Peru's Imports From China Hit a 2026 High in October. Why Did Chancay Get Less?

In October 2026, Peru bought more from China than in any month since our records begin in January: US$2.44 billion of goods, 35.8% more than in September. Peru also has a Chinese-operated megaport at Chancay, north of Lima, run by Cosco Shipping Ports. So here is the puzzle. In the month Chinese goods hit their 2026 high, the value of Chinese cargo landing at Chancay fell by a fifth, and nearly all the extra freight went through Callao, Peru's long-established main port. This edition opens the containers: what came in, where it landed, and why the Chinese-operated port sat out the busiest month.

A 2026 high, built from many cargoes

Start with the size. Imports from China rose to US$2.44 billion in October from US$1.80 billion in September, 2.9% above July's US$2.37 billion, the previous high. China's share of everything Peru imported rose to 34.3% from 27.2%.

Before calling it a boom, look at the line. Imports from China fell in August and September, so October is partly a rebound: from August to October, Peru bought 1.5% less from China than from May to July. The bigger picture is a strong year. ADEX's analysis of SUNAT data shows that from January to September, China supplied 32.0% of Peru's imports, 28.4% more than a year earlier.

What changed in October was the mix. The increase of US$643.6 million came from almost every corner of the catalogue: iron and steel rose to US$181.5 million from US$78.3 million, vehicles to US$416.5 million from US$355.8 million, fertilizers to US$44.6 million from US$1.8 million, and toys and games to US$76.9 million from US$44.2 million. Ten product groups explain 70% of the rise.

Not every "Chinese" cargo sailed from China, either. The US$40.9 million of biodiesel of Chinese origin that arrived in October was loaded in Rotterdam, a routing that has come round every few months this year.

Steel, cars, and Christmas

Steel was the biggest single swing. Iron and steel from China more than doubled by weight, to 260,824 tonnes from 111,862, while the value per tonne barely moved (about US$696, against US$700 in September). That is more steel, not dearer steel: mostly coated sheet and plate, most of it unloaded at Callao. Chinese steel comes in big, irregular shiploads. July brought US$171.3 million, August and September less than half that each, and October US$181.5 million, the highest month for Chinese steel in our data.

We searched for a reason behind October's steel cargoes and found none; the data shows the ships, not the orders behind them.

Fertilizer jumped too. Purchases from China rose to US$44.6 million from US$1.8 million in September, mostly 64,212 tonnes of ammonium sulphate and 36,484 tonnes of urea, in a month when Peru's fertilizer imports more than doubled by weight, to 264,193 tonnes.

Cars followed: Chinese cars and trucks rose 16.1% in October. Then there are the toys. Imports of toys (HS 9503) nearly doubled to US$48.4 million from US$25.1 million, a sixth straight monthly rise, while footwear (US$75.0 million) and furniture and lighting (US$68.9 million) reached their highest months of the year.

Almost 88% of October's toys and games came from China. The timing points to the holidays, though the customs record does not say so.

All roads led to Callao

Now the route. Chinese goods entering through Callao's seaport rose 41.6% to US$1.99 billion, from US$1.41 billion in September, their highest month in our data.

The extra came mostly from two Chinese ports. Shipments loaded at Ningbo for Callao rose 55.9% to US$337.1 million, and those from Qingdao rose 44.2% to US$224.8 million, while Shanghai, the largest route, edged up 4.8% to US$411.2 million.

The terminals felt it. DP World Callao reported moving 200,000 TEU in October, the largest monthly volume in the history of its Muelle Sur terminal. Counting every origin, Callao's seaport handled 69.7% of the value of Peru's imports in October, and its imports rose 13.1% from September.

The twist: Chancay lost cars, not boxes

Chancay went the other way. Imports through the port fell 26.2% to US$205.7 million, and Chinese goods landing there fell 20.5%. Only 6.8% of China's seaborne shipments to Peru by value landed at Chancay in October, against 11.9% in September.

Before writing Chancay off, look at that line again: its share of Chinese seaborne cargo has swung between 6.1% and 11.9% all year, with no clear direction. What moves it is a handful of heavy, valuable cargoes. In September, Chancay received US$113.5 million of cars and trucks; in October, US$56.1 million.

A large maize cargo in September was not repeated either. But the everyday flow kept coming: the number of declaration lines at Chancay barely moved (23,430 against 23,861). Container counts tell the same story. Cosco Shipping Ports reported that Chancay handled 139,669 TEU in the third quarter of 2026, 24.9% more than a year earlier, though that was slower than the 70.9% growth of the first half. Chancay is still growing; it just did not catch October's wave.

Why did the extra cargo choose Callao? There are a few possibilities: the steel and general goods were bound for Lima's market, which Callao has long served; Chancay's monthly swings come mostly from car carriers; or the ships simply fell that way. The data shows the cargoes, not the booking decisions.

Trade with the U.S.

China's gain came alongside a smaller month for the United States. Peru's imports from the U.S. fell 12.1% to US$1.33 billion in October, and the U.S. share of Peru's imports fell to 18.7% from 22.9%. For every dollar of goods from the U.S., Peru bought 1.84 dollars from China, up from 1.19 in September.

The U.S. drop was mostly fewer crude cargoes (US$90.6 million, from US$218.7 million) and off-highway dump trucks (US$4.6 million, from US$59.8 million), while U.S. refined fuel held steady at US$710.6 million, more than half of everything Peru bought from the U.S. Official U.S. Census data, which runs through August, shows trade rising in both directions that month: U.S. exports to Peru were up 47.6% from a year earlier and U.S. imports from Peru up 52.7%, even after Washington put Peru in the group paying a 12.5% tariff in late July (América TV).

The payoff

So why did Chancay get less of China's biggest month? Because October's extra cargo was steel, general goods, and holiday stock that flowed through Callao, while Chancay's two big September items, cars and maize, did not repeat. Its container business kept growing, just more slowly than in the first half. What we cannot tell yet is whether October sets a new level for Chinese imports or is a catch-up after a soft August and September. The next three months will say.

What to watch

• November imports from China (December edition): the upgraded Peru-China free trade agreement applies from 1 November 2026 (Gestión).
• Car carriers at Chancay in November: if vehicles return, Chancay's share of Chinese seaborne cargo should move back toward September's 11.9%.
• Fourth-quarter port figures: whether DP World Callao holds October's pace, and what Cosco Shipping Ports reports for Chancay.
• ADEX's October import report, the official check on China's month (September's came out on 29 October).
• 13 November 2026: ENFEN's next El Niño communiqué; its latest outlook has the coastal El Niño keeping its magnitude until February 2027 (Gestión), which bears on summer clothing and farm imports.

Sources

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• Tier 2 mundomaritimo.cl. Puerto de Chancay aumenta 70,9% la movilización de contenedores durante el primer semestre. 2026-11-11 archive
• Tier 2 cien.adexperu.org.pe. Presentación de PowerPoint. 2026-10-29 archive
• Tier 2 mundomaritimo.cl. DP World Callao alcanza récord mensual de 200.000 TEUs movilizados en octubre. 2026-11-11 archive
• Tier 2 mundomaritimo.cl. Puerto de Chancay aumenta 24,9% la movilización de contenedores durante el tercer trimestre de 2026. 2026-11-11 archive
• Tier 2 América Televisión. EE.UU. impuso aranceles a 60 países, incluido Perú. 2026-07-23 archive
• Tier 2 Gestión. TLC Perú - China: optimización del acuerdo rige desde este 1 de noviembre, ¿qué ganará el país?. 2026-10-28 archive
• Tier 2 Gestión. El Niño será extraordinario hasta febrero del 2027: ¿qué regiones tendrán más lluvias?. 2026-10-31 archive