Understanding Peru's Import-Export Market in 2024

Economic Overview

Peru’s economy is one of the most dynamic in Latin America, characterized by steady growth, a diverse resource base, and ongoing structural reforms. Key sectors include mining, agriculture, services, and manufacturing, with a heavy reliance on exports.

Source: BBC

• Mining: Peru is a leading global producer of copper, gold, and silver, with mining contributing around 10% of its GDP and over 50% of its export revenue.
• Agriculture: The country is known for exports like coffee, asparagus, avocados, and quinoa. Agricultural exports have grown in importance due to Peru’s diverse climate and access to international markets.
• Services & Tourism: Tourism plays a significant role, attracting millions of visitors annually to landmarks such as Machu Picchu. The services sector, including financial services and telecommunications, also drives domestic economic activity.

Peru has numerous trade agreements with major economies, including the U.S., China, and the European Union, fostering export-driven growth.

Import-Export Growth (by country)

The following are the global export statistics for Peru, listing the countries with the fastest-growing exports.

Source: Topease ( Update: Jun, 2024)

In the first half of 2024, Peru's exports to India, Canada, Japan, and Brazil saw the fastest growth.

The following graph shows Peru's imports, listing the countries with the fastest-growing imports. Imports from Ecuador, Nigeria, and Canada also experienced the most significant growth.

Source: Topease ( Update: Jun, 2024)

Key Trade Shows

1. Perumin

• Industry: Mining
• Location: Arequipa
• Description: One of the largest mining conventions in Latin America, PERUMIN focuses on the latest mining technology, services, and equipment. It attracts professionals from all over the world, making it a key event for mining businesses.

Source: Perumin
2. Expoalimentaria

• Industry: Food & Beverages, Agriculture
• Location: Lima
• Description: The largest international food and beverage fair in Latin America, showcasing Peruvian agricultural products, beverages, and technology. It draws buyers and exporters from across the globe, offering great networking opportunities.

3. Expotextil Peru

• Industry: Textiles, Garments, and Apparel
• Location: Lima
• Description: This fair focuses on the textile and clothing industry, showcasing innovations in machinery, technology, and production. It connects manufacturers, suppliers, and buyers in the textile and apparel sectors.

4. Tecnoagro

• Industry: Agriculture & Farming
• Location: Lima
• Description: A leading fair in agriculture, focusing on technological innovations and equipment for the farming sector. It brings together experts, farmers, and businesses to explore the latest advancements in agricultural production.

5. Expomina Peru

• Industry: Mining
• Location: Lima
• Description: A biennial event focusing on the mining industry, it showcases equipment, products, and services in the mining sector, attracting both local and international businesses.
  

Source: Expomina

6. Pack Peru Expo

• Industry: Packaging & Logistics
• Location: Lima
• Description: This fair focuses on the packaging industry, presenting new technologies and solutions in packaging machinery, materials, and logistics. It connects companies involved in packaging with industry buyers.

Payment Methods for Peruvian Clients

1. Letter of Credit (L/C)

: A bank-guaranteed payment method where the buyer's bank issues a letter of credit to the seller’s bank. Sellers ship goods per the contract, and the bank pays on behalf of the buyer. Be cautious of soft clauses in Peruvian L/Cs to mitigate risk.

2. Telegraphic Transfer (T/T)

: A traditional method where the client transfers funds to the seller’s bank account. Pre-T/T requires full payment before shipment; post-T/T allows payment after the bill of lading is issued, ideal for large transactions.

3. Western Union

: Suitable for small payments. The client needs your name and nationality to send funds, but ensure name order accuracy.

Business Etiquette

1. Relationship Building:

Personal relationships are important. Take time to build trust and rapport before jumping into business discussions. Face-to-face meetings are valued, and small talk about family or interests can help strengthen the connection.

2. Punctuality:

Peruvians have a more relaxed approach to time. Arriving 15-30 minutes late for meetings is common and often considered polite. However, as a foreigner, it’s good to be on time.

3. Formal Communication:

Maintain a level of formality in communication, especially when addressing senior executives. Use titles (e.g., "Señor," "Señora") and professional language. Written contracts are important for clarity.

4. Negotiations:

Negotiations can be slow, with patience being key. Decision-making often involves multiple layers of hierarchy, so expect longer approval processes. Be respectful and tactful in discussions.

5. Cultural Sensitivities:

The majority of Peruvians are Catholic, and religion plays a significant role in their culture. Be mindful of holidays and religious customs. Avoid gifting knives or sharp objects, as they can symbolize severing ties.

How to search for reliable buyers and suppliers in Peru?

Topease was established in 2004 as a comprehensive marketing and sales solution service provider for your import-export-trading and logistics businesses.

By using trade data based on customs and bill of ladings, you can easily find reliable buyers and suppliers in Peru.

How can you find global trade opportunities in a smart way?

Check out this video! https://youtu.be/3KNvoZ8bths

📊 Ready to take your trade strategy to the next level? Learn more about Topease!