Peru: Plummeting exports leads to largest trade deficit in over a decade in 2015
February 4, 2016
In 2015, the trade balance posted an over-decade-high deficit of USD 2.9 billion. The result was a deterioration from 2014’s USD 1.3 billion deficit and came on the back of a double-digit fall in the value of exports. Since peaking at a record-high surplus of USD 9.9 billion in February 2012, the trade balance has narrowed almost uninterruptedly since then and shifted to deficit in April 2014. This trend has been driven by falling global demand and decreasing prices for traditional Peruvian exports, such as copper and gold.
In December, the trade balance registered a USD 210 million surplus, which was smaller than the USD 282 million surplus observed in the same month of the previous year. However, December’s surplus notably contrasted the USD 164 million deficit registered in November.
Exports suffered another large drop in December, contracting 6.2% over the same month of the previous year (November: -8.7% year-on-year). Meanwhile, imports fell 4.4%, which followed the 6.5% contraction tallied in November.