That dollar amount reflects a 23.2% rise from $47.2 billion in 2018.
Year over year, exported Peruvian products grew by 3.4% compared to the $56.3 billion in international sales during 2021.
Based on the estimated exchange rate for 2022, the Peruvian Sol depreciated by -16.7% against the US dollar since 2018 but gained 1.2% from 2021 to 2022. Peru’s weaker local currency compared to its value in 2018 made its exports paid for in stronger US dollars relatively less expensive for international buyers.
Peru’s Largest Trading Partners
The latest available country-specific data shows that 80.7% of products exported from Peru were bought by importers in: mainland China (32% of the global total), United States of America (12.8%), South Korea (5%), Japan (4.98%), Canada (4.94%), India (4.87%), Switzerland (3.44%), Netherlands (3.36%), Chile (3%), Spain (2.6%), United Kingdom (2.3%) and Germany (1.9%).
From a continental perspective, 50.4% of Peru’s exports by value were delivered to Asian countries while 18.7% were sold to importers in North America. Peru shipped another 18.2% worth of goods to Europe, with 11.8% going to Latin America excluding Mexico but including the Caribbean.
Tinier percentages were bought by importers in Africa (0.6%) and Oceania (0.3%) led by Australia and New Zealand.
Given Peru’s population of 34.2 million people, its total $58.2 billion in 2022 exports equals about $1,700 for every resident in the South American nation. That dollar metric equals the average $1,700 per capita one year prior during 2021.
Peru’s Top 10 Exports
The following export product groups represent the highest dollar value in Peruvian global shipments during 2022. Also shown is the percentage share each export category represents in terms of overall exports from Peru.
- Ores, slag, ash: US$19.2 billion (32.9% of total exports)
- Gems, precious metals: $7.7 billion (13.2%)
- Mineral fuels including oil: $6.2 billion (10.7%)
- Fruits, nuts: $4.7 billion (8.1%)
- Copper: $3.3 billion (5.7%)
- Food industry waste, animal fodder: $2.1 billion (3.6%)
- Coffee, tea, spices: $1.4 billion (2.4%)
- Knit or crochet clothing, accessories: $1.29 billion (2.2%)
- Fish: $1.27 billion (2.2%)
- Zinc: $1 billion (1.7%)
By value, Peru’s top 10 exports accounted for 82.7% of total Peruvian global shipments.
Mineral fuels including oil was the fastest grower among the top 10 export categories, up by 58% from 2021 to 2022.
In second place for improving export sales was the coffee, tea and spices product category via a 45.2% advance led by exported Peruvian coffee.
Peru’s shipments of zinc posted the third-fastest gain in value, up by 19.7% compared to 2021.
The leading decliner among Peru’s top 10 export categories was ores, slag and ash, recording a -11% year-over-year drop. Posting reductions were Peruvian export revenues for copper, zinc, iron and lead.
The above data is presented at the two-digit Harmonized Tariff System (HTS) code level.
From the more granular four-digit HTS code perspective, Peru’s number one export product was copper ores and concentrates (23.1% of Peruvian exports).
In second place was unwrought gold (12.7%) trailed by Peruvian exports of petroleum gases (5.3%), refined copper (4.3%), refined petroleum oils (4.1%), inedible meat flour (3.1%), zinc ores and concentrates (2.6%), iron ores and concentrates (also 2.6%), miscellaneous fresh fruits (2.5%), then fresh or dried grapes (2.2%).
Products Generating Peru’s Largest Trade Surpluses
The following types of Peruvian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Ores, slag, ash: US$18.8 billion (Down by -12.2% since 2021)
- Gems, precious metals: $7.6 billion (Down by -5.3%)
- Fruits, nuts: $4.6 billion (Up by 1%)
- Copper: $3.3 billion (Up by 9.1%)
- Coffee, tea, spices: $1.4 billion (Up by 46.3%)
- Food industry waste, animal fodder: $1.06 billion (Up by 0.1%)
- Fish: $1.05 billion (Up by 7%)
- Zinc: $991.1 million (Up by 19.3%)
- Knit or crochet clothing, accessories: $776.7 million (Up by 7.9%)
- Tin: $733.7 million (Down by -14.6%)
Peru has highly positive net exports in the international trade of raw materials such as copper, zinc and lead. In turn, these cashflows indicate Peru’s strong competitive advantages under the ores, slag and ash product category. Peru also posted a healthy surplus in the trade of gold.
Products Causing Peru’s Worst Trade Deficits
Peru recorded an overall -$2.1 billion trade deficit in 2022, reversing a $2.1 billion trade surplus for 2021.
Below are exports from Peru that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Peru’s goods trail Peruvian importer spending on foreign products.
- Machinery including computers: -US$6.3 billion (Down by -3.9% since 2021)
- Mineral fuels including oil: -$4.9 billion (Up by 96%)
- Vehicles: -$4.8 billion (Up by 9.3%)
- Electrical machinery, equipment: -$4.5 billion (Up by 1%)
- Iron, steel: -$2.7 billion (Up by 9.8%)
- Plastics, plastic articles: -$2.5 billion (Up by 10.8%)
- Cereals: -$2.2 billion (Up by 20.6%)
- Other chemical goods: -$1.2 billion (Up by 17.7%)
- Fertilizers: -$1.1 billion (Up by 51.6%)
- Pharmaceuticals: -$1 billion (Down by -7.4%)
Peru has highly negative net exports and therefore deep international trade deficits for machinery notably computers and heavy machinery such as bulldozers and excavators.
These cashflow deficiencies clearly indicate Peru’s competitive disadvantages in the international market for machinery-related products, but also represent key opportunities for Peru to improve its position in the global economy through focused innovations.
Peruvian Export Companies
Peru had 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.
- Backus and Johnston (brewery)
- Coporación Aceros Arequipa (steel products)
- Ferreyros (industrial, construction machinery)
- Maple Energy (oil)
- Peru LNG (natural gas)
- Petroperú (petroleum)
In macroeconomic terms, Peru’s total exported goods represent 11.1% of its overall Gross Domestic Product for 2022 ($523.6 billion valued in Purchasing Power Parity US dollars). That 12% for exports to overall GDP in PPP for 2022 compares to 12% for 2021. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Peru’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Peru’s unemployment rate averaged 7.8% for 2022, down from an average 10.7% in 2021 according to the International Monetary Fund.
Peru’s capital city is Lima.
See also Peru’s Top Trading Partners, China’s Top Trading Partners, Top US Trading Partners, South Korea’s Top Trading Partners and Japan’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 26, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 26, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average)
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 26, 2023
International Trade Centre, Trade Map. Accessed on May 26, 2023
Investopedia, Net Exports Definition. Accessed on May 26, 2023
Wikipedia, Gross domestic product. Accessed on May 26, 202316, 2022
Wikipedia, List of Companies of Peru. Accessed on May 26, 2023
Wikipedia, Peru. Accessed on May 26, 2023
Wikipedia, Purchasing power parity. Accessed on May 26, 2023
