Peru: Exports continue to grow at double-digit pace
October 14, 2010
In August, exports rose 27.2% over the same month last year to reach USD 2.9 billion, which came in above the 25.9% expansion observed in July. The reading marked the tenth consecutive month of double-digit growth in exports. The August increase confirms the strong recovery of the external sector, with export figures finally surpassing pre-crisis levels. In August, the moving 3-month sum in exports reached USD 9.0 billion, which is above the peak of USD 8.9 billion observed in August 2008. The expansion during the last year was strongly favoured by rising commodity prices, in particular prices for copper (+28.2%), gold (+28.0%), as well as for zinc (+25.0%). Imports recovered even more markedly and expanded 48.5% in August (July: +44.0% year-on-year). As a result, the trade surplus narrowed from USD 445 million in July to USD 370 million in August. In its September inflation report, the Central Bank anticipates exports to grow 24.6% this year and to expand 5.0% in 2011.
Author: Ricardo Aceves, Senior Economist