Peru Merchandise Imports (USD bn)

Merchandise exports contract at a more pronounced pace in January

Merchandise exports dived 14.5% on an annual basis in January (December: -5.1% year-on-year). Meanwhile, merchandise imports plunged 14.8% over the same month last year in January (December: +3.5% yoy), marking the weakest reading since August 2020.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 1.1 billion surplus in January (December 2023: USD 1.5 billion surplus; January 2022: USD 1.2 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 9.4 billion surplus in January, compared to the USD 9.6 billion surplus in December.