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Peru sells mostly raw materials, buys consumer goods, capital goods and inputs, and has China and the United States as its main partners. Reading that profile shows you risks and opportunities.
Goal: Calculate the weight of each market in a company's sales and explain why concentration is a risk for the exporter.
The trade balance is the difference between what a country exports and what it imports in goods. If it exports more, there is a surplus; if it imports more, there is a deficit. According to MINCETUR, in 2024 Peru's goods exports were US$ 74,521 million, 15.3% more than in 2023. The Central Reserve Bank of Peru (BCRP) publishes the trade balance every month and measures these flows in FOB value: the price of the goods placed on board at the port of departure, without international freight or insurance (you will see this in depth in module 4, with the Incoterms® rules).
What does Peru sell? Mostly raw materials, that is, products with little or no processing. In 2023 they made up 56.74% of merchandise exports, according to the World Bank. Minerals (copper, gold, zinc), fishmeal, oil and gas weigh heavily, and for two decades so has agro-export: grapes, blueberries, avocados and coffee. Official statistics split exports into traditional (mining, hydrocarbons, fishmeal and other items defined by the BCRP) and non-traditional (the rest: agriculture, textiles, chemicals, manufactured goods).
What does it buy? In 2023, 36.89% of imports were consumer goods, 26.52% capital goods and 23.41% intermediate goods. Capital goods are the machinery and equipment used to produce. Intermediate goods are the inputs and parts that other companies transform. Importing these is not a luxury: it is what makes it possible to produce, build and export.
Who with? China is Peru's top partner in both directions: it received 35.98% of exports and supplied 25.77% of imports in 2023. The United States is second (14.27% and 21.06%). Then come Canada, India and South Korea as destinations, and Brazil, Argentina and Mexico as suppliers. There is a risk in that concentration: if a single buyer weighs too much, a change in its demand moves your whole account.
To analyze data in an orderly way, fix three things: the year, the value (FOB or other) and the product code. That code is the tariff heading, a Harmonized System number that identifies each good worldwide; it is covered in depth in the Tariff classification and customs valuation course. The most used sources are the BCRP, SUNAT, MINCETUR, Trade Map from the International Trade Centre and WITS from the World Bank. You will see how to use them in module 2.
| Peru, 2023 (World Bank, WITS) | Exports | Imports |
|---|---|---|
| Total merchandise value | US$ 64,355 million | US$ 52,164 million |
| Top partner | China: 35.98% | China: 25.77% |
| Second partner | United States: 14.27% | United States: 21.06% |
| Next partners | Canada 4.64%, India 3.92%, Korea 3.64% | Brazil 7.18%, Argentina 5.11%, Mexico 3.39% |
| Raw materials | 56.74% | 13.18% |
| Intermediate goods | 28.24% | 23.41% |
| Consumer goods | 14.04% | 36.89% |
| Capital goods | 0.98% | 26.52% |
Result: Valle Andino depends on a single market for 65% of its sales, and a 30% cut would take away 19.5% of them. To bring that weight down to 40%, it needs to sell US$ 300,000 more in other destinations. Measuring concentration tells you how much risk you are taking.
2023
The trade summary for Peru that the World Bank publishes in WITS shows, for 2023, merchandise exports of US$ 64,355 million and imports of US$ 52,164 million. China was the top destination (35.98% of exports) and the top supplier (25.77% of imports); the United States was second in both cases. Raw materials were 56.74% of exports, and consumer and capital goods made up 63.41% of imports. It matters because on a single page you see who the country trades with and what it trades.
Before choosing a product or market, review the country's trade profile: it shows the strong partners and the sectors where there is already supply.
2024
In 2024, Peru exported copper ore and concentrates (heading 2603.00) worth US$ 20,489 million, according to World Bank trade data (WITS). China bought US$ 15,432 million, that is 75.32% of the total; Japan, 8.91%, and Spain, 3.24%. A single economy defines almost three quarters of the demand for one of the country's most important export products. It matters because a change in that buyer's demand or rules is felt in Peru right away.
Calculate how much your biggest customer or market weighs and set a cap; concentration is the exporter's first risk.
Practise with the calculators, the COMEX Simulator and the review questions on the main page.
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