Peru Trade May 2019


Peru: Trade surplus at seven-month low in May

July 5, 2019

Peru’s trade balance recorded a USD 29 million surplus in May, narrowing from April’s USD 251 million surplus as well as from the USD 580 million surplus recorded in the same month of last year.

Exports nosedived 15.5% year-on-year in May, due to both lower prices and quantities, following April’s much softer 2.2% dip. Lower foreign sales of mining and agricultural products, a significant fall in exports of oil and natural gas, and a sharp plunge in sales of fishing products abroad were behind the negative result. Meanwhile, imports contracted 2.9% annually in May, contrasting April’s anemic 0.2% uptick, dragged down by lower purchases of durable consumer goods and fuels.

In the 12 months leading up to May, the trade surplus was USD 5.9 billion, below April’s USD 6.4 billion surplus and the weakest reading since August 2017.

Panelists participating in the LatinFocus Consensus Forecast see exports growing 5.1% in 2019 and the trade balance recording a surplus of USD 5.0 billion. For 2020, the panel sees overseas sales expanding 4.8% and a trade surplus of USD 4.5 billion.

Author: Massimo Bassetti, Economist

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Peru Trade Chart

Peru Trade12m May 2019

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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