Peru’s agricultural trade balance surplus grew 7 times in last decade

RIO DE JANEIRO, BRAZIL – The agricultural trade balance in 2020 amounted to US$3.668 billion, almost seven times the amount in 2010, reported the Central Reserve Bank (BCR). This performance mainly reflects the higher average growth in the last ten years of exports (10.1%) compared to imports (4.3%).

The performance of agricultural exports is due to the high growth rates (mostly double-digit) of its main products and, to a lesser extent, its diversification. Indeed, the number of products rose by 34.4% between 2010 and 2020, and the share of the top 10 products rose from 65% to 72%. Fresh and frozen fruits, cocoa, and quinoa stood out.

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With these results, the agricultural sector has consolidated its position as the second most crucial sector in total exports, after the mining sector. Peruvian exports of products such as blueberries, asparagus, and quinoa rank first in the world.

Unlike exports, most of the leading imported agricultural products have had lower growth rates, and their share of total foreign purchases of farm products (around 78%) has not changed significantly. The main imported products are cereal grains, such as corn, wheat, soybeans, rice, and soybean oil.

In the period January-August 2021, the agricultural balance has added US$1.7 billion due to the higher growth of imports (26.7% year-on-year).