Peruvian President Boluarte Kicks Off Visit to China

Industrials Author: EqualOcean News Jun 27, 2024 08:48 PM (GMT+8)

Peruvian President Dina Boluarte is on a state visit to China from June 25 to 29, marking his first visit to the country. Shenzhen is the first stop of President Boluarte's visit. During his time in Shenzhen, Boluarte visited several well-known Chinese companies, including Huawei and BYD.

Shenzhen Nanshan Qianhai sunset night view China Resources spring bamboo shoots building

President Boluarte arrived in Shenzhen Futian Station via high-speed train from Hong Kong West Kowloon Station on the evening of the 25th. Besides Shenzhen, President Boluarte will also visit Shanghai, Suzhou, and Beijing to explore further opportunities for cooperation with China.

According to the latest report from Peru's Ministry of Foreign Trade and Tourism, bilateral trade relations between China and Peru have continued to grow steadily at the beginning of 2024. In the first two months of this year, the total trade volume between the two countries reached USD 5.682 billion, an increase of 13% year-on-year, indicating deepening trade cooperation. Peru's exports to China amounted to USD 3.621 billion, a year-on-year increase of 15.7%. Copper and lead exports were particularly strong, growing by 27.3% and 13.8% respectively, while iron and fishmeal exports declined by 9.4% and 1.8%.

Peru's imports from China were valued at USD 2.061 billion, an increase of 8.5% year-on-year. Imports of mobile phones, steel products, vehicles, and plastics grew by 53.3%, 7.5%, 4.7%, and 29% respectively. These figures demonstrate the extensive penetration and high recognition of Chinese products in the Peruvian market.

China remains Peru's largest trading partner, accounting for 36% of Peru's total foreign trade over the past 12 months. China is also the primary destination for Peru's mining and fisheries exports, accounting for 52% and 42% of the total exports in these sectors, respectively.

Meanwhile, trade with other major partners has declined, with trade volumes with the United States, the European Union, and Brazil dropping by 20.1%, 1.1%, and 15.4%, respectively.

Peru is an important country in Latin America and has established a comprehensive strategic partnership with China. Since the establishment of diplomatic relations, China-Peru relations have developed steadily, with significant cooperation achievements in various fields bringing tangible benefits to the peoples of both nations.