Peru's exports up 3.5% in 1Q 2024

08:33 | Lima, May. 14.

Foreign Trade and Tourism Minister Elizabeth Galdo reported that Peruvian exports reached US$15.828 billion during the first quarter of 2024, a 3.5% rise compared to the same period last year.

According to information gathered in the Foreign Trade Ministry's (Mincetur) Monthly Trade Report - March 2024, Peruvian exports to the world increased driven by higher sales of metallic minerals (13.3%), such as gold (57.7%), and agricultural products (10.8%), mainly blueberries (113%).

In both cases, the increase is due to higher prices and shipment volumes.

Regarding agriculture, greater sales of cacao (83%), coffee (69%), chilies and peppers (13%) stood out as well. Fruit sales also rose (7%) due to higher exports of blueberries, avocados, and limes.

In the chemical sector, sales of plastic products (35%) and medicines (15%) went up.

With regards to metallurgy, sales of copper products increased (1.7%), namely of refined wire (9.4%).

"Peru has a long-term trade policy based on market openness and improving competitiveness, which has been yielding a positive impact on domestic economy," Galdo indicated.

"We have active trade agreements with 58 countries, yielding significant results. We will continue working to provide greater opportunities to our exporters," she added.

As is known, Peruvian exports play a crucial role in the country's economic development and job creation.

Significant news is that shipments from 11 Peruvian regions —outside Lima— grew in the first quarter of 2024. That is the case of Puno (247%), Apurimac (50%), Loreto (44%), Huanuco (39%), Madre de Dios (23%), Moquegua (12%), Pasco (12%), La Libertad (9%), Tacna (9%), Ica (2%), and Amazonas (0.1%).

Close to 5,500 exporters were registered between January and March 2024 —a figure 7.8% higher compared to the same period in 2023. 

Out of the total, 1,779 shipped agricultural products (32%) and 848 sent minerals (15%). MSMEs accounted for 62% of total exporters and 4% of the shipped value.

Foreign trade

During the first quarter of 2024, foreign trade (imports plus exports) of Peruvian goods rose 2.2% mainly due to greater exchange with Asian countries (9%).

Trade between Peru and China rose 6% mainly due to higher sales of copper and silver concentrate, while trade with India expanded 66% due to greater gold sales.

Likewise, trade with Japan increased (11%) thanks to higher exports (13%), mainly of natural naphtha (56%) and tin (US$16 million).

It should be noted that Peru's trade with Andean Community (CAN) member countries grew 16%. However, trade with Mercosur (-16%) and the Pacific Alliance (-3%) experienced declines.

Last March, Peruvian exports experienced an 8% drop year-on-year (March 2024 compared to March 2023), mainly due to lower sales of fishery goods (-53.6%) and fuels (-20.7%).


Publicado: 13/5/2024