That dollar amount reflects a 42.6% gain from $45.1 billion five years earlier in 2019.
Year over year, the value of Peruvian exports grew by 10.6% compared to the $56.3 billion in international sales during 2022.
Based on the average exchange rate for 2023, the Peruvian Sol depreciated by -12.2% against the US dollar since 2019 but gained 2.4% from 2022 to 2023. Peru’s weaker local currency compared to its value in 2019 made its exports paid for in stronger US dollars relatively less expensive for international buyers.
Peru’s Largest Trading Partners
The latest available country-specific data shows that 81.9% of products exported from Peru was bought by importers in: mainland China (36% of the Peruvian total), United States of America (14.3%), Canada (4.6%), India (3.9%), South Korea (3.6%), Japan (3.4%), Chile (3%), Spain (2.9%), Netherlands (2.8%), Brazil (2.7%), Switzerland (2.6%) and United Kingdom (2%).
From a continental perspective, 51.2% of Peru’s exports by value was delivered to Asian countries while 20.3% was sold to importers in North America. Peru shipped another 15.4% worth of goods to Europe.
Smaller percentages went to buyers in Latin America (12.3%) excluding Mexico but including the Caribbean, Africa (0.6%), then Oceania (0.2%) led by Australia and New Zealand.
Given Peru’s population of 34.5 million people, its total $64.4 billion in 2023 exports equals about $1,850 for every resident in the South American nation. That dollar metric exceeds the average $1,700 per capita one year prior during 2022.
Peru’s Top 10 Exports
The following export product groups represent the highest dollar value in Peruvian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Peru.
- Ores, slag, ash: US$26.9 billion (41.9% of total exports)
- Gems, precious metals: $8.7 billion (13.5%)
- Fruits, nuts: $5.5 billion (8.5%)
- Mineral fuels including oil: $4.4 billion (6.8%)
- Copper: $3.6 billion (5.6%)
- Fish: $1.4 billion (2.1%)
- Food industry waste, animal fodder: $1.2 billion (1.9%)
- Coffee, tea, spices: $1.14 billion (1.8%)
- Knit or crochet clothing, accessories: $1.08 billion (1.7%)
- Zinc: $853.6 million (1.3%)
By value, Peru’s top 10 exports accounted for 85.1% of total Peruvian shipments.
Ores, slag and ash was the fastest grower among the top 10 export categories, up by 40.7% from 2022 to 2023.
In second place for improving export sales was fruits and nuts via a 16.5% advance.
Peru’s shipments of gems and precious metals posted the third-fastest gain in value up by 13.3%. That product category was spearheaded by higher revenues from exported Peruvian gold.
The leading decliner among Peru’s top 10 export categories was food industry waste and animal fodder, dragged down by a -42.9% year-over-year drop.
The above data is presented at the two-digit Harmonized Tariff System (HTS) code level.
From the more granular four-digit HTS code perspective, Peru’s number one export product was copper ores and concentrates (31.1% of Peruvian exports).
In second place was unwrought gold (13%) trailed by Peruvian exports of refined copper (4.2%), processed petroleum oils (3.7%), miscellaneous fresh fruits (2.7%), fresh or dried grapes (also 2.7%), zinc ores and concentrates (2.6%), iron ores and concentrates (also 2.6%), petroleum gases (2.4%), then molybdenum ores and concentrates (2.3%).
Products Generating Peru’s Largest Trade Surpluses
Peru recorded an overall US$12.2 billion trade surplus in 2023, reversing a -$2.1 billion trade deficit for 2022.
The following types of Peruvian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Ores, slag, ash: US$26.7 billion (Up by 42.1% since 2022)
- Gems, precious metals: $8.6 billion (Up by 13.3%)
- Fruits, nuts: $5.4 billion (Up by 17%)
- Copper: $3.5 billion (Up by 8.5%)
- Fish: $1.2 billion (Up by 9.7%)
- Coffee, tea, spices: $1.1 billion (Down by -19.6%)
- Zinc: $848.4 million (Down by -14.4%)
- Tin: $661 million (Down by -9.9%)
- Knit or crochet clothing, accessories: $648.2 million (Down by -16.5%)
- Vegetables: $606.4 million (Down by -0.2%)
Peru has highly positive net exports in the international trade of raw materials such as copper, zinc and molybdenum. In turn, these cashflows indicate Peru’s strong competitive advantages under the ores, slag and ash product category. Peru also posted a healthy surplus in the trade of gold.
Products Causing Peru’s Worst Trade Deficits
Below are exports from Peru that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Peru’s goods trail Peruvian importer spending on foreign products.
- Machinery including computers: -US$6.4 billion (Up by 1.7% since 2022)
- Mineral fuels including oil: -$4.9 billion (Down by -0.004%)
- Vehicles: -$4.8 billion (Up by 0.4%)
- Electrical machinery, equipment: -$4.1 billion (Down by -10.5%)
- Cereals: -$1.8 billion (Down by -18.8%)
- Iron, steel: -$1.7 billion (Down by -38.5%)
- Plastics, plastic articles: -$1.6 billion (Down by -35.6%)
- Pharmaceuticals: -$978.7 million (Down by -6.7%)
- Other chemical goods: -$960.5 million (Down by -16.5%)
- Articles of iron or steel: -$957.1 million (Down by -5.5%)
Peru has highly negative net exports and therefore deep international trade deficits for machinery notably computers as well as heavy machinery such as bulldozers and excavators.
These cashflow deficiencies clearly indicate Peru’s competitive disadvantages in the international market for machinery-related products, but also represent key opportunities for Peru to improve its position in the global economy through focused innovations.
Peruvian Export Companies
Peru had only one company on Forbes Global 2000 rankings, a regional bank named Credicorp.
Wikipedia lists the following the following Peruvian companies, which are involved in global trade.
- Backus and Johnston (brewery)
- Coporación Aceros Arequipa (steel products)
- Ferreyros (industrial, construction machinery)
- Maple Energy (oil)
- Peru LNG (natural gas)
- Petroperú (petroleum)
In macroeconomic terms, Peru’s total exported goods represent 11.7% of its overall Gross Domestic Product for 2023 ($548.5 billion valued in Purchasing Power Parity US dollars). That 11.7% for exports to overall GDP in PPP for 2023 compares to 11.1% for 2022. Those percentages suggest a relatively increasing reliance on products sold on international markets for Peru’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Peru’s unemployment rate averaged 7.55% for 2023, down from an average 7.8% in 2022 according to International Monetary Fund statistics.
Peru’s capital city is Lima.
See also Peru’s Top Trading Partners, China’s Top Trading Partners, Top US Trading Partners, South Korea’s Top Trading Partners and Japan’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on April 11, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 11, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 11, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 11, 2024
International Trade Centre, Trade Map. Accessed on April 11, 2024
Investopedia, Net Exports Definition. Accessed on April 11, 2024
Wikipedia, Gross domestic product. Accessed on April 11, 2024
Wikipedia, List of Companies of Peru. Accessed on April 11, 2024
Wikipedia, Peru. Accessed on April 11, 2024
Wikipedia, Purchasing power parity. Accessed on April 11, 2024