Peru: Exports continue to grow vigorously
May 13, 2011
In March, exports soared 30.7% over the same month last year to reach USD 3.7 billion, which was above the 26.5% increase observed in February. The monthly expansion, which marked the fastest pace since September 2010, reflected strong growth in overseas sales of minerals, in particular copper and gold, which benefited from rising prices (copper: 35.3% year-on-year; gold: 27.7% yoy). Imports, on the other hand, decelerated from a 37.6% expansion in February to a 21.2% increase in March to reach USD 2.9 billion. As a result, the trade surplus widened from USD 779 million in February to USD 806 million in March. The March expansion corroborates the strong recovery of the external sector, with the 3-month sum in exports reaching USD 10.0 billion, which was well above the pre-crisis peak of USD 8.7 billion registered in July 2008 In its March inflation report, the Central Bank expects exports to grow 17.3% this year, before slowing to 8.4% next year.
Author: Ricardo Aceves, Senior Economist