Peruvian exports could grow by 2% in the first quarter of 2024.

Peruvian exports could experience a 2% growth in the first quarter of 2024, according to projections presented by the Lima Chamber of Commerce (CCL) through its Institute of Research and Development of Foreign Trade (Idexcam). This increase would place the total value of exports at US$ 15,550 million, compared to the same period of the previous year. One of the factors contributing to this positive outcome is the favorable economic performance of the United States, the main market for non-traditional Peruvian exports. It is expected that the U.S. economy will grow by 1.5% in 2024, representing a significant increase compared to the previous quarter. This growth is supported by the progressive decrease in inflation, the reduction in unemployment, and an increase in productivity in that country. Furthermore, the rise in prices of key minerals such as copper also plays an important role in these projections. Although there is concern that China's economic growth may slow down due to the real estate crisis, it is expected that the price of copper will remain high throughout the year, driven by Chinese investment in Asia-Pacific countries. Regarding the traditional and non-traditional sectors, growth of 1.9% and 1.54% respectively is expected in the first quarter of 2024. The mining sector would be one of the main drivers, with a 4% increase in shipments, especially due to positive projections for the price of copper. In the non-traditional sector, a 5% growth in agro-exports, 3% in textiles and garments, and 5% in non-traditional fishing are expected. These numbers reflect sustained demand in international markets and favorable market conditions for these products. Idexcam's head, Óscar Quiñones, emphasized that these projections offer an optimistic outlook for Peruvian exports in a global context marked by economic slowdown and geopolitical tensions. These forecasts are encouraging for the country's foreign trade and could contribute to strengthening its economy in the first quarter of the current year.