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.
Author: Stephen Vogado, Economist