Peru Trade Balance May 2021


Peru: Merchandise exports rise at a meteoric rate in May

July 8, 2021

Merchandise exports soared 139.2% in annual terms in May, edging up from April’s 136.3% surge and thus marking the strongest increase in at least 30 years. May’s reading was in part influenced by a low base effect, with May 2020 marking a steep downturn due to the effects of the pandemic. Meanwhile, merchandise imports soared 81.0% on an annual basis in May (April: +71.0% yoy), marking the best result since October 1991.

As a result, the merchandise trade balance improved from the previous month, recording a USD 0.8 billion surplus in May (April 2021: USD 0.4 billion surplus; May 2020: USD 0.2 billion deficit). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 11.1 billion surplus in May, compared to the USD 10.1 billion surplus in April.

Panelists participating in the LatinFocus Consensus Forecast project that exports will surge 21.4% in 2021 and imports will rocket 16.7%, bringing the trade surplus to USD 11.0 billion. For 2022, FocusEconomics panelists expect exports to expand 4.8%, while imports are projected to rise 6.9%, bringing the trade surplus to USD 10.6 billion.

Author:, Economist

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Peru Trade Balance Chart

Peru Trade12m May 2021

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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