Peru - Mexico Trade 2024 Q1: Deficit Widens

Key Market Takeaways: Peru - Mexico Trade

The bilateral trade relationship between Peru and Mexico remains stable but imbalanced in Q1 2024, with Peru running a significant deficit.

• Economic Pulse: Peru’s trade deficit with Mexico hit $174.63M in Q1 (exports: $238.32M, imports: $412.95M), reflecting steady but flat YoY growth for both flows.
• Exchange Structure: Peru - Mexico trade statistics reveal a resource-for-tech dynamic—Peru supplies agricultural goods (25% edible fruits) while importing machinery (15% industrial equipment).
• Strategic Interdependence: The partnership is complementary but asymmetric, with Mexico holding the higher-value position in industrial supply chains.

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

Peru-Mexico Trade Trend in Q1 2024

Peru Export Performance: Shipments to Mexico

• Total Volume: $238.32M in Q1 2024.
• Growth Trend & Context: YoY data shows no change (0.0% for all months), indicating stable demand compared to 2023. MoM volatility is notable, with a sharp -15.21% drop in February followed by a -6.18% decline in March. No trade news explains this trend.
• Key Volatility: February saw the steepest MoM contraction (-15.21%), while January had the highest export value ($90.16M).

Peru Import Performance: Sourcing from Mexico

• Total Volume: $412.95M in Q1 2024.
• Growth Trend & Context: YoY figures remain flat (0.0%), suggesting steady import reliance. MoM swings include an 11.52% drop in February and a 9.51% rebound in March. No relevant news context is available.
• Key Volatility: February recorded the lowest import value ($128.03M), while January peaked at $144.71M.

Peru - Mexico Trade Balance & Market Dynamics

• Net Position: Peru runs a trade deficit of $174.63M (Imports $412.95M vs. Exports $238.32M).
• Relationship Status: Heavy import dependence on Mexico, with imports nearly double exports in Q1. No signs of rebalancing yet.

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

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

Get Historical Peru Mexico Trade Records

Peru-Mexico Top Trading Products in Q1 2024

Peru Export Profile: What Does Peru Sell to Mexico

• Top Commodity: Rank #1 export is HS Code 08 (Edible fruit and nuts) at 25.05% of total exports to Mexico.
• Demand Driver: Mexico likely imports these for consumer market needs, given the agricultural nature of the top exports.
• Concentration: The top two categories (HS 08 and 09) account for 41.81%, indicating moderate concentration in agricultural products.

Peru Import Profile: What Does Peru Buy from Mexico

• Top Commodity: Rank #1 import is HS Code 84 (Nuclear reactors, boilers, machinery) at 15.29% of total imports from Mexico.
• Dependency Nature: Imports are dominated by industrial machinery and technology (HS 84, 85, 87), suggesting critical technology dependency for Peru.

Peru - Mexico Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Peru exports agricultural goods (HS 08, 09) and raw materials (HS 74, 27) while importing machinery and industrial goods (HS 84, 85, 87).
• Value Chain Position: Mexico holds the higher value-add position, supplying complex machinery, while Peru primarily provides raw and intermediate goods.

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 Q2 2024, given the structural imbalance in exchange—agricultural exports versus high-value machinery imports. The flat YoY growth in both directions suggests stable but stagnant demand, with no immediate catalysts for rebalancing. However, Mexico’s industrial sector may drive further import dependency for Peru, while Peru’s agricultural exports could face volatility due to seasonal factors. Traders should prepare for continued asymmetry unless policy or market shifts intervene.

Strategic Moves for Peruvian Stakeholders

• Diversify Export Markets: Reduce reliance on Mexico by targeting other Latin American or Asian buyers for agricultural goods (HS 08, 09), mitigating concentration risk.
• Secure Long-term Tech Contracts: Negotiate fixed-price agreements for critical machinery imports (HS 84, 85) to hedge against potential cost surges from Mexico’s industrial sector.
• Invest in Value-Add Processing: Upgrade Peru’s export profile by processing raw materials (e.g., refining metals or packaging nuts) to capture higher margins and reduce the tech-resource trade gap.

Frequently Asked Questions

How did Peru - Mexico trade perform in 2024 Q1?

Peru's exports to Mexico totaled $238.32M, while imports reached $412.95M in Q1 2024. Both exports and imports showed no YoY growth (0.0%), indicating stable but volatile MoM trends.

What are the top exports from Peru to Mexico?

Peru's top exports to Mexico are Edible fruit and nuts (HS Code 08) and related agricultural products, accounting for 25.05% of total exports.

What does Peru import from Mexico?

Peru primarily imports industrial machinery and technology (HS Code 84, 85, 87) from Mexico, with nuclear reactors and boilers (HS 84) leading at 15.29% of total imports.

What is the trade balance between Peru and Mexico?

Peru recorded a trade deficit of $174.63M with Mexico in Q1 2024, as imports ($412.95M) nearly doubled exports ($238.32M). No rebalancing trend is observed.