Peru: Trade surplus widens in May on a sizeable increase in commodity prices
July 6, 2018
Peru’s trade balance recorded a USD 459 million surplus in May, widening from April’s USD 398 million surplus as well as from the USD 363 million surplus recorded in the same month of last year.
Growth in exports remained robust in May, coming in at 16.4% year-on-year expansion from April’s strong 23.0% increase. Growth came mainly on the back of soaring overseas sales of copper, gold and natural gas as well as of petroleum products. Higher exports of fishery, agricultural, chemical 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 15.3% annually in May, on higher purchases of fuels, transport equipment and capital goods for the agriculture sector slightly below April’s 16.0% growth.
In the 12 months leading up to May, the trade surplus was USD 7.2 billion, above April’s USD 7.1 billion and the highest reading since July 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 sales expanding 5.1% and forecasts a trade surplus of USD 4.1 billion.