Peru: Trade balance rebounds in July
September 9, 2016
In July, the trade balance recorded a USD 484.5 million surplus, which was a remarkable improvement over the USD 317.1 million deficit recorded in the same month last year. July’s trade surplus was also up from the trade deficit of USD 243.7 million registered in June and marked the largest surplus seen since December 2013.
The Central Bank reported that exports had increased 13.9% annually in July (June: -17.4% year-on-year). While exports of traditional goods—which include copper and oil-related products—recorded a double-digit expansion, shipments of non-traditional goods contracted and dragged on the overall result. Meanwhile, imports fell 12.8% in July, which was marginally below June’s 12.3% drop.
In the 12 months up to July, the trade balance posted a deficit of USD 1.0 billion, the narrowest 12-month-sum deficit seen in 21 months. July’s reading was thus smaller than the USD 1.8 billion deficit seen in the 12 months up to June. This year started with a record deficit of USD 3.2 billion in January, but strong growth in exports of traditional Peruvian goods has been driving the overall reduction in the deficit observed over the past six months.