Peru: Trade balance beats expectations
November 12, 2012
In September, the trade balance recorded a USD 403 million surplus. The figure was below the USD 794 million surplus recorded in the same month last year, but overshot market expectations that forecasted a trade surplus of USD 112 million. As a result, in the 12 months up to September the trade surplus dropped to USD 5.3 billion, which represents the lowest level since November 2009. Imports, on the other hand, expanded 9.3% in September, only a notch below the 9.8 increase seen in August, prompting the moving 12-month sum to grow 13.3% (August: +13.6% year-on-year). Export growth improved from a steep 19.4% drop in August to a softer 2.3% contraction in September. As a result, the 12 months up September exports increased 2.6%, which came in slightly below the 2.7% expansion witnessed in the same period ending August.
Author: Ricardo Aceves, Senior Economist