Peru: Exports contract further, trade balance deteriorates
December 9, 2013
In October, the trade balance registered a deficit of USD 355 million, which contrasted the USD 99.5 million surplus observed in the same month last year. In the 12 months up to October, the trade balance posted a USD 85.0 million deficit, which represents the first deficit since February 2002.
Exports plummeted in October, falling 12.4% over the same month last year (September: -11.8% year-on-year) and marking the lowest reading in three months. Imports contracted a lesser 0.8% in October over the same month last year, following the 2.1% contraction tallied in September.
The Central Bank expects overseas sales to decline 8.2% this year. For 2014, the Bank sees exports growing 9.2%. LatinFocus Consensus Forecast panelists see exports declining 5.6% this year, which is down 0.5 percentage points from previous month's estimate. For 2014, the panel sees exports expanding 6.6%, which is down 1.3 percentage points from previous month's projection.