Peru Trade February 2016


Peru: Trade deficit narrows in February, but accumulated shortfall reaches an all-time high

April 9, 2016

In February, the trade balance posted a USD 188 million deficit, which was a larger shortfall than the USD 136 million deficit recorded in the same month last year. February’s deficit represented an improvement over the revised USD 513 million deficit registered in January (previously reported: USD 477 million).

Exports suffered another profound drop in February, contracting 9.3% over the same month last year (January: -13.2% year-on-year). Meanwhile, imports fell 7.0% in February, which came in above January’s 8.6% drop.

In the 12 months up to February, the trade balance posted a record deficit of USD 3.3 billion. 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 March 2014. This trend has been driven by falling global demand and decreasing prices for traditional Peruvian exports, such as copper and gold.

Panelists participating in the LatinFocus Consensus Forecast see exports growing 2.5% in 2016. For 2017, the panel sees overseas sales expanding 9.8%.

Author: Marlène Rump, Senior Data Analyst

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Peru Trade Chart

Peru Trade12m February 2016

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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