Peru: Exports decelerate in September
November 21, 2011
In September, exports increased 13.8% over the same month last year to USD 3.7 billion, which marked a notable deterioration compared to the 54.3% increase observed in August (initially reported: +52.7% year-on-year). Nevertheless, exports reached a new record-high (USD 4.6 billion). The September deceleration reflected slower growth in shipments of traditional exports, particularly of mineral products (August: +60.0% yoy; September: +7.8% yoy), which saw copper exports - the country's main commodity export - falling 22.3%. Non-traditional exports grew 29.1% in September (August: +47.4% yoy), reflecting slower export growth of agricultural products and non-metallic minerals. Meanwhile, imports increased 18.2% annually in September and reached USD 3.2 billion, which was slower than the 35.3% expansion recorded in August. The trade surplus shrunk from USD 1.1 billion in August to USD 568 million in September. In its September inflation report, the Central Bank sees exports growing 25.9% this year, before moderating to 4.9% in 2012.
Author: Ricardo Aceves, Senior Economist