Peruvian exports up 3.5% in the first quarter of 2024

Peru’s exports experienced a 3.5% growth in the first quarter of 2024, reaching $15.828 million, as announced by Elizabeth Galdo, Minister of Foreign Trade and Tourism, on May 8. This marks a significant increase compared to the same period last year.

According to the Monthly Trade Report for March 2024 by Mincetur, Peru’s export growth was primarily fueled by the heightened sales of metallic minerals, witnessing a notable surge of 13.3%. Gold, in particular, saw a remarkable increase of 57.7%. Agricultural products also contributed significantly to this growth, with a rise of 10.8%, notably driven by blueberries, which soared by 113%. This surge can be attributed to both rising prices and increased export volumes.

In the agricultural sector, notable increases were recorded in the sales of cocoa (83%), coffee (69%), and peppers (13%). Additionally, fruit exports saw a 7% increase, primarily fueled by expanded exports of blueberries, avocados, and lemons.

Within the chemical sector, sales of plastic products surged by 35%, while medicines witnessed a 15% increase. In metallurgy, copper product sales grew by 1.7%, with a significant emphasis on organic wires, which increased by 9.4%.

Minister Galdo underscored Peru’s long-term trade policy focused on market liberalization and enhancing competitiveness, which has positively impacted the national economy. The country’s trade agreements with 58 nations have yielded significant benefits for Peruvian exporters.

In the first quarter of 2024, Peru’s overall foreign trade, including imports and exports, saw a growth of 2.2%, primarily driven by increased trade with Asian countries, which surged by 9%. Trade with China rose by 6%, fueled by copper and silver concentrate sales, while trade with India skyrocketed by 66% due to increased gold sales.

Furthermore, notable increases were observed in trade with Japan (11%) and member countries of the Andean Community (CAN), which grew by 16%. However, trade with Mercosur and the Pacific Alliance recorded declines of 16% and 3%, respectively.

In March 2024, Peruvian exports experienced a year-on-year decline of 8%, primarily due to decreased sales of fishing products (-53.6%) and fuels (-20.7%).

Source: Agencia Andina

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