively).

Peru Import Performance: Sourcing from Mexico

• Total Volume: $1.68B in 2024.
• Growth Trend & Context: YoY data shows no change (0.0% for all months). No news context provided to explain fluctuations.
• Key Volatility: May had the highest imports ($162.33M, +9.3% MoM), while June and December saw significant declines (-15.17% and -11.75% MoM).

Peru - Mexico Trade Balance & Market Dynamics

• Net Position: Peru ran a trade deficit of $815.82M (Imports $1.68B > Exports $865.18M).
• Relationship Status: Heavy reliance on Mexican imports, with exports covering only ~51% of import value.

Peru Import Trend from Mexico 2024 Whole Year (Source: yTrade)**

Peru Export Trend to Mexico 2024 Whole Year (Source: yTrade)**

Get Historical Peru Mexico Trade Records

Peru-Mexico Top Trading Products in Whole Year 2024

Peru Export Profile: What Does Peru Sell to Mexico

• Top Commodity: HS Code 08 (Edible fruit and nuts) dominates with 20.18% share.
• Demand Driver: Mexico uses these for industrial processing (e.g., food manufacturing) or direct consumer consumption.
• Concentration: No single category exceeds 50%, but the top 3 exports (HS 08, 09, 74) account for 40.52% of total exports, indicating moderate concentration.

Peru Import Profile: What Does Peru Buy from Mexico

• Top Commodity: HS Code 84 (Nuclear reactors, boilers, machinery) leads with 15.98% share.
• Dependency Nature: Critical technology dependency, as machinery and electrical equipment (HS 84, 85, 87) collectively make up 45.11% of imports.

Peru - Mexico Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Peru exports raw materials (fruits, nuts, copper) and imports high-value machinery and manufactured goods.
• Value Chain Position: Mexico holds the higher value-add position, supplying complex manufactured products, while Peru provides primary commodities.

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

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

Check Detailed Peru-Mexico Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Peru-Mexico Trade

Peru’s trade deficit with Mexico is likely to persist in the near term, given the structural imbalance in their exchange model—Peru’s commodity-driven exports versus Mexico’s high-value machinery and manufactured goods. However, volatility in monthly trade flows suggests opportunities for tactical adjustments, particularly in timing exports to capitalize on seasonal demand spikes (e.g., November’s 65% MoM surge). Without policy shifts or new trade agreements, the flat YoY growth trend will likely continue, reinforcing Mexico’s upper hand in value-added trade.

Strategic Moves for Peruvian Stakeholders

• Diversify Export Markets: Reduce reliance on Mexico by targeting other Latin American or Asian buyers for Peru’s top exports (HS 08, 09, 74), mitigating deficit risks.
• Lock In Long-Term Tech Supply Contracts: Mexican machinery (HS 84) is critical—Peruvian importers should negotiate multi-year agreements to hedge against price volatility and supply chain disruptions.
• Boost Value-Added Exports: Invest in processing Peru’s raw materials (e.g., turning fruits into packaged goods) to capture more of the value chain and narrow the trade gap.

Frequently Asked Questions

How did Peru - Mexico trade perform in 2024 Whole Year?

Peru's trade with Mexico totaled $865.18M in exports and $1.68B in imports, with no year-over-year growth (0.0% change).

What are the top exports from Peru to Mexico?

Peru's top exports to Mexico include edible fruit and nuts (HS 08), followed by HS 09 and HS 74 (copper and articles thereof).

What does Peru import from Mexico?

Peru primarily imports nuclear reactors, boilers, and machinery (HS 84) from Mexico, alongside electrical equipment (HS 85) and vehicles (HS 87).

What is the trade balance between Peru and Mexico?

Peru recorded a trade deficit of $815.82M with Mexico in 2024, as imports ($1.68B) exceeded exports ($865.18M).