In recent years, Peru’s exports to China have seen exceptional growth, reaching a value of $23.152 billion in 2023, representing a 325% increase from 2010. This surge is attributed to the Free Trade Agreement between the two nations and Peru hosting the 2024 APEC Forum, which strengthens ties with China, its primary trading partner.
Although traditional exports like raw materials dominate, accounting for 91% of total exports, there’s a push for diversification. China’s demand for minerals like copper, iron, and lead remains high, but Peru aims to expand its export basket. The Chancay port inauguration offers logistical advantages, boosting exports of seafood, agriculture products, and other non-traditional goods.
Export Diversification & Future Prospects
Planned improvements in the FTA, including sanitary measures and customs procedures, and efforts by SENASA to introduce new Peruvian products to China, like pomegranates and frozen fruits, indicate a promising shift towards diversification.
As Peru explores more private free trade zones and invests in exportable manufacturing, the goal to balance its export portfolio to China is within reach.