Peru: Trade surplus widens in October
December 9, 2016
In October, the Peruvian trade balance recorded a USD 274.7 million surplus, which was well above the trade surplus of USD 30.3 million registered in September and was a notable upswing from the USD 28.1 million deficit recorded in the same monthOctober last year.
The Central Bank reported that exports had increased 12.1% annually in October (September: +18.5% year-on-year). Exports of traditional goods—which include metals and coffee—recorded strong growth and were the main driver of the soaring expansion in exports overall. Meanwhile, imports grew 2.2% in October, which was slightly above September’s 1.9% expansion.
In the 12 months up to October, the trade balance was virtually flat (USD 0.02 billion), the first 12-month-sum surplus seen since February 2014. October’s result was an improvement from the USD 0.3 billion deficit seen in the 12 months up to September. This year started with a record deficit of USD 3.2 billion in January, but strong growth in exports of traditional Peruvian goods has been driving the overall reduction in the deficit observed since the beginning of the year.