Peru - United States Trade 2024 Q1: Resource-Tech Exchange

Key Market Takeaways: Peru - United States Trade

The bilateral trade relationship between Peru and United States remains stable but import-leaning in Q1 2024.

• Economic Pulse: Peru runs a $290M trade deficit with the U.S. ($2.16B imports vs. $1.87B exports), with flat YoY growth for both flows.
• Exchange Structure: Peru - United States trade statistics show resource-for-tech complementarity—Peru ships edible fruits (29.85% of exports) while importing U.S. mineral fuels (44.37% of imports).
• Strategic Interdependence: The U.S. holds the higher value-add position, supplying refined fuels and machinery, while Peru exports raw or semi-processed goods.

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

Peru-United States Trade Trend in Q1 2024

Peru Export Performance: Shipments to United States

• Total Volume: $1.87B in Q1 2024.
• Growth Trend & Context: YoY data shows no change (0.0% for all months), indicating stable demand. No significant policy shifts or disruptions noted.
• Key Volatility: Sharp MoM drop in February (-26.7%), followed by a further decline in March (-7.99%).

Peru Import Performance: Sourcing from United States

• Total Volume: $2.16B in Q1 2024.
• Growth Trend & Context: YoY data remains flat (0.0%), suggesting steady procurement. No external factors influenced the trend.
• Key Volatility: March saw a 16.13% MoM surge, offsetting February’s -1.51% dip.

Peru - United States Trade Balance & Market Dynamics

• Net Position: Trade deficit of $290M (Imports $2.16B > Exports $1.87B).
• Relationship Status: Peru remains a net importer from the U.S., with balanced but slightly import-leaning trade dynamics.

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

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

Get Historical Peru United States Trade Records

Peru-United States Top Trading Products in Q1 2024

Peru Export Profile: What Does Peru Sell to United States

• Top Commodity: Rank #1 export is HS Code 08 (Edible fruit, nuts) at 29.85% of total exports.
• Demand Driver: United States buys these primarily for its consumer market, reflecting demand for fresh produce and nuts.
• Concentration: No single category dominates (>50%), but HS Code 08 holds a significant plurality.

Peru Import Profile: What Does Peru Buy from United States

• Top Commodity: Rank #1 import is HS Code 27 (Mineral fuels, oils) at 44.37% of total imports.
• Dependency Nature: Energy security dependency, as Peru relies on U.S. for refined petroleum products.

Peru - United States Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Peru exports agricultural and mineral products (HS 08, 71, 74) while importing energy and machinery (HS 27, 84).
• Value Chain Position: United States holds the higher value-add position, supplying advanced machinery (HS 84) and refined fuels (HS 27), while Peru exports raw or semi-processed goods.

Import Analysis by Product: United States to Peru (Source: yTrade)

Export Analysis by Product: Peru to United States (Source: yTrade)

Check Detailed Peru-United States Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast for Peru - United States Trade

Peru’s trade with the United States is expected to remain stable in the near term, with modest growth potential in key sectors. The flat YoY performance in Q1 2024 suggests equilibrium, but the MoM volatility in exports (notably the sharp February-March decline) signals underlying demand sensitivity. The U.S. will likely maintain its role as a critical supplier of energy (HS 27) and machinery (HS 84), while Peru’s agricultural exports (HS 08) face pressure to stabilize volumes. Traders should monitor U.S. consumer demand shifts and energy market fluctuations, as these will dictate short-term trade dynamics.

Strategic Moves for Traders & Policymakers

• Diversify Export Markets: Peru’s reliance on the U.S. for nearly 30% of edible fruit and nut exports (HS 08) creates vulnerability. Exporters must aggressively target alternative markets in Asia and Europe to mitigate demand shocks.
• Lock in Energy Supply Contracts: With mineral fuels (HS 27) dominating imports, Peruvian buyers should negotiate long-term agreements with U.S. suppliers to hedge against price volatility and ensure stable energy inflows.
• Invest in Value-Added Processing: To reduce the trade deficit, Peru must shift from raw material exports (HS 08, 71, 74) to higher-margin processed goods. Policymakers should incentivize agro-industrial upgrades to capture more value in the supply chain.

Frequently Asked Questions

How did Peru - United States trade perform in 2024 Q1?

Peru's exports to the U.S. totaled $1.87B, while imports reached $2.16B in Q1 2024, with both showing flat YoY growth (0.0%).

What are the top exports from Peru to United States?

The top export from Peru to the U.S. is HS Code 08 (Edible fruit, nuts), accounting for 29.85% of total exports.

What does Peru import from United States?

Peru's top import from the U.S. is HS Code 27 (Mineral fuels, oils), making up 44.37% of total imports.

What is the trade balance between Peru and United States?

Peru recorded a trade deficit of $290M with the U.S. in Q1 2024, as imports ($2.16B) exceeded exports ($1.87B).