Peru: Exports nosedive in March as Covid-19 measures disrupt economy
May 7, 2020
Merchandise exports plummeted 37.6% over the same month last year in March, the worst reading on record, as restrictions on movement to fight the Covid-19 pandemic disrupted production in the country and external demand for goods also evaporated amid the health crisis (February: -2.4% year-on-year).
Similarly, imports plunged 20.7% on an annual basis, the worst reading since October 2009, reflecting evaporated domestic demand and production halts (February: -7.2% yoy).
As a result, the trade balance deteriorated notably, recording a USD 252 million deficit in March, the first shortfall since October 2018 (February: 489 million surplus).