In this installment of the ‘Agronometrics In Charts’ series, we study the growth of Peru's agricultural exports. Each week the series looks at a different horticultural commodity, focusing on a specific origin or topic visualizing the market factors that are driving change.

Peru's agricultural sector showcased remarkable resilience and growth in 2023, achieving a record $10.545 billion in exports, marking a 2.9% increase compared to the previous year, despite facing significant global challenges. According to the Ministry of Agrarian Development and Irrigation (Midagri), this positive trend is expected to continue, with projections indicating that agricultural exports will surpass $11.5 billion by the end of 2024.

Over the past 23 years, Peru's agricultural exports have consistently expanded, with an impressive average annual growth rate of 11.9%, reflecting the dedication and efficiency of Peruvian producers and exporters, bolstered by strategic government support.

The success of Peru's agro-export industry is largely attributed to a diverse portfolio of products, with 20 key items contributing to 74.6% of the total export value. Notably, grapes, blueberries, and avocados have emerged as the top performers, each generating or nearing $1 billion in annual export revenue.

Grapes led the way with $1.745 billion in exports, primarily shipped to the United States, the European Union, and Asian markets, representing a 28% increase from 2022.

Blueberries followed closely, with exports totaling $1.676 billion, driven by strong demand in the U.S., which accounted for 57% of shipments. Avocados, the third-largest export, brought in $963 million, with the European Union as the largest buyer, followed by the U.S. and various Latin American and Asian countries.

This robust performance underscores the strength and potential of Peru's agricultural sector, which, supported by continued innovation and diversification, is well-positioned to maintain its upward trajectory and expand its presence in global markets in 2024 and beyond.

Source: USDA Market News via Agronometrics.

(Agronometrics users can view this chart with live updates here)