Applying a continental lens, 46.1% of Peru’s exports by value were delivered to Asian countries while 23.4% were sold to importers in North America. Peru shipped another 17.6% worth of goods to Europe with 11.4% going to Latin America excluding Mexico but including the Caribbean (11.4%).
Smaller percentages arrived in Africa (0.7%) and Oceania led by Australia (0.4%).
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 2020. Also shown is each import country’s percentage of total Peruvian exports.
- China: US$11 billion (28.3% of Peru’s total exports)
- United States: $6.2 billion (16.1%)
- Canada: $2.4 billion (6.2%)
- South Korea: $2.3 billion (5.8%)
- Japan: $1.7 billion (4.4%)
- Netherlands: $1.4 billion (3.7%)
- Switzerland: $1.4 billion (3.5%)
- India: $1.1 billion (2.8%)
- Spain: $1.1 billion (2.8%)
- Chile: $1.1 billion (2.7%)
- Brazil: $753.6 million (1.9%)
- Germany: $751.7 million (1.9%)
- United Arab Emirates: $721.8 million (1.9%)
- Colombia: $669 million (1.7%)
- Ecuador: $642.3 million (1.7%)
Well over four-fifths (85.6%) of Peruvian exports in 2020 were delivered to the above 15 trade partners.
The United States (up 12.4%), South Korea (up 3.3%) and Netherlands (up 1.3%) were the only top importers that increased purchases from Peru from 2019 to 2020.
Leading the decliners year over year were Brazil (down -47.2%), Switzerland (down -39.2%), India (down -38.4%), Germany (down -26.5%) and United Arab Emirates (down -25.9%).
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.
- Argentina: -US$1.6 billion (country-specific trade deficit in 2020)
- Brazil: -$1.2 billion
- Mexico: -$1.1 billion
- United States: -$420.9 million
- Vietnam: -$392 million
- Colombia: -$310.5 million
- Germany: -$255.8 million
- Thailand: -$228.9 million
- Indonesia: -$175 million
- Malaysia: -$163.5 million
Among Peru’s trading partners that cause the greatest negative trade balances, Peruvian deficits with Germany (up 132.9%), Malaysia (up 61.1%) and Brazil (up 22.5%) grew at the fastest pace from 2019 to 2020.
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 $2.7 billion trade surplus in 2020, down -2.8% from $2.8 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.
- South Korea: US$1.61 billion (country-specific trade surplus in 2020)
- Canada: $1.6 billion
- Netherlands: $1.3 billion
- Switzerland: $1.24 billion
- Japan: $997.4 million
- United Arab Emirates: $666.3 million
- China: $652.8 million
- Spain: $416.6 million
- India: $278.2 million
- Belgium: $239.7 million
Among Peru’s trading partners that generate the greatest positive trade balances, Peruvian surpluses with Spain (up 37.4%), South Korea (up 31.1%) and Japan (up 15.9%) grew at the fastest pace from 2019 to 2020.
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 10, 2021
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 10, 2021
International Trade Centre, Trade Map. Accessed on March 10, 2021
Investopedia, Net Exports Definition. Accessed on March 10, 2021
Wikipedia, Peru. Accessed on March 10, 2021