Peruvian exports grow by 1.1% in Jan-Nov 2023

Peruvian exports reached $58.172 billion between January and November 2023, growing by 1.1% compared to the same period in 2022.

The Ministry of Foreign Trade and Tourism (Mincetur) reported an increase of 12.1% in mining exports (metallic and nonmetallic) due to higher sales of

• lead (48.1%),
• molybdenum (33.7%),
• anthracite (26.8%),
• calcium phosphate (23.2%),
• copper (18.2%),
• and gold (10.7%).

Agricultural exports increased by 1.2%, highlighting sales of cocoa and derivatives (28.1%) and fruits (12.1%), while other sectors, like hydrocarbons, chemicals, and textiles, saw a decrease in shipments.

The fishing sector saw an increase in exports of squid (56.8%), flying fish roe (9.3%), and canned fish (6.6%).

However, traditional exports such as oil (58.4%) and flour (51.8%) decreased.

In November 2023, Peru’s exports exceeded $5.6 billion, growing by 12.2% compared to the same month in 2022.

Traditional exports increased by 9.3%, while non-traditional exports grew by 18.5%, mainly due to the growth in exports of

• grapes (55.5%),
• blueberries (73%), and
• cocoa derivatives (30.4%).

The chemical sector also saw an increase of 10%, mainly due to the exports of zinc oxide (16.6%), ethyl alcohol (719.7%), and plastic and manufacturing (23%).

Peru’s non-metallic mining (3.9%), metalworking (43.6%), and jewelry (32.7%) sectors also showed growth.

The Minister of Foreign Trade and Tourism, Juan Carlos Mathews, highlighted the continued strengthening of Peruvian exports thanks to the joint work of the government and the private sector.

Mincetur reported 9,010 exporters between January and November 2023, 2.2% higher than the same period in 2022.

Background

Peru’s export sector, particularly in mining and agriculture, has seen growth of 1.1% between January and November 2023.

The country’s abundant natural resources and efforts to diversify its export basket have played a role in this growth.

Strategic partnerships and trade agreements with major economies have also supported Peru’s export expansion.

Despite global economic challenges, Peru has demonstrated resilience and maintained its position in the global market.

Compared to neighboring countries, Peru’s export performance is commendable.

Moving forward, the country should focus on diversification, exploring new markets, and improving competitiveness through innovation and technology adoption.

Overall, Peru’s export growth reflects its strategic approach to international trade and contributes to economic development and regional competitiveness.