This trend creates thousands of jobs and boosts GDP.
After achieving a record of exports in 2023 with US$ 64,355 million, an amount 1.1% higher than the previous year, with the consequent generation of 1.2 million formal jobs, Peru is preparing this year to once again register another record in its shipments to the world.
From January to August 2024, total exports amounted to US$ 46.799 billion, an amount 13.8% higher than the same period in 2023, equivalent to US$ 5.681 billion more, highlighted the Peruvian Minister of Foreign Trade and Tourism, Desilú León Chempén.
“The dynamics of foreign trade are based on the implementation of a policy developed consistently over the last 20 years, which has been yielding results. Exports continue to grow and the Government is committed to continuing on this path,” said Minister León.
He also highlighted that the export sector is important for the economic growth of the Andean country, the creation of jobs and the increase in consumption by Peruvian families. For this reason, they are working so that, by the end of 2024, Peru “can register, as in previous years, an export record.”
DYNAMIC SECTORS
For his part, the head of Economic Studies and Commercial Intelligence at Cien-Adex, Gabriel Arrieta Padilla, highlighted the 26.4% growth in exports observed in August, which “is one of the highest recorded so far this year.”
“There are a few important points to consider in order to better understand this growth rate. Firstly, copper is one of the main products exported by our country, its export value increased by 12.3% and has been basically explained by the increase in the international price,” he told the Official Gazette El Peruano .
“Then there is another mineral, gold, which is being extremely important in Peruvian exports in August as well as so far this year. Raw gold exported has grown by 56% in August of this year, compared to the same month in 2023,” he explained.
He said that the improved gold price is explained by two effects: one is the international price, which has grown by 28.7%, associated with the international uncertainty caused by the demand of several countries that are buying gold "as a method of storing value."
“So, in the face of any macroeconomic problem that may arise, countries generally protect themselves with gold, which has generated an increase in demand and also an increase in the international price; we are sending more gold in terms of volume in August,” he said.
Arrieta also mentioned that another type of mineral to consider in the positive impact on Peruvian exports is iron and silver, which have increased their value and export volume in August 2024.
"In the case of other sectors such as fishing, there has been a significant increase in anchovy catches, which has allowed for the production of more fishmeal, which in turn has boosted total exports," he said.
“Another sector that also stands out for its performance is the agroindustry. As for non-traditional exports, which registered a growth of 17% in August 2024, this progress was basically explained by the increase in the value of avocados, cocoa, mandarins and other similar citrus fruits,” he added.
“In conclusion, we have observed an increase in the international prices of the main products in the Peruvian export basket, which has also generated an increase in the value of Peru's exports to the world in the eight-month period of this year,” said the head of Economic Studies and Commercial Intelligence at Cien-Adex.
EXPORTING REGIONS
On the other hand, according to Mincetur figures, in the period from January to August, 17 Peruvian regions increased their exports: Puno (increase of 109%), Ucayali (95%), Huánuco (90%), Amazonas (57%), Loreto (43%), Ancash (25%), Tacna (24%), Pasco (22%), San Martín (18%), Ica (15%), Moquegua (15%), La Libertad (14%), Cajamarca (5%), Ayacucho (4%), Junín (4%), Arequipa (4%) and Madre de Dios (3%).
"The dynamics of foreign trade are based on the implementation of a policy developed consistently over the last 20 years, which has been yielding results," said the Minister of Foreign Trade and Tourism.
“Peruvian exports continue to grow and the Government is committed to continuing on this path. The figures we present demonstrate the importance of the sector for Peru's economic growth, job creation and increased family consumption,” he said.
The minister emphasized that work is underway to ensure that, by the end of 2024, Peru can record, as in previous years, a new export record, driven mainly by the joint growth of the main sectors of the Andean country's economy.
EMPLOYMENT AND GDP
Exports have consistently contributed to the national economy in terms of both employment and GDP, thereby boosting the country's growth.
In July 2024, export-related employment reached 407,582 jobs, a figure that represented a growth of 42.3% compared to the same month of the previous year, due to the increase in the indicator in 11 sectors, according to the Research Center for Global Economy and Business of the Association of Exporters of Peru (Cien-Adex).
It also states that, between January and July 2024, employment associated with traditional exports grew by 22.2%, justified by growth in agriculture (57%) and mining (12%). “As of July 2024, the traditional agro-industrial and mining sectors registered their historical maximum (859,525 and 619,685 jobs associated with exports, respectively),” details the aforementioned research center.
On the other hand, between January and July 2024, exports generated a GDP equivalent to US$ 65,414 million, which meant an increase of 12.5% year-on-year, mainly explained by the increase in GDP associated with traditional mining (13.9%), an activity that represented 70.2% of the total GDP associated with exports.
This is the highest GDP associated with exports (between January and July) in the last 25 years, explained Cien-Adex.
DATA
- The number of exporting companies in Peru increased by 3.8% from January to August of this year, totaling 8,146.
- Peruvian companies exported goods to 170 markets, mainly China (35% of the total), the United States (13%) and the European Union (11%).
- In August alone, exports grew by 26.4% compared to the same month in 2023, totaling US$ 6.718 billion.
- The increase in Peruvian exports from January to August of this year was explained by the greater contributions from the fishing (27.3%), agricultural (18.9%) and mining (14.5%) sectors, according to Adex.
