Peru Trade Balance


Exports suffer again and trade balance registers record deficit

In April, the trade balance registered a record deficit of USD 861 million, which was considerably greater than the USD 325 million deficit observed in the same month last year. April’s result was more than three times March’s deficit of USD 265 million. In the 12 months up to April, the trade balance posted an all-time record deficit of USD 1.3 billion.

Exports contracted 15.0% over the same month last year in April (March: -14.7% year-on-year), while imports increased 1.6%, which was down from March’s 2.7% expansion.

A downward trend in the trade balance has been recorded in the last two years amid falling international prices for traditional Peruvian exports, such as copper and natural gas. Similarly, the increase in import volumes has also been affecting the trade balance negatively despite lower international prices.

The Central Bank expects exports to grow 3.8% in 2014. For 2015, the Bank sees overseas sales expanding a healthier 8.2%. LatinFocus Consensus Forecast panelists see exports expanding 5.4% this year, which is down 0.4 percentage points from previous month’s estimate. For 2015, the panel sees overseas sales expanding 7.7%.

Author:, Economist

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Peru Trade Balance Chart

Peru Trade12m April 2014

Note: 12 month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Peru Central Bank (BCRP)

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