Peru: Exports accelerate in January
March 9, 2012
In January, exports rose 34.7% over the same month last year, pushing them to USD 4.0 billion. The reading represented a notable acceleration from the 18.1% expansion recorded in December and marks, in fact, the fastest rate recorded since August 2011. According to the Central Bank, the strong print reflected higher overseas sales of traditional goods, particularly of copper, gold and coffee. Meanwhile, imports accelerated somewhat from 20.4% in December to 21.0% in January, which pushed them to USD 3.3 billion. As a result, the trade surplus narrowed from USD 1.2 billion in December to USD 711 million in January. In its December inflation report, the Central Bank expects exports to contract 0.8% this year, citing slower global economic growth and lower global commodity prices. For 2013, monetary authorities anticipate that exports will bounce back and expand 9.9%.
Author: Ricardo Aceves, Senior Economist