The export sector is the main pillar of Peru’s economic structure. Peru's economy is very open and heavily dependent on commerce with other countries. Due to its advantageous location, which provides access to both the Pacific Ocean and the Amazon jungle, the government is a key hub for international trade. The value of Peru's exports in 2023 is $64.35 billion. Peru is 54th in the world in terms of exports. Peru is ranked 89th in the world for GDP per person. According to the Economic Complexity Index (ECI), Peru is the 93rd most complex country in the world. Mining accounts for 58% of Peru's exports, followed by agriculture (13%), oil and gasoline (9%), and minerals. Peru's main commercial partners are China (32%), the United States (13%), South Korea, Japan, and Canada (which together account for 5% of exports). Exports from Peru account for 0.3% of global trade. Peru's exports are expected to increase 3.1% from 2023 to $66.472 billion by the end of 2024. In this article, we will explore Peru's exports by country and Peru’s top export partners.
Where does Peru export the most goods?
Peru exports the most goods to China worth $23.15 billion in 2023. Peru’s top 10 export partners in 2023 include:
- China: $23.15 billion (36%)
China remains the top export partner of Peru in 2023, accounting for a whopping 36% of Peru's total exports. With a strong demand for Peruvian minerals such as copper, zinc, and gold, China continues to be a key market for Peru's export industry.
- USA: $9.18 billion (14.3%)
The United States is the second-largest export partner of Peru, with a share of 14.3% of Peru's total exports in 2023. With a growing appetite for Peruvian agricultural products such as avocados, asparagus, and blueberries, the US market remains crucial for Peru's export growth.
- Canada: $2.98 billion (4.6%)
Canada is another important export partner for Peru, accounting for 4.6% of Peru's total exports in 2023. With a demand for Peruvian minerals and agricultural products, Canada continues to be a key market for Peru's export diversification strategy.
- India: $2.52 billion (3.9%)
India has emerged as a significant export partner for Peru, with a share of 3.9% of Peru's total exports in 2023. With a growing demand for Peruvian textiles, food products, and minerals, India presents lucrative opportunities for Peru's export growth in the coming years.
- South Korea: $2.34 billion (3.6%)
South Korea is a key export partner for Peru, accounting for 3.6% of Peru's total exports in 2023. With a strong demand for Peruvian minerals and textiles, South Korea offers promising prospects for Peru's export industry.
- Japan: $2.21 billion (3.4%)
Japan remains an important export partner for Peru, with a share of 3.4% of Peru's total exports in 2023. With a demand for Peruvian minerals, seafood, and textiles, Japan continues to be a key market for Peru's export diversification efforts.
- Chile: $1.94 billion (3%)
Chile is a significant export partner for Peru, accounting for 3% of Peru's total exports in 2023. With a demand for Peruvian minerals, agricultural products, and textiles, Chile offers valuable opportunities for Peru's export sector.
- Spain: $1.87 billion (2.9%)
Spain is a crucial export companion for Peru, with a percentage of 2.9% of Peru's overall exports in 2023. With a developing urge for food for Peruvian textiles, fruits, and minerals, Spain offers promising prospects for Peru's export enterprise.
- Netherlands: $1.79 billion (2.8%)
The Netherlands is a key export partner for Peru, accounting for 2.8% of Peru's overall exports in 2023. With a demand for Peruvian minerals, agricultural merchandise, and textiles, the Netherlands gives valuable opportunities for Peru's export increase.
- Brazil: $1.72 billion (2.7%)
Brazil rounds out the pinnacle 10 export partners of Peru in 2023, with a percentage of 2.7% of Peru's general exports. With a call for Peruvian minerals, fruits, and textiles, Brazil remains an essential market for Peru's export zone.
Conclusion
To conclude, Peru's export industry continues to thrive with a various range of export companions contributing to the nation's financial boom. As Peru seems to amplify its export markets and diversify its product offerings, these top 10 export partners will play an important function in shaping Peru's export panorama in the years yet to come.
