Peru: Export growth weakens in March
May 11, 2012
In March, exports added 5.5% over the same month last year to reach USD 4.0 billion. The reading represents a slowdown compared to 12.0% expansion observed in February and marks the weakest increase since November 2011. Meanwhile, imports increased 17.0% in March, stronger than the 10.9% expansion registered in February, which pushed them to USD 3.4 billion. As result, the trade surplus narrowed from USD 904 million in February to USD 584 million in March. The government has set an export target of USD 50 billion for this year. Currently, the 12-month rolling sum of exports stands at USD 47.8 billion. Meanwhile, in its March inflation report, the Central Bank expects exports to expand 5.2% this year, which will push them to USD 48.7 billion. For 2013, the Bank sees export growth accelerating to 9.8%.
Author: Ricardo Aceves, Senior Economist