Peru Trade Balance April 2020

Peru

Peru: Exports fall at record pace pushing trade deficit to over six-year high in April

June 4, 2020

Merchandise exports nosedived 56.4% over the same month last year in April (March: -29.6% year-on-year), marking the worst reading on record as heavy restrictions on movement to fight the Covid-19 pandemic impaired domestic production amid weakened external demand for goods.

Similarly, imports plummeted 33.4% on an annual basis, the worst reading since September 2009, reflecting slack domestic demand and falling production (March: -21.0% yoy).

As a result, the trade balance deteriorated notably, recording a USD 664 million deficit in April (March: 62.0 million surplus), the largest deficit since January 2014 and the first since October 2018

Panelists participating in the LatinFocus Consensus Forecast project that exports will fall 12.9% in 2020 and imports will drop 12.7%, bringing the trade surplus to USD 5.7 billion. For 2021, FocusEconomics panelists expect exports to expand 13.3%, while imports are projected to rise 12.8%, bringing the trade surplus up to USD 6.6 billion.


Author:, Economist

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Peru Trade Balance Chart


Peru Trade12m April 20 20

Note: 12-month sum of trade balance in USD billion and annual variation of the 12-month sum of exports and imports in %.
Source: Peru Central Bank (BCRP).


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