Peru - South Korea Trade 2024 Q4: Stable Resource-Tech Exchange

Key Market Takeaways: Peru - South Korea Trade

The bilateral trade relationship between Peru and South Korea remains stable with no significant growth shifts in Q4 2024.

• Economic Pulse: Peru holds a $291.19M trade surplus, exporting $474.92M (flat YoY) while importing $183.73M (flat YoY). Volatility in monthly export spikes (e.g., +214.73% MoM in November) contrasts with steady import declines.
• Exchange Structure: Peru - South Korea trade statistics reveal a resource-for-tech model: Peru supplies ores and fuels (74.18% of exports), while South Korea dominates with vehicles and machinery (critical for Peru’s industrial needs).
• Strategic Interdependence: Highly complementary economies—Peru’s raw materials feed South Korea’s manufacturing, while Korea’s tech fills Peru’s industrial gaps.

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

Peru-South Korea Trade Trend in Q4 2024

Peru Export Performance: Shipments to South Korea

• Total Volume: $474.92M in Q4 2024.
• Growth Trend & Context: YoY data shows no change (0.0% for all months), indicating stable demand. No trade news to contextualize shifts.
• Key Volatility: November saw a 214.73% MoM surge, followed by a modest 7.82% rise in December.

Peru Import Performance: Sourcing from South Korea

• Total Volume: $183.73M in Q4 2024.
• Growth Trend & Context: YoY flat (0.0%), suggesting consistent import levels. No news to explain the 5.72% MoM drop in December.
• Key Volatility: October peaked with $62.42M, then declined sharply in December to $58.87M.

Peru - South Korea Trade Balance & Market Dynamics

• Net Position: Peru holds a $291.19M trade surplus with South Korea (Exports: $474.92M, Imports: $183.73M).
• Relationship Status: Strong net exporter position, with exports 2.6x imports. No signs of dependency on Korean goods.

Peru Import Trend from South Korea 2024 Q4 (Source: yTrade)**

Peru Export Trend to South Korea 2024 Q4 (Source: yTrade)**

Get Historical Peru South Korea Trade Records

Peru-South Korea Top Trading Products in Q4 2024

Peru Export Profile: What Does Peru Sell to South Korea

• Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) at 44.69% 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 the top two categories (HS 26 and HS 27) accounting for 74.18% of exports.

Peru Import Profile: What Does Peru Buy from South Korea

• Top Commodity: Rank #1 import is HS 87 (Vehicles) at 22.03% of total imports.
• Dependency Nature: Imports are dominated by machinery (HS 84, HS 85) and vehicles (HS 87), indicating critical technology dependency for industrial and transportation needs.

Peru - South Korea Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Peru exports raw materials (ores, fuels) and imports high-value machinery and vehicles.
• Value Chain Position: South Korea holds the higher value-add position, supplying advanced manufactured goods, while Peru provides commodities.

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 2025, driven by sustained demand for ores (HS 26) and fuels (HS 27) as South Korea’s industrial sector remains active. However, flat YoY growth signals a need for diversification beyond raw materials to avoid stagnation. The volatility in monthly export surges suggests traders should prepare for short-term price fluctuations, particularly in Q1 2025. Meanwhile, Peru’s reliance on South Korean machinery and vehicles (HS 84-87) will likely persist, reinforcing the resource-for-tech exchange model.

Strategic Moves

• Lock in Long-Term Contracts: Peruvian exporters of ores and fuels should secure multi-year agreements with South Korean buyers to stabilize revenue streams amid potential commodity price swings.
• Diversify Export Basket: Peru must reduce concentration risk by promoting non-traditional exports, such as agricultural goods (e.g., grapes, avocados), to tap into South Korea’s growing consumer market.
• Optimize Tech Imports: Importers of South Korean machinery and vehicles should negotiate bulk purchase discounts or explore joint ventures to lower costs and enhance local value-added production.

Frequently Asked Questions

How did Peru - South Korea trade perform in 2024 Q4?

Peru exported $474.92M to South Korea and imported $183.73M, with stable YoY growth (0.0%) for both exports and imports.

What are the top exports from Peru to South Korea?

Ores, slag, and ash (HS 26) accounted for 44.69% of exports, followed by fuels (HS 27), together making up 74.18% of total shipments.

What does Peru import from South Korea?

Vehicles (HS 87) were the top import at 22.03%, alongside machinery (HS 84, HS 85), reflecting a reliance on advanced manufactured goods.

What is the trade balance between Peru and South Korea?

Peru holds a $291.19M trade surplus, with exports 2.6x higher than imports, indicating a strong net exporter position.