Peru - South Korea Trade 2024 Q1: Stable Surplus, Tech Exchange

Key Market Takeaways: Peru - South Korea Trade

The bilateral trade relationship between Peru and South Korea remains stable with Peru holding a strong net exporter position in Q1 2024.

• Economic Pulse: Peru maintains a $360.40M trade surplus, exporting $538.62M (flat YoY) while importing $178.22M from South Korea. MoM volatility in imports (+36.13% rebound in March) suggests restocking demand.
• Exchange Structure: Peru - South Korea trade statistics reveal a resource-for-tech model: Peru supplies ores (47.87% of exports) and fuels, while South Korea dominates with vehicles (21.11% of imports) and machinery.
• Strategic Interdependence: Highly complementary economies—Peru feeds South Korea’s industrial base, while relying on its high-value manufactured goods.

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

Peru-South Korea Trade Trend in Q1 2024

Peru Export Performance: Shipments to South Korea

• Total Volume: $538.62M in Q1 2024.
• Growth Trend & Context: YoY data shows no change (0.0% for all months), indicating stable demand. MoM declines (-2.76% in Feb, -0.79% in Mar) suggest mild softening.
• Key Volatility: February saw the sharpest MoM drop (-2.76%), though no news context explains this dip.

Peru Import Performance: Sourcing from South Korea

• Total Volume: $178.22M in Q1 2024.
• Growth Trend & Context: YoY data is flat (0.0%), but MoM swings are stark: a -18.8% drop in February followed by a +36.13% rebound in March.
• Key Volatility: March imports surged (36.13% MoM), possibly reflecting restocking after February’s slump.

Peru - South Korea Trade Balance & Market Dynamics

• Net Position: Peru holds a trade surplus of $360.40M (Exports $538.62M > Imports $178.22M).
• Relationship Status: Strong net exporter role, with exports triple the import volume. Demand for Peruvian goods in South Korea remains resilient.

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

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

Get Historical Peru South Korea Trade Records

Peru-South Korea Top Trading Products in Q1 2024

Peru Export Profile: What Does Peru Sell to South Korea

• Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) at 47.87% of total exports.
• Demand Driver: South Korea uses these raw materials for industrial processing, likely in steel production or electronics manufacturing.
• Concentration: Trade is highly concentrated, with HS 26 and HS 27 (Mineral fuels) together accounting for 77.27% of exports.

Peru Import Profile: What Does Peru Buy from South Korea

• Top Commodity: Rank #1 import is HS 87 (Vehicles) at 21.11% of total imports.
• Dependency Nature: Imports are dominated by machinery (HS 84, HS 85) and vehicles, indicating critical technology dependency for industrial and transportation needs.

Peru - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Peru supplies raw materials (ores, fuels) while South Korea exports high-value manufactured goods (vehicles, machinery).
• Value Chain Position: South Korea holds the higher value-add position, exporting complex products (vehicles, electronics) versus Peru’s commodity-driven exports.

Import Analysis by Product: South Korea to Peru (Source: yTrade)

Export Analysis by Product: Peru to South Korea (Source: yTrade)

Check Detailed Peru-South Korea Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Peru’s trade surplus with South Korea is expected to hold steady in Q2 2024, driven by resilient demand for raw materials like ores (HS 26) and mineral fuels (HS 27). However, the flat YoY growth signals potential stagnation, requiring proactive measures to avoid complacency. South Korea’s March import rebound suggests restocking cycles, but volatility in machinery and vehicle imports (HS 84-87) may persist due to supply chain adjustments. Traders should anticipate moderate growth in commodity exports but prepare for fluctuations in high-value Korean imports.

Strategic Moves

• Lock in Long-term Ore Contracts: Peruvian exporters must secure multi-year agreements with South Korean industrial buyers to stabilize revenue amid volatile commodity markets.
• Diversify Import Sources for Machinery: Reduce overreliance on South Korean tech by exploring alternative suppliers in Japan or Germany to mitigate supply chain shocks.
• Boost Value-Added Exports: Peru should incentivize processing of raw materials (e.g., refined copper) to capture higher margins and reduce dependency on bulk commodity sales.

Frequently Asked Questions

How did Peru - South Korea trade perform in 2024 Q1?

Peru exported $538.62M and imported $178.22M from South Korea in Q1 2024, with stable YoY demand but mild MoM softening in exports and volatile swings in imports.

What are the top exports from Peru to South Korea?

Peru's top exports to South Korea are HS 26 (Ores, slag, and ash) and HS 27 (Mineral fuels), together accounting for 77.27% of total exports.

What does Peru import from South Korea?

Peru primarily imports HS 87 (Vehicles) and machinery (HS 84, HS 85) from South Korea, reflecting a dependency on technology and industrial goods.

What is the trade balance between Peru and South Korea?

Peru holds a trade surplus of $360.40M with South Korea, driven by exports triple the volume of imports, indicating a strong net exporter position.