Peru: Exports reach record high
January 28, 2011
In December, exports rose 21.0% over the same month the prior year, according to data released by the National Tax Administration Superintendence (SUNAT). The expansion, which was virtually unchanged compared to the previous month's 20.9% increase, pushed exports to USD 3.6 billion. The reading was above the peak of USD 3.2 billion observed in September 2010 and represented a record high, confirming the strong recovery of the external sector. Export growth in December was favoured by strong shipments of mineral products, in particular copper (+40.3% year-on-year) and silver (+139.9% yoy), which account for a sizable share of Peru's exports. In addition, oil and gas also registered strong growth. In contrast, imports decelerated slightly, expanding 30.7% in December (November: +33.9% yoy), reflecting domestic demand's strong dynamism. As a result, the trade surplus widened from USD 557 million in November to USD 878 million in December. For the full year 2010, exports expanded 31.0% and imports surged 36.8%. In its December inflation report, the Central Bank anticipates exports to grow 9.2% this year. For 2012, monetary officials expect exports to expand 9.3%.
Author: Ricardo Aceves, Senior Economist