That dollar amount reflects a 92.6% acceleration from $38.8 billion five years earlier in 2020.
Year over year, the value of Peruvian exports grew by 16% compared to the $64.4 billion in international sales during 2023.
Based on the average exchange rate for 2024, the Peruvian Sol appreciated by 7.2% against the US dollar since 2020 and gained 0.4% from 2023 to 2024. Peru’s stronger local currency made its exports paid for in weaker US dollars relatively more expensive for international buyers starting from American currency.
Peru’s Largest Trading Partners
The latest available country-specific data shows that 82.7% of products exported from Peru was bought by importers in: mainland China (33.8% of the Peruvian total), United States of America (12.8%), India (6.3%), Canada (5.1%), Japan (4.5%), Switzerland (3.5%), Netherlands (3.3%), Chile (3%), Spain (2.81%), South Korea (2.79%), United Arab Emirates (2.6%) and Brazil (2.2%).
From a continental perspective, 52.9% of Peru’s exports by value was delivered to Asian countries while 19.2% was sold to importers in North America. Peru shipped another 16.1% worth of goods to customers located in Europe.
Smaller percentages went to buyers in Latin America (11.2%) excluding Mexico but including the Caribbean, Africa (0.6%) then Oceania (0.1%) led by Australia and New Zealand.
Given Peru’s population of 34.1 million people, its total $74.7 billion in 2024 exports equals about $2,200 for every resident in the South American nation. That dollar metric surpasses the average $1,850 per capita one year prior during 2023.
Peru’s Top 10 Exports
The following export product groups represent the highest dollar value in Peruvian global shipments during 2024. Also shown is the percentage share each export category represents in terms of overall exports from Peru.
- Ores, slag, ash: US$29.4 billion (39.3% of total exports)
- Gems, precious metals: $13.2 billion (17.7%)
- Fruits, nuts: $6.5 billion (8.7%)
- Mineral fuels including oil: $4.4 billion (5.9%)
- Copper: $3.7 billion (4.9%)
- Food industry waste, animal fodder: $1.9 billion (2.5%)
- Coffee, tea, spices: $1.4 billion (1.9%)
- Cocoa: $1.3 billion (1.7%)
- Knit or crochet clothing, accessories: $1.12 billion (1.5%)
- Fish: $1.07 billion (1.4%)
By value, Peru’s top 10 export product categories generated 85.6% of total Peruvian shipments.
Cocoa was the fastest grower among the top 10 export categories, up by 196.6% from 2023 to 2024.
In second place for improving export sales was food industry waste and animal fodder via a 57.6% advance.
Peru’s shipments of gems and precious metals posted the third-fastest gain in value up by 52.5%, propelled by higher revenues of exported gold.
The lone decliner among Peru’s top 10 export categories was fish, pulled down by a -21.8% 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 (27.7% of Peruvian exports).
In second place was unwrought gold (17%) trailed by Peruvian exports of refined copper (3.4%), processed petroleum oils (3.2%), miscellaneous fresh fruits (also 3.2%), precious metal ores and concentrates (3%), zinc ores and concentrates (2.4%), iron ores and concentrates (also 2.4%), fresh or dried grapes (2.3%), then molybdenum ores and concentrates (also 2.3%).
Products Generating Peru’s Largest Trade Surpluses
Peru recorded an overall US$19.6 billion trade surplus in 2024, accelerating by 61.1% from $12.2 billion for 2023.
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$28.8 billion (Up by 8% since 2023)
- Gems, precious metals: $13.2 billion (Up by 52.8%)
- Fruits, nuts: $6.3 billion (Up by 18.2%)
- Copper: $3.6 billion (Up by 1%)
- Coffee, tea, spices: $1.3 billion (Up by 22.2%)
- Cocoa: $1.2 billion (Up by 221.4%)
- Tin: $906.1 million (Up by 37.1%)
- Food industry waste, animal fodder: $901.8 million (Up by 544.1%)
- Fish: $884.3 million (Down by -23.6%)
- Zinc: $826.9 million (Down by -2.5%)
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$6.7 billion (Up by 5.6% since 2023)
- Vehicles: -$4.7 billion (Down by -1.9%)
- Mineral fuels including oil: -$4.6 billion (Down by -5.4%)
- Electrical machinery, equipment: -$4.5 billion (Up by 10%)
- Plastics, plastic articles: -$1.9 billion (Up by 12.8%)
- Iron, steel: -$1.8 billion (Up by 8.2%)
- Cereals: -$1.7 billion (Down by -6.3%)
- Articles of iron or steel: -$1.1 billion (Up by 12.4%)
- Pharmaceuticals: -$1.05 billion (Up by 6.8%)
- Other chemical goods: -$1.04 billion (Up by 8.2%)
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 12.3% of its overall Gross Domestic Product for 2024 ($605.6 billion valued in Purchasing Power Parity US dollars). That 12.3% for exports to overall GDP in PPP for 2024 compares to 11.7% for 2023. 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 6.75% for 2024, down from an average 6.784% in 2023 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 1, 2025
Exchange-rates.org Peruvian Sol to US Dollar, Exchange Rate History. Accessed on April 1, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on April 1, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 1, 2025
International Trade Centre, Trade Map. Accessed on April 1, 2025
Investopedia, Net Exports Definition. Accessed on April 1, 2025
Wikipedia, Gross domestic product. Accessed on April 1, 2025
Wikipedia, List of Companies of Peru. Accessed on April 1, 2025
Wikipedia, Peru. Accessed on April 1, 2025
Wikipedia, Purchasing power parity. Accessed on April 1, 2025