Peru: Exports continue to grow at brisk pace
January 7, 2011
In November, exports rose 20.9% over the same month last year to reach USD 3.2 billion. The reading was below the 22.1% expansion observed in October. While the expansion marked the slowest rate since May 2010, it represented the 13th consecutive month of double-digit growth in exports and confirms the strong recovery of the external sector, with export figures already surpassing pre-crisis levels. In November, the moving 3-month sum in exports reached USD 9.6 billion, which is well above the peak of USD 8.9 billion registered in August 2008. The expansion in exports observed during 2010 was strongly favoured by rising commodity prices, in particular for copper (+27.1%) and gold (+21.3%), which account for a sizeable share of Peru's exports. Imports decelerated more markedly and expanded 33.9% in November (October: +36.3% year-on-year). As a result, the trade surplus widened from USD 424 million in October to USD 557 million in November. In its December inflation report, the Central Bank anticipates exports to grow only 9.2% this year, after jumping 30.0% in 2010. For 2012, monetary officials expect exports to expand 9.3%.
Author: Ricardo Aceves, Senior Economist