Peru: Exports continue to grow at double-digit pace
April 8, 2011
In February, exports expanded 25.2% over the same month last year to reach USD 3.3 billion, which was above the 20.0% increase observed in January. The monthly expansion reflected stronger growth in shipments of agricultural products and minerals, which were favored by rising commodity prices. Meanwhile, imports expanded 36.5% in February (January: +31.0% year-on-year) to reach USD 2.6 billion, driven by strong domestic demand. As a result, the trade surplus widened from USD 215 million in January to USD 766 million in February. The February expansion confirms the strong recovery of the external sector, with the moving 3-month sum in exports reaching USD 10.0 billion, which was above the pre-crisis peak of USD 8.7 billion witnessed in July 2008 and fully recovered from the trough of USD 5.4 billion observed in March 2009. In its March inflation report, the Central Bank revised its export growth estimates and now expects exports will grow 17.3% this year, up from its December 9.2% estimate. For 2012, the Bank anticipates exports to grow 8.4%.
Author: Ricardo Aceves, Senior Economist