Year over year, Peruvian exported products accelerated by 45.2% compared to the South American nation’s $38.8 billion in international sales during 2020.
Applying a continental lens, half (50.4%) of Peru’s exports by value were delivered to Asian countries while 18.7% were sold to importers in North American nations. 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 went to importers in Africa (0.6%) and Oceania (0.3%) mostly Australia and New Zealand.
Peru’s Top Trading Partners
Below is a list showcasing 25 of Peru’s top trading partners, countries that imported the most Peruvian shipments by dollar value during 2021. Also shown is each import country’s percentage of total Peruvian exports.
- China: US$18 billion (32 of Peru’s total exports)
- United States: $7.2 billion (12.8%)
- South Korea: $2.8 billion (5)
- Japan: $2.78 billion (4.9%)
- Canada: $2.74 billion (4.9%)
- India: $2.5 billion (4.5%)
- Switzerland: $1.93 billion (3.4%)
- Netherlands: $1.89 billion (3.4%)
- Chile: $1.7 billion (3)
- Spain: $1.5 billion (2.6%)
- United Kingdom: $1.3 billion (2.3%)
- Germany: $1.09 billion (1.9%)
- Brazil: $1.07 billion (1.9%)
- Ecuador: $927.3 million (1.6%)
- Colombia: $853.2 million (1.5%)
- United Arab Emirates: $816.1 million (1.5%)
- Bolivia: $699.8 million (1.2%)
- Italy: $655.4 million (1.2%)
- Belgium: $570.2 million (1)
- Mexico: $555.5 million (1)
- Panama: $553.3 million (1)
- Hong Kong: $329.3 million (0.6%)
- Taiwan: $268.5 million (0.5%)
- Bulgaria: $247.6 million (0.4%)
- France: $234.4 million (0.4%)
Well over nine-tenths (94.6%) of Peruvian exports in 2021 were delivered to the above 25 trade partners.
The United Kingdom (up 204.4% from 2020), Panama (up 180%), India (up 128.1%), Hong Kong (up 78.8%), mainland China (up 64.1%) and Chile (up 62.2%) were the leading top importers increasing their purchases of products from Peru.
Up 8.7% from 2020 to 2021, Bulgaria posted the most modest increase in importing from Peru.
Countries Causing Peru’s Worst Trade Deficits
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$2.37 billion (country-specific trade deficit in 2021)
- Brazil: -$2.36 billion
- Argentina: -$2.2 billion
- Mexico: -$1.3 billion
- Vietnam: -$771.5 million
- Turkey: -$580.7 million
- Russia: -$450.1 million
- Thailand: -$376.5 million
- Colombia: -$340.3 million
- Indonesia: -$337.2 million
Among Peru’s trading partners that cause the greatest negative trade balances, Peruvian deficits with the United States of America (up 463%), Turkey (up 385.3%) and the Russian Federation (up 206.9%) grew at the fastest pace from 2020 to 2021.
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.
Countries Generating Peru’s Largest Trade Surpluses
Overall, Peru earned a $5.1 billion trade surplus in 2021, up by 88.7% from $2.7 billion in black ink for 2020.
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$3.38 billion (country-specific trade surplus in 2021)
- South Korea: $1.83 billion
- Switzerland: $1.8 billion
- Canada: $1.76 billion
- Japan: $1.76 billion
- Netherlands: $1.65 billion
- India: $1.4 billion
- United Kingdom: $1.1 billion
- United Arab Emirates: $709.9 million
- Spain: $620.2 million
Among Peru’s trading partners that generate the greatest positive trade balances, Peruvian surpluses with mainland China (up 418.2%), India (up 402.4%) and the United Kingdom (up 345.8%) grew at the fastest pace from 2020 to 2021.
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.
- Backus and Johnston (brewery)
- Coporación Aceros Arequipa (steel products)
- Ferreyros (industrial, construction machinery)
- Maple Energy (oil)
- Peru LNG (natural gas)
- Petroperú (petroleum)
See also Peru’s Top 10 Exports, China’s Top Trading Partners, Top US Trading Partners, South Korea’s Top Trading Partners and Canada’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on June 27, 2022
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on June 27, 2022
International Trade Centre, Trade Map. Accessed on June 27, 2022
Investopedia, Net Exports Definition. Accessed on June 27, 2022
Wikipedia, Peru. Accessed on June 27, 2022
