Peruvian Exports Set to Rise by 2% in First Quarter, Driven by Strong U.S. Economy

Projections from the Research and Foreign Trade Development Institute of the Lima Chamber of Commerce (Idexcam) indicate that Peruvian exports are on track to reach $15.55 billion in the first quarter of 2024, marking a 2% increase compared to the same period in 2023.

This growth is primarily fueled by the robust economic performance of the United States, which serves as the primary destination for non-traditional Peruvian exports, and the upward trend in prices of key minerals like copper.

The United States is expected to see a 1.5% growth in 2024, representing a 0.7 percentage point increase from the last quarter of 2023.

“The recovery in real GDP can be attributed to the favorable performance of the U.S. economy in 2023, characterized by a gradual decrease in inflation from 4.3% in 2023 to 2.7% in 2024, along with low unemployment rates and increased productivity. These factors are estimated to boost foreign trade activity,” explained Óscar Quiñones, Idexcam’s chief.

Despite the anticipated slowdown in China’s economic growth in 2024 due to the real estate crisis, copper prices are expected to remain high throughout the year due to Chinese investments in Asia-Pacific countries like Vietnam, Indonesia, and Malaysia.

In the traditional sector, which is expected to grow by 1.9% in the first quarter, mining exports are projected to increase by 4%, reaching $8.9 million, driven by the expected rise in copper prices.

For the non-traditional sector, Idexcam estimates an export value of $4.661 billion, reflecting a 1.54% increase compared to the same period last year. This growth is driven by the agriculture, textile and apparel, and fishing subsectors.

In traditional agriculture, a 5% growth is forecasted, supported by the robust U.S. economy, while the textile and apparel sector is expected to grow by 3%, driven by sustained demand in international markets.

Source: Cámara de Comercio de Lima

Sharing is caring!