The Republic of Peru exported US$45.1 billion worth of goods around the globe in 2019. That dollar amount reflects a 34.1% increase since 2015 but a -4.4% drop from 2018 to 2019.
Applying a continental lens, 47.2% of Peru’s exports by value were delivered to Asian countries while 19.1% were sold to importers in Europe. Peru shipped another 18.7% worth of goods to North America and 13.8% to Latin America excluding Mexico but including the Caribbean.
Smaller percentages arrived in Africa (0.5%) and Oceania (0.3%) led by Australia and New Zealand.
Peru’s Top Trading Partners
Below is a list showcasing 15 of Peru’s top trading partners, countries that imported the most Peruvian shipments by dollar value during 2019. Also shown is each import country’s percentage of total Peruvian exports.
- China: US$13.2 billion (29.2% of Peru’s total exports)
- United States: $5.6 billion (12.3%)
- Canada: $2.4 billion (5.3%)
- Switzerland: $2.3 billion (5%)
- South Korea: $2.2 billion (4.9%)
- Japan: $1.9 billion (4.3%)
- India: $1.8 billion (4%)
- Brazil: $1.4 billion (3.2%)
- Netherlands: $1.4 billion (3.1%)
- Chile: $1.3 billion (2.8%)
- Spain: $1.2 billion (2.6%)
- Germany: $1 billion (2.3%)
- United Arab Emirates: $973.7 million (2.2%)
- Ecuador: $782 million (1.7%)
- Colombia: $766 million (1.7%)
Well over four-fifths (84.5%) of Peruvian exports in 2019 were delivered to the above 15 trade partners.
Generating a 161.8% increase from 2018 to 2019, Canada boosted its purchases of exports from Peru at the fastest rate from 2018 to 2019. In second place were importers in the United Arab Emirates (up 119.4%) trailed by Switzerland (up 11.1%).
Leading the decliners year over year were Spain (down -32.5%), United States (down -29.2%), India (down -27.7%) and Brazil (down -15.4%).
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners.
Peru incurred the highest trade deficits with the following countries:
- United States: US-$3.3 billion (country-specific trade deficit in 2019)
- Argentina: -$1.6 billion
- Mexico: -$1.4 billion
- Brazil: -$1 billion
- Colombia: -$566.3 million
- Ecuador: -$499.6 million
- Vietnam: -$351.3 million
- Trinidad/Tobago: -$284.6 million
- Thailand: -$231.6 million
- Indonesia: -$222.8 million
Among Peru’s trading partners that cause the greatest negative trade balances, Peruvian deficits with United States (up 138.4%), Argentina (up 56.3%) and Vietnam (up 50.8%) grew at the fastest pace from 2018 to 2019.
These cashflow deficiencies clearly indicate Peru’s competitive disadvantages with the above countries, but also represent key opportunities for Peru to develop country-specific strategies to strengthen its overall position in international trade.
Overall Peru generated a $2.8 billion trade surplus in 2019, down -32.1% from $4.1 billion in black ink for the prior year.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Peru incurred the highest trade surpluses with the following countries:
- China: US$2.9 billion (country-specific trade surplus in 2019)
- Switzerland: $2.1 billion
- Canada: $1.7 billion
- South Korea: $1.23 billion
- Netherlands: $1.16 billion
- United Arab Emirates: $941.1 million
- India: $906.6 million
- Japan: $860.8 million
- Panama: $449.1 million
- Belgium: $313.7 million
Among Peru’s trading partners that generate the greatest positive trade balances, Peruvian surpluses with Canada (up 704.2%), United Arab Emirates (up 128.1%) and Panama (up 118.9%) grew at the fastest pace from 2018 to 2019.
These positive cashflow streams clearly indicate Peru’s competitive advantages with the above countries, but also represent key opportunities for Peru to develop country-specific strategies to optimize its overall position in international trade.
Companies Servicing Peruvian Trading Partners
Peru has only one company on Forbes Global 2000 rankings, a regional bank named Credicorp.
Wikipedia lists the following the following Peruvian companies, which are involved in global trade.
- Coporación Aceros Arequipa (steel products)
- Ferreyros (industrial, construction machinery)
- Maple Energy (oil)
- Peru LNG (natural gas)
- Petroperú (petroleum)
- Backus and Johnston (brewery)
See also Peru’s Top 10 Exports and Top South American Export Countries
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 16, 2020
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 16, 2020
International Trade Centre, Trade Map. Accessed on March 16, 2020
Investopedia, Net Exports Definition. Accessed on March 16, 2020
Wikipedia, Peru. Accessed on March 16, 2020