Peru: Trade surplus widens in June, supported by higher commodity prices
August 13, 2018
Peru’s trade balance recorded a USD 1,164 million surplus in June, the highest print so far this year, widening from May’s USD 544 million surplus as well as from the USD 790 million surplus recorded in the same month of last year.
Growth in exports remained robust in June, coming in at 17.5% year-on-year following May’s strong 18.8% increase. Growth came mainly on the back of soaring overseas sales of copper, zinc and natural gas, as well as of petroleum products. Higher exports of fishery, metal-mechanical and textile products also contributed to the expansion. Behind the positive result was an increase in the price of Peru’s exports, while volumes remained virtually unchanged. Meanwhile, imports rose 9.8% annually in June, on higher purchases of fuels, and raw materials for the agriculture and industrial sectors. The figure for imports in June was well below May’s 15.3% growth.
In the 12 months leading up to June, the trade surplus was USD 7.9 billion, above May’s USD 7.6 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.