Peru: Trade surplus widens in July on higher commodity prices
September 6, 2018
Peru’s trade balance recorded a USD 489 million surplus in July, down considerably from June’s USD 1,284 million surplus but more than double the USD 230 million surplus recorded in July 2017.
Growth in exports remained strong in July, coming in at 17.3% year-on-year following June’s hefty 20.7% increase. Growth came mainly on the back of soaring overseas shipments of copper, zinc, natural gas and petroleum products. A significant increase in exports of fishery products also contributed to the expansion. Behind the positive result was a solid increase in both the price and volumes of Peru’s exports. Meanwhile, imports rose 10.5% annually in July, largely on the back of higher purchases of fuels and raw materials for the industrial sector. The figure for imports in July was slightly above June’s 9.9% growth.
In the 12 months leading up to July, the trade surplus was USD 8.2 billion, above June’s USD 8.0 billion and the highest reading since June 2012.
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 forecasts expanding 5.1% and a trade surplus of USD 4.1 billion.
Author: Javier Colato, Economist