Peru Trade March 2019


Peru: Trade surplus widens in March but strike at Las Bambas mine hampers exports

May 10, 2019

Peru’s trade balance recorded a USD 431 million surplus in March, widening from February’s USD 336 million surplus but lower than the USD 667 million surplus recorded in the same month of last year.

Exports dived 11.8% year-on-year in March, due to lower prices and quantities, following February’s much softer 3.6% fall. A plunge in foreign sales of mining products more than offset much higher exports of fishing products. Exports of copper plummeted as Las Bambas mine did not record shipments as the roadblock was maintained. Moreover, gold exports also fell notably mainly due to lower production at Buenaventura mine due to heavy rainfall. Meanwhile, imports contracted 7.3% annually in March, contrasting February’s 3.1% rise, dragged down by lower purchases of capital and consumer goods.

In the 12 months leading up to March, the trade surplus was USD 6.5 billion, below February’s USD 6.7 billion surplus and the weakest reading in over one year.

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, Economist

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Peru Trade Chart

Peru Trade12m March 2019

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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