Peruvian exports grew by 3.5% in the first quarter of 2024

13/05/2024

In the first quarter of 2024, Peruvian exports reached $15 million, which represents a growth of 828% compared to the same period of the previous year, as reported by the Ministry of Foreign Trade and Tourism.

The head of the sector, Elizabeth Galdo, indicated that, according to the information gathered in the Monthly Trade Report – March 2024 of Mincetur, Peruvian shipments to the world grew driven by the greater sale 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 the higher prices achieved and export volumes.

In agriculture, the higher sales of cocoa (+83%), coffee (+69%) and chilies and peppers (+13%) also stood out. Fruit sales also increased (+7%) due to higher exports of blueberries, avocados and lemons.

Regarding the chemical sector, sales of plastic products (+35%) and medicines (+15%) increased. In metallurgy, sales of copper products increased (+1.7%), particularly refined wire (+9.4%). “Peru has a long-term trade policy, based on the opening of markets and improving competitiveness, which has been achieving a positive impact on the national economy. We have current trade agreements with 58 countries with important results. We will continue working to provide greater opportunities to our exporters,” indicated the head of Mincetur. As noted, Peruvian exports play a crucial role in the country's economic development and job creation. Thus, shipments from the regions are transcendental.

Significant news is that exports from 11 inland regions grew in the first quarter of 2024. This is the case of Puno (+247%), Apurímac (+50%), Loreto (+44%), Huánuco (+39% ), Madre de Dios (+23%), Moquegua (+12%), Pasco (+12%), La Libertad (+9%), Tacna (+9%), Ica (+2%) and Amazonas (+ 0.1%). In addition, between January and March, nearly 5500 exporters were registered, a figure 7.8% higher than the same period in 2023. Within the total, 32% exported agricultural products (1779) and 15% minerals (848). MSMEs accounted for 62% of the number of exporters and 4% of the exported value.

Foreign trade

In the first quarter of 2024, foreign trade (imports plus exports) of Peruvian goods grew 2.2%, mainly due to the greater exchange with Asian countries (+9.0%). Trade between Peru and China increased 6% mainly due to higher sales of copper and silver concentrate, while trade with India grew 66% due to higher sales of gold.

Likewise, trade with Japan grew (+11%) thanks to greater exports (+13%), mainly of natural naphtha (+56%) and tin (+$16 million). It should be noted that Peru's trade exchange with the member countries of the Andean Community – CAN – grew 16%; However, exchanges with Mercosur (-16%) and the Pacific Alliance (-3%) declined.

Date

In March 2024, Peruvian exports had a drop of 8% year-on-year (March 2024 compared to March 2023), mainly due to lower sales of fishing goods (-53.6%) and fuels (-20.7%).

Source