"Growth of Peruvian exports to Canada boosts the national economy in 2023."

Peruvian exports to Canada have shown remarkable growth in recent years, reaching a total value of US$ 3.044 billion in 2023, which represents an increase of 13.4% compared to the previous year. This surge is significant, especially considering that export figures have remained above US$ 2.4 billion annually over the past five years, indicating a solid recovery following the contraction experienced in 2018. However, despite this progress, figures have yet to reach the record levels of 2011, when exports reached US$ 4.232 billion.

The main source of this growth continues to be the mining sector, which in 2023 accounted for the majority of exports to Canada, totaling US$ 2.6 billion. Nonetheless, it is important to highlight that this amount is just over half of what was achieved in the record year of 2011. Within this sector, gold has been the undisputed protagonist, representing an astonishing 79% of total goods exported. The category of "gold in other forms unrefined" has dominated the figures, underscoring the importance of this mineral in the national economy.

In contrast, other mining products, such as zinc concentrates and copper minerals, have shown a decrease in their exports during 2023 compared to 2022. This contraction trend has also been reflected in the oil and its derivatives sector, which decreased from exporting US$ 360 million in 2011 to just US$ 23 million in 2023. Thus, while gold shines brightly in export statistics, other traditional sectors seem to be losing ground.

The traditional fishing sector has also seen a slight decline, maintaining its exports around US$ 53 million. On the other hand, agricultural shipments have shown steady growth, reaching US$ 59 million, although they still remain at a low level compared to the mining sectors. Among non-traditional agricultural products, fresh grapes and blueberries are gaining ground, suggesting that there is growth potential that could be capitalized on in the future.

Despite the positive figures in traditional exports, non-traditional exports to Canada have shown a setback. In 2023, these reached only US$ 307 million, representing a decline of 3.2% compared to the previous year. Non-traditional agriculture remains the most stable segment, with products like mangoes and strawberries leading exports, but deeper diversification is required to avoid relying solely on a few products.

In terms of imports, Peru has also increased its purchases from Canada, reaching a total of US$ 1.216 billion in 2023, which represents an increase of 4.6%. This growth has been primarily driven by the acquisition of intermediate and consumer goods, although imports of capital goods have decreased slightly. This trade balance suggests that the commercial relationship between the two countries is becoming increasingly robust, although there are still areas where Peru could improve its participation.

The products that Peru has imported most from Canada include "other wheats" and "diesel," with figures exceeding US$ 490 million and US$ 290 million, respectively. However, it is interesting to note that certain products have seen an excessive increase in their demand, such as oats, which grew by 515.9%. This type of fluctuation in demand could indicate changes in preferences in the Peruvian market and the need to adapt to these new trends.

In order to diversify its offerings, it is crucial for Peru to explore opportunities in sectors where it currently has no participation, such as non-metallic mining, hides and skins, and handicrafts. The lack of exports in these categories over the past ten years underscores the need for a more proactive strategy to open new markets and increase competitiveness.

Looking ahead, the Central Reserve Bank of Peru (BCRP) has projected historical records in exports for 2024 and 2025. This expectation is supported by the surplus recorded in the trade balance, which reached US$ 1.8 million in August. Additionally, the Ministry of Foreign Trade and Tourism (Mincetur) has projected a growth of 4% for exports this year, suggesting that despite the challenges, the outlook is promising.

The trade relationship between Peru and Canada is in a growth phase, with a landscape that offers both opportunities and challenges. With a focus on product diversification and a solid market strategy, Peru could not only consolidate its position as a key supplier of minerals but also develop areas that have remained unexplored until now.