Peru: Trade surplus edges down in September
November 4, 2016
In September, the trade balance recorded a USD 20.3 million surplus, which came in below the trade surplus of USD 30.4 million registered in August but was a notable upswing from the USD 410.3 million deficit recorded in the same month last year.
The Central Bank reported that exports had increased 18.0% annually in September (August: 5.2% year-on-year), which was the fastest rise in almost four years. Exports of traditional goods—which include metals and coffee—recorded strong growth and were the main driver of the soaring expansion in exports overall. Meanwhile, imports grew 1.9% in September, which was slightly above August’s 0.1% expansion.
In the 12 months up to September, the trade balance posted a deficit of USD 0.3 billion, the narrowest 12-month-sum deficit seen in 32 months. September’s shortfall was smaller than the USD 0.7 billion deficit seen in the 12 months up to August. This year started with a record deficit of USD 3.2 billion in January, but strong growth in exports of traditional Peruvian goods has been driving the overall reduction in the deficit observed since the beginning of the year.