Year over year, Peruvian exports advanced by 10.6% compared to the $56.3 billion during 2022.
Applying a continental lens, over half (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, with 12.3% going to Latin America excluding Mexico but including the Caribbean.
Tinier percentages went to buyers in Africa (0.6%), and Oceania (0.2%) led by Australia and New Zealand.
Peru’s Top Trading Partners
Below is a list showcasing 25 of Peru’s top trading partners, countries that imported the most Peruvian shipments by dollar value during 2023. Also shown is each import country’s percentage of total Peruvian exports.
- mainland China: US$23.2 billion (36% of Peru’s total exports)
- United States: $9.2 billion (14.3%)
- Canada: $3 billion (4.6%)
- India: $2.5 billion (3.9%)
- South Korea: $2.3 billion (3.6%)
- Japan: $2.2 billion (3.4%)
- Chile: $1.95 billion (3%)
- Spain: $1.88 billion (2.9%)
- Netherlands: $1.8 billion (2.8%)
- Brazil: $1.73 billion (2.7%)
- Switzerland: $1.66 billion (2.6%)
- United Kingdom: $1.3 billion (2%)
- Ecuador: $1.2 billion (1.8%)
- United Arab Emirates: $1 billion (1.6%)
- Germany: $949.3 million (1.5%)
- Mexico: $868.6 million (1.3%)
- Colombia: $821.8 million (1.3%)
- Italy: $747.7 million (1.2%)
- Panama: $617.9 million (1%)
- Bolivia: $534.6 million (0.8%)
- Belgium: $393.4 million (0.6%)
- France: $346.6 million (0.5%)
- Taiwan: $333.7 million (0.5%)
- Hong Kong: $266.1 million (0.4%)
- Malaysia: $245.3 million (0.4%)
Well over nine-tenths (94.8%) of Peruvian exports in 2023 was delivered to the above 25 trade partners.
The leading growth markets for Peru were Malaysia (up 120.5% from 2022), United Arab Emirates (up 48.4%), mainland China (up 32.4%), Italy (up 30.7%), Spain (up 17.2%) and India (up 14.6%).
Recording the severest percentage decreases for their purchases of Peruvian exports were buyers in the United Kingdom (down -34.2% from 2022), Bolivia (down -33.5%), Belgium (down -22.5%), Japan (down -21.6%) and Colombia (down -21.3%).
Countries Causing Peru’s Worst Trade Deficits
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners.
Peru incurred the highest trade deficits with the following countries.
- Argentina: -US$2.47 billion (country-specific trade deficit in 2023)
- Brazil: -$2.02 billion
- United States of America: -$1.8 billion
- Mexico: -$901.1 million
- Vietnam: -$647.8 million
- Nigeria: -$477.3 million
- Indonesia: -$445.2 million
- Colombia: -$425.7 million
- Bolivia: -$404.7 million
- Thailand: -$304.0 million
Among Peru’s trading partners that cause the greatest negative trade balances, Peruvian deficits with Colombia (up 108.2%) and Nigeria (up 45.2%) grew from 2022 to 2023.
These cashflow deficiencies clearly indicate Peru’s competitive disadvantages with the above countries, but also represent key opportunities for Peru to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Peru’s Largest Trade Surpluses
Overall, Peru recorded a US$12.2 billion trade surplus in 2023, reversing a -$2.1 billion trade deficit for 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Peru incurred the highest trade surpluses with the following countries.
- mainland China: US$9.71 billion (country-specific trade surplus in 2023)
- Canada: $1.77 billion
- Netherlands: $1.56 billion
- Switzerland: $1.51 billion
- South Korea: $1.51 billion
- India: $1.41 billion
- Japan: $1.12 billion
- Spain: $1.09 billion
- United Arab Emirates: $986.1 million
- United Kingdom: $963.7 million
Among Peru’s trading partners that generate the greatest positive trade balances, Peruvian surpluses with mainland China (up 456.7%), Spain (up 55.4%) and the United Arab Emirates (up 53.1%) grew at the fastest pace from 2022 to 2023.
These positive cashflow streams clearly indicate Peru’s competitive advantages with the above countries, but also represent key opportunities for Peru to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Peruvian Trading Partners
Peru has 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)
See also Peru’s Top 10 Exports, China’s Top Trading Partners, Top US Trading Partners, South Korea’s Top Trading Partners and Canada’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 23, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 23, 2024
International Trade Centre, Trade Map. Accessed on May 23, 2024
Investopedia, Net Exports Definition. Accessed on May 23, 2024
Wikipedia, Peru. Accessed on May 23, 2024