Peru Trade September 2018


Peru: Trade surplus narrows in annual terms in September, as commodity exports continue to shrink

November 9, 2018

Peru’s trade balance recorded a USD 463 million surplus in September, widening from August’s USD 203 million surplus but more than halving from the USD 1.1 billion surplus recorded in the same month of last year.

Exports declined 12.6% year-on-year in September, the worst result in over two years, contrasting August’s marginal 0.2% increase. The notable drop was due to marked declines in exports of gold, copper and zinc, with exports to the EU and Asia recording noteworthy contractions. This was partially offset by significant expansions in the sales of agricultural, fishing and non-metallic mineral products. Meanwhile, imports rose a timid 1.6% annually in September, on higher purchases of raw materials for agriculture and industry and of capital goods for agriculture, but well below August’s 9.6% growth.

In the 12 months leading up to September, the trade surplus was USD 7.2 billion, below August’s USD 7.8 billion and the lowest reading in 6 months.

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, Senior Economist

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Peru Trade Chart

Peru Trade12m September 2018 0

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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