Peru: Exports hit record-high in August
October 21, 2011
In August, exports increased 52.7% over the same month last year to USD 4.6 billion, which represented the highest level since records began. The expansion was faster than the revised 39.3% increase registered in July (initially reported: +31.3% year-on-year) and reflected strong overseas sales of traditional exports, particularly of agricultural products (+70% yoy) and mineral products (+60% yoy), which continue to benefit from high global commodity prices. Meanwhile, imports expanded 35.1% year-on-year in August and reached USD 3.5 billion, which was faster than the 20.1% increase tallied in July, thus maintaining the trade surplus virtually unchanged at USD 1.1 billion. 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