Peru: Trade Partnerships

Peru's economy has long depended on mining, with the country ranking among the world's top producers of copper, silver, zinc, and gold. Decades of investment in large-scale mining projects, combined with trade liberalization beginning in the 1990s, transformed Peru from a commodity exporter reliant on a handful of markets into one with a diversified network of trading partners across Asia, the Americas, and Europe.

Peru's trade partnerships today are dominated by Asia and North America. As of 2026, China is Peru's largest trading partner on both the export and import sides, driven in large part by demand for copper and other minerals, followed closely by the United States. Peru's export base also includes gold, fish meal, and agricultural products such as blueberries, avocados, and grapes, while its imports are led by machinery, fuels, and consumer goods. The opening of the Chancay megaport north of Lima, developed with Chinese investment and operated by COSCO Shipping, has strengthened direct trade links across the Pacific since the port began operations in November 2024, cutting shipping times to Asian markets.

Peru maintains free trade agreements with both of its top partners: a Trade Promotion Agreement with the United States that entered into force in February 2009, and a free trade agreement with China that took effect in 2010. In 2026, Peru ratified a protocol to modernize and expand the China agreement, adding provisions on e-commerce, competition policy, and supply chains, though the upgrade had not yet entered into force as of mid-2026, pending completion of both countries' internal procedures. Peru also has free trade agreements with the European Union, Japan, and numerous other partners.