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Peruvian Export Success: Historic Record of $64.355 Billion in 2023

Peru has achieved an exceptional milestone in its export history by surpassing, for the third consecutive year, the historic mark of $64.355 billion in exports in 2023. Under the leadership of Peru’s Minister of Foreign Trade and Tourism, Juan Carlos Mathews, this milestone reflects the nation’s resilience and commitment to global trade integration.

Peruvian exports, reaching 180 destinations worldwide, highlighted China as the main recipient, representing 36% of the total. Followed by the United States (14%), the European Union (11%), Canada (5%), and India (4%). Asia leads as the region with 51% of exports, followed by America with 33% and Europe with 15%.

The record number of exporters, reaching 9,331, is an indicator of the sector’s dynamism. Among them, 29% dedicated to agricultural products (2,730), and 14% focused on minerals. It is worth noting that, in 2023, 6,401 micro, small, and medium-sized enterprises (MSMEs) participated in exports, registering a 1.6% year-on-year increase, with a value of $2.746 billion, an impressive 28.9% year-on-year increase. MSMEs accounted for 69% of the total exporters.

Minister Mathews reflected on the challenging year of 2023, attributing success to entrepreneurial effort and the government’s continued commitment to trade integration policies. Additionally, ambitious plans are outlined for 2024, including the optimization of the Free Trade Agreement (FTA) with China, a forthcoming FTA with Hong Kong, the resumption of negotiations with India, and the start of negotiations with Indonesia.

On the agenda for this year is the continued strengthening of exporting MSMEs through the Export Productive Route (RPE) program, now extended to 14 regions. Also, through the Internationalization Support Program (PAI), export projects with non-refundable co-financing are implemented. Simultaneously, through the Export Route program, Promperú reinforces the capacities of MSMEs for export, enhancing their development and consolidation in the internationalization process.

The significant growth in exports in 2023 was mainly driven by the increase in fruit exports (+14.9%) and minerals (+11.4%), with notable increases in the export value of grapes (+29.7%), lead (+37.4%), and molybdenum (+27.8%).

Copper exports, Peru’s main export product, reached the record figure of $23.005 billion, equivalent to 25 times the value recorded at the beginning of this century. This consolidates Peru as the world’s second-largest copper exporter. Agro-export in 2023 also reached a record of $10.134 billion, with notable increases in sales of cocoa/derivatives (+29.3%) and ginger (+80%), offsetting the decrease in the export value of coffee (-32.9%).

In conclusion, Peru’s export success in 2023 is a testament to the vigor of its foreign trade sector and its adaptability to global challenges. With a continued focus on strengthening MSMEs and expanding strategic trade agreements, the country demonstrates its commitment to sustainable growth on the international stage.

Source: Information based on the press release from the Ministry of Foreign Trade and Tourism of Peru.