Peru’s Exports Increase by 15.8% in Early 2024, Highlighting…

Peru’s exports surged by 15.8% to US$67.558 billion from January to November 2024, with November alone seeing a 27% rise. Traditional exports grew significantly due to mining and agriculture, although declines were noted in several sectors. Non-traditional exports also increased, led by agroindustry products like blueberries. The trade balance reported a surplus of US$17.549 billion.

In the period between January and November 2024, Peru’s exports reached a substantial US$67.558 billion, marking a notable increase of 15.8% from US$58.348 billion during the same timeframe in 2023. This growth was largely attributed to a robust performance observed over the last seven months, as reported by the Peruvian Exporters Association (ADEX). Notably, shipments in November alone amounted to US$7.377 billion, reflecting a 27% rise and marking the seventh consecutive month of positive export results.

While the overall figures are encouraging, ADEX’s Chairman, Julio Perez Alvan, expressed concerns regarding declines in five sectors, particularly in fishing for direct human consumption, non-metallic mining, and textiles. The solid performance of sectors such as mining, agro-industry, iron-steel, and metalworking helped offset these declines, demonstrating significant progress in certain areas.

The November 2024 Export Report detailed that traditional exports totaled US$49.099 billion, representing a 17.7% increase year-on-year. This growth was driven by substantial increases in mining, primary fishing, and agriculture exports, despite the primary hydrocarbon sector experiencing a slight decline. The leading products exported primarily consisted of copper and gold, which collectively accounted for over 61% of the total traditional exports, with major markets including China, India, and the United States.

Conversely, non-traditional exports improved by 10.9% to reach US$18.459 billion, buoyed by strong performances in various subsectors. The agroindustry segment stood out, with blueberries being the top exported item, achieving a remarkable 46.3% increase. The United States remained the leading destination for these non-traditional exports, highlighting the growing demand in international markets.

The Lima and Callao region alone exported products worth US$16.148 billion, reflecting a 19.1% growth. Key regions such as Ica, Arequipa, and Ancash played critical roles in this success, while the country maintained a favorable trade balance, recording a surplus of US$17.549 billion from January to November 2024, thereby underscoring the overall health of Peru’s export sector.

The report on Peru’s exports during January to November 2024 highlights significant growth in export volumes, which can be attributed to strong performances in traditional export sectors, particularly mining and agriculture. The Peruvian Exporters Association (ADEX) closely monitors these trends and the impacts on the national economy. Notably, while many sectors prospered, there were significant declines in others, indicating a mixed result in the overall export landscape. The growing trade surplus reflects positive momentum in export activities, driven by key products and markets, making this a vital topic for understanding Peru’s economic health.

In summary, Peru’s export sector demonstrated remarkable resilience and growth between January and November 2024, achieving a 15.8% increase over the previous year. While traditional exports have notably driven this success, it is vital to address the declines in certain sectors like textiles and fishing. Ongoing efforts to enhance diverse exports and target international markets could further solidify the positive trends observed. The reported trade surplus indicates a robust export market, essential for Peru’s economic stability moving forward.

Original Source: andina.pe