Peruvian exports to China quadrupled from 2010 to 2023

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This month marks the 14th anniversary of the implementation of the Free Trade Agreement (FTA) between Peru and China, marking a crucial phase in commercial relations between the two countries. During this period, Peruvian exports to the Asian giant have experienced significant growth, quadrupling from 2010 to 2023, with an annual growth rate of 13.2%, according to data from Peru’s National Customs and Tax Administration Superintendence (SUNAT).

China has solidified its position as the top destination for Peruvian exports, holding the top spot since 2010. During this period, exports quadrupled from US$5.4 billion in 2010 to US$23 billion in 2023, representing 36% of total shipments. This increase has raised China’s share of national exports to 15.2%, marking a significant shift since the FTA came into effect.

The mining sector was the main driver with US$21 billion, accounting for 95.4% of total exports in this category. Copper led exports with $15 billion (73.7%), followed by iron and minerals.

On the other hand, non-traditional exports to China reached US$962 million, registering a growth of 36.4% compared to 2022. Industries such as fishing, agriculture, textiles and chemicals have shown positive performance, contributing to the growth potential of the non-traditional sector.

The Peruvian city of Piura leads non-traditional exports with US$280 million, excelling in frozen squid and cuttlefish, followed by the capital Lima with US$165 million in shipments, driven mainly by avocados and products such as liver, roe and milt.

This growth underscores the importance of the Peru-China Free Trade Agreement in the expansion of Peruvian exports, consolidating a strategic trade relationship that continues to offer growth opportunities in various sectors.