What are the major import and export products of Peru?

Peru is a country rich in herbal sources and diverse in its economy. One of the key components of its economic system is the import and export industry. Peru has a fairly open economic system that closely relies on foreign trade. The nation's strategic geographical place, with the right of entry to both the Pacific Ocean and the Amazon rainforest, makes it a major hub for global trade. Peru’s exports are worth $64.35 billion whilst Peru’s imports accounted for $52.16 billion in 2023. Peru had a total trade balance of $12.19 billion in 2023 with its distinction in import and export values. Peru is a rustic place in South America that is massively acknowledged for its import and export of products. In this article, we will discover Peru's top import and export products, highlighting the important industries that drive the nation’s trade.

Latest Trade Statistics of Peru’s top imports and exports

• According to the latest statistics to be had, Peru's economic system is ranked 51st in the globe in terms of GDP.
• Peru is ranked 54th in terms of exports and 57th in terms of imports.
• Peru’s rank is 89th in terms of GDP per capita. 
• Peru is the 93rd most complicated nation in terms of the Economic Complexity Index (ECI). 
• The majority of Peru's exports are minerals; 58% come from mining, 13% are from agriculture, and 9% are from oil and fuel. 
• China (32%), the USA (13%), South Korea, Japan, and Canada (all accounting for 5% of exports) are Peru's primary trading partners. 
• Peru’s exports make up 0.3% of the worldwide trade at the same time as its imports have a 0.2% worldwide percentage. 
• In 2023, the industries that make up the majority of Peru's imports are machinery (12.9%), vehicles (9.3%), and oil and gas (17.79%).
• Ores, Slag, and Ash are the biggest exports of Peru worth $26.94 billion in 2023. 
• Mineral fuels and mineral oils are Peru’s biggest imports worth $9.27 billion in 2023. 
• Peru’s exports had a total value of $64.35 billion, while its imports accounted for $52.16 billion in 2023. 
• By the end of 2024, Peru's exports are projected to reach $66.472 billion, a 3.1% increase from 2023.

What are the major exports of Peru?

Peru’s goods exports accounted for a total of $64.35 billion in 2023 with an increase of 1% from the previous year. Ores, slag, and ash are Peru’s biggest export products worth $26.94 billion in 2023 followed by precious stones and metals ($8.68 billion), and edible fruits and nuts ($5.47 billion). Peru exports a wide array of products across the globe to boost its economic condition. The major export products of Peru in 2023 include:  

1. Ores, slag and ash: $26.94 billion (41.88%)

Exports of ores, slag, and ash increased by 13% in 2023 from the previous year. Peru exported the most ores, slag, and ash to China worth $19.79 billion in 2023.

2. Natural or cultured pearls, precious stones, and metals: $8.68 billion (13.49%)

Exports of Natural pearls, precious stones, and metals increased by 12% in 2023 from the previous year. Peru exported the most natural pearls, precious stones, and metals to Canada worth $2.34 billion in 2023.

3. Edible fruit and nuts; peel of citrus fruit or melons: $5.47 billion (8.51%)

Exports of edible fruit and nuts increased by 16% in 2023 from the previous year. Peru exports the most edible fruits and nuts to the USA worth $2.26 billion in 2023.

4. Mineral fuels and mineral oils: $4.39 billion (6.83%)

Mineral fuels and mineral oils exports decreased by 31% in 2023 from the previous year. Peru exported the most mineral fuels and oils to the United Kingdom worth $646.62 million in 2023.

5. Copper and articles thereof: $3.59 billion (5.59%)

Copper and articles thereof had an increase of 4% in exports in 2023 from the previous year. Peru exported the most copper and articles thereof to China worth $1.17 billion in 2023.

6. Fish and other aquatic invertebrates: $1.36 billion (2.12%)

Exports of fish, crustaceans, and aquatic invertebrates increased by 7% in 2023 from the previous year. Peru exported the most fish, crustaceans, and aquatic invertebrates to China worth $336.98 million in 2023.

7. Residues from food industries; prepared animal fodder: $1.19 billion (1.85%)

Exports of Residues from food industries and prepared animal fodder declined by 44% in 2023 from the previous year. Peru exports the most prepared animal fodder to China worth $733.50 million.

8. Coffee, tea, and spices: $1.14 billion (1.78%)

Exports of coffee, tea, and spices had a decline of 22% in 2023 from the previous year. Peru exported the most coffee, tea, and spices to the USA worth $356.75 million in 2023.

9. Articles of apparel and clothing, knitted or crocheted: $1.08 billion (1.68%)

Exports of Articles of apparel and clothing declined by 18% in 2023 from the previous year. Peru exported the most articles of apparel and clothing to the USA worth $713.49 million in 2023.

10. Zinc and articles thereof: $853.59 million (1.33%)

Exports of Zinc and articles thereof declined by 17% in 2023 from the previous year. Zinc and articles thereof were exported by Peru mostly to the USA worth $172.14 million in 2023.

What are the major imports of Peru?

Peru’s imports had a total value of $52.16 billion in 2023 with a decline of 14% from the previous year. Mineral fuels and mineral oils worth $9.27 billion are Peru’s biggest import products in 2023 followed by nuclear reactors ($6.72 billion) and vehicles ($4.85 billion). Peru imports a variety of goods from countries worldwide to support its financial landscape and economy. The major import products of Peru in 2023 include:

1. Mineral fuels and mineral oils: $9.27 billion (17.79%)

Mineral fuels and mineral oils imports declined by 17% in 2023 from the previous year. Peru imports the most mineral fuels and oils from the USA worth $6.14 billion in 2023.

2. Nuclear reactors, machinery, and mechanical appliances: $6.72 billion (12.9%)

Imports of nuclear reactors and machinery increased by 2% in 2023 from the previous year. Peru imports the most nuclear reactors and machinery from China worth $2.19 billion in 2023.

3. Vehicles: $4.85 billion (9.3%)

Vehicle imports increased by 1% in 2023 from the previous year. Peru imports the most vehicles from China worth $1.31 billion in 2023.

4. Electrical machinery and equipment: $4.19 billion (8.03%)

Imports of electrical machinery and equipment declined by 10% in 2023 from the previous year. Peru imports the most electrical machinery from China worth $2.41 billion in 2023.

5. Plastics and articles thereof: $2.20 billion (4.22%)

Imports of plastics and articles thereof reduced by 32% in 2023 from the preceding year. Peru imports the maximum plastics and articles from China worth $727.97 million in 2023.

6. Iron and steel: $1.91 billion (3.67%)

Imports of Iron and steel declined by 35% in 2023 from the previous year. Peru imports the most iron and steel from China worth $849.81 million in 2023.

7. Cereals: $1.91 billion (3.67%)

Imports of cereals declined by 17% in 2023 from the previous 12 months. Peru imports the most cereals from Argentina worth $894.69 million in 2023.

8. Articles of iron or metal: $1.10 billion (2.13%)

Articles of iron and steel imports declined by 8% in 2023 from the preceding year. Peru imports the most articles of iron and steel from China worth $597.40 million in 2023.

9. Pharmaceutical products: $1.08 billion (2.09%)

Imports of pharmaceutical products increased by 2% in 2023 from the preceding year. Peru imports the most pharmaceutical products from the USA worth $143.78 million in 2023.

10. Miscellaneous chemical products: $1.05 billion (2.02%)

Imports of miscellaneous chemical products decreased by 15% in 2023 from the preceding 12 months. Peru imports the maximum miscellaneous chemical products from China worth $290.32 million in 2023.

What are Peru's major trade agreements?

Peru is a member of numerous trade agreements, consisting of the Andean Community, the Pacific Alliance, and the World Trade Organization, which further bolster its trade with members of different countries. Peru has signed many trade agreements with nations and trading blocs around the arena. These agreements intend to enhance marketplace access, promote exports, appeal to foreign funding, and create a favorable commercial enterprise environment for each domestic and overseas business running in Peru. Some of the key trade agreements that Peru is a part of encompassing the USA-Peru Trade Promotion Agreement, the Peru-China Free Trade Agreement, and the Pacific Alliance.

• United States-Peru Trade Promotion Agreement: The United States-Peru Trade Promotion Agreement, also known as the Peru Trade Agreement, was signed in 2006 to eliminate tariffs and other trade barriers between the two countries.
• Peru-China Free Trade Agreement: The Peru-China Free Trade Agreement, signed in 2009, has opened up new opportunities for trade and investment between Peru and one of the world's largest economies.
• The Pacific Alliance: The Pacific Alliance is a regional trading bloc composed of Peru, Chile, Colombia, and Mexico to promote economic integration, trade liberalization, and cooperation among its member countries.

Statistical Comparison of Peru’s Import-Export data in the last decade

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Conclusion

In conclusion, Peru has a vast economic system that is based closely on its import and export industry. Natural resources, geographical location, and monetary growth have made Peru a top participant in worldwide trade. Peru’s major import and export products give important and additional trade inputs to businesses and policymakers. With non-stop growth in its imports and exports, Peru is prepared to end up being a trade powerhouse globally within the coming years. 

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