Peru Trade


Peru: Exports fall again and trade balance registers ninth consecutive deficit in November

January 9, 2015

In November, the trade balance registered a USD 253 million deficit, which was much larger than the USD 22.5 million shortfall observed in the same month of the previous year. November’s result was somewhat smaller than the USD 296 million deficit registered in October but marked the ninth consecutive negative monthly balance.

Exports suffered another large drop in November, contracting 10.9% over the same month of the previous year (October: -9.2% year-on-year). Meanwhile, imports decreased 4.0% in November, which was an improvement from the 5.8% decline tallied in October.

In the 12 months up to November, the trade balance posted an all-time record deficit of USD 2.1 billion. The trade balance peaked at a record-high surplus of USD 9.8 billion in February 2012. It has narrowed almost uninterruptedly since then and shifted to deficit in December 2013. This trend has been driven by falling global demand and decreasing prices for traditional Peruvian exports, such as copper, silver and natural gas. The increase in import volumes has also affected the trade balance negatively.

LatinFocus Consensus Forecast panelists see exports expanding 5.2% this year. For 2016, the panel sees overseas sales expanding 9.9%.

Author:, Economist

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Peru Trade Chart

Peru Trade12m November 2014

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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