Peru Business Confidence March 2020

Peru

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).

Panelists participating in the LatinFocus Consensus Forecast see exports dropping 14.4% this year and growing 16.3% in 2021.


Author: Angela Bouzanis, Lead Economist

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