Peru Reports $23.8 Billion Trade Surplus in 2024 as Exports Surge

Peru achieved a $23.821 billion trade surplus in 2024, significantly exceeding the $17.678 billion recorded in 2023, according to the Central Reserve Bank of Peru (BCRP).

This marks a 3.5-fold increase compared to 2019, highlighting the country’s export-driven economic recovery. Exports reached $75.916 billion in 2024, growing 12.4% year-on-year.

December alone saw exports rise to $6.986 billion, a 9.2% increase compared to the same month in 2023, driven by a 9.4% jump in average export prices. Strong global demand for metals like copper and gold played a key role, alongside record growth in agricultural exports.

Traditional exports, primarily mining products, benefited from high international commodity prices. Non-traditional exports also performed well, with agroexports hitting $12.798 billion—a 21.4% increase from 2023—driven by products like blueberries and avocados.

The agricultural sector’s trade surplus grew by an impressive 50.7%, reaching $6.483 billion. Imports rose to $52.095 billion in 2024, up 4.5% from the previous year, reflecting increased purchases of industrial inputs and durable consumer goods.

December imports alone grew by 12.1% year-on-year to $4.653 billion. December’s trade surplus totaled $2.333 billion, surpassing the same month in 2023 by $87 million.

Peru’s Strong Trade Performance

January 2024 also showed strong performance with a $1.473 billion surplus as exports climbed by 9.4% year-on-year to $5.382 billion. Peru’s trade success stems from rising global commodity prices, higher export volumes, and diversified markets, with China remaining its largest trading partner.

This underscores Peru’s ability to leverage natural resources while expanding non-traditional exports like agriculture. The strong trade performance positions Peru as a key player in global markets.

However, it underscores the need for continued investment in infrastructure and export diversification to sustain growth amid global uncertainties. For investors and policymakers, these trends offer valuable insights into market dynamics and economic resilience.

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