Peru: Exports accelerate in October
December 9, 2011
In October, exports expanded 19.0% over the same month the year before to USD 3.7 billion, which represents an acceleration compared to the 13.8% increase registered in September. The acceleration reflected faster growth in shipments of traditional exports (September: +10.2% year-on-year; October: +20.5% yoy), particularly of minerals (September: +7.8% yoy; October: +19.2% yoy). However, non-traditional exports grew 14.3% in October, slower than the 18.2% expansion tallied in September. Imports increased 17.5% annually in October and reached USD 3.1 billion, which was slower than the 18.2% expansion observed in September. The trade surplus therefore widened from USD 568 million in September to USD 622 million in October. In its December inflation report, the Central Bank expects exports to have grown 27.8% in 2011, slightly above its previous 25.9% estimate. For 2012, the Bank sees exports contracting 0.8%, which contrasts its previous projection that had exports growing 4.9%, citing slower global economic growth and lower global commodity prices. For 2013, the monetary authorities anticipate exports to bounce back and expand 9.9%.
Author: Ricardo Aceves, Senior Economist