Peru: Trade surplus moderates in August
October 7, 2016
In August, the trade balance recorded a USD 25.2 million surplus, which was a notable upswing from the USD 127.0 million deficit recorded in the same month last year but came in below the trade surplus of USD 555.9 million registered in July.
The Central Bank reported that exports had increased 4.7% annually in August (July: 16.2% year-on-year). Exports of traditional goods—which include metals and coffee—remained healthy despite decelerating from the double-digit expansion recorded in July. In addition, overall exports benefited from a rebound in shipments of non-traditional goods, which rose markedly in August. Meanwhile, imports fell 0.3% in August, which was substantially softer than July’s 13.0% drop.
In the 12 months up to August, the trade balance posted a deficit of USD 0.8 billion, the narrowest 12-month-sum deficit seen in 31 months. August’s reading was thus smaller than the USD 0.9 billion deficit seen in the 12 months up to July. 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.