In August 2024, Peruvian agricultural exports totaled $1.247 billion, 40 percent above what was obtained in the same month of the previous year, according to Agraria.
This increase occurs in a complicated context for global trade in agriculture to the logistical difficulties on the routes that connect Southeast Asia with Europe and due to the various climatic complications in the main agricultural exporting countries.
Curiously, it was these difficulties that allowed coffee, avocado, and cocoa to find very favorable prices, and thus tip the balance towards positive results for Peru.
The most exported product by Peru in August was coffee, with 40,238 tons worth $302 million. This meant a 57 percent growth in volume and 195 percent in value compared to the same month in 2023. This increase was accompanied by an increase in price (+87 percent) which reached an average of $7.51 per kilogram. The good moment of Peruvian coffee responds to the decreasing expectations of Brazilian production and the fall in shipments of production from Vietnam, two large global suppliers.
In second place was blueberry, with a total of 22,100 tons worth $168 million, which meant a growth of 2 percent in volume, but with a fall of 1 percent in value. The country’s leading product didn’t have a positive result in the month prior to the start of the export peak (late September and October) because the price fell 3 percent, reaching an average of $7.60 per kilogram.
Avocado ranked third with 67,786 tons worth $149 million, representing a reduction of 21 percent in volume and 1 percent in value. The 25 percent increase in price almost offset the decrease in volume. A high cost ($2.20 per kilogram) in the last stage of the campaign was made possible by the reduction in the quality of Mexican avocados and the harsh weather conditions faced by domestic production in the US.
Cocoa surprised by sneaking into fourth place with 20,325 tons worth $127 million. The 74 percent growth in volume and 196 percent in value put cocoa among the leaders, something that is not common. The price shot up by more than 70 percent, being on average $6.26 per kilogram. The fall in cocoa production in West Africa and the shortage that this generated in the main markets of the world explained the rise in costs.
Finally, mandarin, with 56,012 tons worth $73 million, reached fifth place. Thanks to the boom in later varieties, an increase of almost 8 percent in volume and 13 percent in value was achieved. Regarding the price, this increased by 5 percent to reach an average of $1.30 per kilogram.
The main destination of Peruvian agricultural products in August was Europe, with almost 47 percent of the share. This prominence was due to the strong appreciation of coffee and cocoa, whose main destination is the U.S., with 31 percent of the share, but it is waiting for the takeoff of the blueberry campaign to gain more prominence; while China, with almost 4 percent of the share, is unlikely to gain more space until the grape campaign begins.
In the year-to-date, Peruvian agricultural exports total $6.65 billion, 26 percent above 2023. The price boost of some products and the gradual recovery in volumes promise a fairly positive year-end. The peaks of the blueberry and grape campaigns will mark the final result.
