Peru: Exports contract in November amid slowing global demand
January 13, 2012
In November, exports contracted 2.3% over the same month the year before, falling to USD 3.2 billion. The reading represents the first monthly decline since October 2009. The monthly drop contrasted the 19.0% expansion recorded in October and reflected a contraction in shipments of traditional exports, particularly of minerals, oil and natural gas, as slowing global demand curbs demand for commodities. On the other hand, imports accelerated from a 17.5% increase in October to a 19.4% expansion in November, which pushed imports to USD 3.2 billion. As a result of the contraction in exports, the trade surplus shrank from USD 623 million in October to only USD 5.7 million, which marks the lowest level since January 2009. In its December inflation report, the Central Bank estimates exports to have grown 27.8% in 2011. For 2012, the Bank sees exports contracting 0.8%, citing slower global economic growth and lower global commodity prices. For 2013, monetary authorities anticipate that exports will bounce back and expand 9.9%.
Author: Ricardo Aceves, Senior Economist