Peru: Trade balance surplus narrows in December
February 11, 2013
In December, the trade balance recorded a USD 628 million surplus, which was almost half the USD 1.2 billion surplus registered in the same month the previous year. As a result, in the 12 months up to December, the trade surplus narrowed to USD 4.5 billion (November: USD 5.1 billion), which represents the lowest level since October 2009.
Exports posted a 14.3% contraction compared to the same month the previous year (November: +15.7% year-on-year) which represents the sharpest fall since August 2012. In the full year 2012, exports grew only 0.3%, which is only a fraction of the 30.1% increase observed in 2011. The print represents the weakest growth rate since exports recovered from the 21.9% plunge recorded in 2009.
Meanwhile, imports dropped 3.2% in December, which contrasted the 14.8% expansion observed in November. In the full year 2012, imports grew 11.5%, below the 28.3% expansion registered in 2011.
The Central Bank expects exports to grow 5.7% in 2013, before accelerating to 12.8% in 2014
Author: Ricardo Aceves, Senior Economist