Peru flag Peru: Economic and Political Overview

Foreign trade figures of Peru

Foreign Trade in Figures

Peru is a member of the WTO and very open to international trade, which represents 43.4% of GDP. The country mainly exports copper (29.9%), gold (14.6%), petroleum oils (5.1%), zinc ores (3.5%), and flours (3.3%), while it imports petroleum oils (13.6%), motor vehicles (6%), electrical apparatus for radio-telephony (3.5%), maize (1.9%), and automatic data processing machines and units (1.9%).

The country's main trade partners are China, the United States, Canada, Brazil, South Korea, Argentina, Japan, and Mexico. Peru's development strategy is based on an open and competitive economy. Trade agreements, in particular, are one of the government's main targets, as these agreements are a valuable instrument for attracting FDI and boosting productivity. Nearly 95% of Peru's exports are covered by Free Trade Agreements currently in force, which enables Peruvian products to enter, subject to the rules of origin of each trade agreement, under preferential conditions to 53 countries, including Canada, Chile, China, the member countries of the European Union, Japan, Singapore, South Korea, Thailand and the United States, among others. The country is seeking to position itself as a regional hub for trade between Latin America and the APEC countries (Asia-Pacific Economic Cooperation).

Peru has a structurally positive trade balance. In 2020, exports of goods decreased to USD 42.5 billion, mainly due to lower global demand as a result of the pandemic. Over that same period, imports also decreased, totalling USD 36.1 billion. According to the WTO, imports of services in 2020 totalled USD 7.3 billion, while exports stood at USD 3.2 billion. In recent years, there was a surge in mining production, as projects implemented during the previous years matured, which increased exports and offset the deceleration in domestic demand. Nevertheless, the 2020 slowdown of foreign demand slightly impacted the export of mining production.

 
Foreign Trade Values 20162017201820192020
Imports of Goods (million USD) 36,25639,88543,26242,28436,129
Exports of Goods (million USD) 36,83845,42249,06847,69042,411
Imports of Services (million USD) 7,9568,6579,67610,5407,319
Exports of Services (million USD) 6,3047,2326,9257,4353,238

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20162017201820192020
Foreign Trade (in % of GDP) 45.447.548.646.843.4
Trade Balance (million USD) 2,1737,0907,5137,028n/a
Trade Balance (Including Service) (million USD) -495,2664,4373,500n/a
Imports of Goods and Services (Annual % Change) 1.67.13.51.7-14.9
Exports of Goods and Services (Annual % Change) 11.88.83.4-0.5-19.0
Imports of Goods and Services (in % of GDP) 22.822.823.422.921.1
Exports of Goods and Services (in % of GDP) 22.624.725.223.922.3

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20212022 (e)2023 (e)2024 (e)2025 (e)
Volume of exports of goods and services (Annual % change) 10.35.04.24.04.0
Volume of imports of goods and services (Annual % change) 12.44.15.23.83.6

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Andean Community of Nations
The free trade treaty with the United States came into force in February 2009.
Peru signed a Free Trade Agreement with China.
Peru signed a Free Trade Agreement with the European Free Trade Association (EFTA).
Peru is part of the Pacific Alliance.
 

Main Partner Countries

Main Customers
(% of Exports)
2020
China 28.3%
United States 16.1%
Canada 6.2%
South Korea 5.8%
Japan 4.4%
See More Countries 39.1%
Main Suppliers
(% of Imports)
2020
China 28.6%
United States 18.5%
Brazil 5.5%
Argentina 4.6%
Mexico 4.2%
See More Countries 38.6%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

38.8 bn USD of products exported in 2020
Copper ores and concentratesCopper ores and concentrates 23.7%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 16.6%
Copper, refined, and copper alloys, unwrought ...Copper, refined, and copper alloys, unwrought (excl. copper alloys of heading 7405) 4.6%
Flours, meals and pellets, of meat or meat offal,...Flours, meals and pellets, of meat or meat offal, of fish or of crustaceans, molluscs or other aquatic invertebrates, unfit for human consumption; greaves 3.0%
Iron ores and concentrates, incl. roasted iron...Iron ores and concentrates, incl. roasted iron pyrites 2.8%
See More Products 49.3%
36.1 bn USD of products imported in 2020
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 6.3%
Electrical apparatus for line telephony or line...Electrical apparatus for line telephony or line telegraphy, incl. line telephone sets with cordless handsets and telecommunication apparatus for carrier-current line systems or for digital line systems; videophones; parts thereof 3.5%
Automatic data processing machines and units...Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.8%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.7%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 2.2%
See More Products 82.5%

Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: September 2022

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