Year over year, Peruvian exports advanced by 3.4% compared to the $56.3 billion in international sales during 2021.
Applying a continental lens, about half (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.
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 2022. Also shown is each import country’s percentage of total Peruvian exports.
- mainland China: US$17.5 billion (30.1% of Peru’s total exports)
- United States: $8.4 billion (14.5%)
- Japan: $2.8 billion (4.9%)
- Canada: $2.63 billion (4.5%)
- South Korea: $2.6 billion (4.5%)
- India: $2.2 billion (3.8%)
- Switzerland: $1.99 billion (3.4%)
- United Kingdom: $1.94 billion (3.3%)
- Chile: $1.82 billion (3.1%)
- Netherlands: $1.74 billion (3%)
- Spain: $1.6 billion (2.8%)
- Brazil: $1.5 billion (2.6%)
- Ecuador: $1.3 billion (2.2%)
- Colombia: $1 billion (1.8%)
- Germany: $959.2 million (1.6%)
- Bolivia: $803.5 million (1.4%)
- Mexico: $783.3 million (1.3%)
- United Arab Emirates: $697.3 million (1.2%)
- Panama: $603.6 million (1%)
- Italy: $572 million (1%)
- Belgium: $507.5 million (0.9%)
- Taiwan: $406.7 million (0.7%)
- France: $355.4 million (0.6%)
- Hong Kong: $253.4 million (0.4%)
- Argentina: $215.4 million (0.4%)
Well over nine-tenths (95%) of Peruvian exports in 2022 were delivered to the above 25 trade partners.
The leading growth markets for Peru were France (up 51.6% from 2021), Taiwan (up 51.4%), United Kingdom (up 49.5%), Brazil (up 41.5%), Mexico (up 41%), and Ecuador (up 39.1%).
Recording double-digit percentage decreases for their purchases of Peruvian exports were buyers in Hong Kong (down -23% from 2021), United Arab Emirates (down -14.5%), Italy (down -12.7%), India (down -12.2%), Germany (down -11.9%), and Belgium (down -11%).
Countries Causing Peru’s Worst Trade Deficits
Overall, Peru recorded a -$2.1 billion trade deficit in 2022, reversing a $2.1 billion trade surplus for 2021.
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$5.84 billion (country-specific trade deficit in 2022)
- Argentina: -$2.83 billion
- Brazil: -$2.7 billion
- Mexico: -$1.2 billion
- Vietnam: -$713.2 million
- Indonesia: -$526.4 million
- Bolivia: -$462.6 million
- Türkiye: -$429.9 million
- Thailand: -$368.4 million
- Nigeria: -$328.6 million
Among Peru’s trading partners that cause the greatest negative trade balances, Peruvian deficits with the United States of America (up 146.5%), Bolivia (up 105%) and Indonesia (up 56.1%) grew at the fastest pace from 2021 to 2022.
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
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.
- Switzerland: US$1.83 billion (country-specific trade surplus in 2022)
- mainland China: $1.74 billion
- Japan: $1.73 billion
- United Kingdom: $1.69 billion
- South Korea: $1.6 billion
- Netherlands: $1.48 billion
- Canada: $1.47 billion
- India: $1 billion
- Spain: $699.5 million
- United Arab Emirates: $644 million
Among Peru’s trading partners that generate the greatest positive trade balances, Peruvian surpluses with the United Kingdom (up 58.8%), Spain (up 12.8%) and Switzerland (up 1.9%) grew from 2021 to 2022.
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
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on May 28, 2023
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on May 28, 2023
International Trade Centre, Trade Map. Accessed on May 28, 2023
Investopedia, Net Exports Definition. Accessed on May 28, 2023
Wikipedia, Peru. Accessed on May 28, 2023