Peru: Trade surplus narrows in August, on lower commodity exports
October 5, 2018
Peru’s trade balance recorded a USD 173 million surplus in August, the lowest print in over one year, narrowing from July’s USD 536 million surplus as well as from the USD 532 million surplus recorded in the same month of last year.
Exports declined 0.8% year-on-year in August, contrasting July’s strong 18.7% increase. The slight contraction was mainly due to notable declines in exports of gold, lead and natural gas—which were only partially offset by significant expansions in the sales of agricultural, fishing, textiles and chemical products—with exports to the EU and Mercosur recording noteworthy contractions. Meanwhile, imports rose 9.4% annually in August, on soaring purchases of fuels and lubricants, but slightly below July’s 10.5% growth.
In the 12 months leading up to August, the trade surplus was USD 7.8 billion, below July’s USD 8.2 billion and the lowest reading in 3 months.
Peru Trade Balance Forecast
Panelists participating in the LatinFocus Consensus Forecast see exports growing 5.7% in 2018 and the trade balance recording a surplus of USD 4.3 billion. For 2019, the panel sees overseas sales expanding 5.1% and a trade surplus of USD 4.1 billion.