Peru: Exports hit record-high in July
August 9, 2011
In July, exports expanded 39.3% over the same month last year to USD 4.2 billion, which marked the highest level since records began. The expansion was faster than the 31.3% increase observed in June and reflected strong shipments of traditional exports, in particular of minerals (+39.9% year-on-year) and petroleum products (+116.3% yoy), which continue to benefit from high global commodity prices. On the other hand, imports grew 20.1% year-on-year in July (USD 3.1 billion), well below the 41.3% expansion observed in June. As a result, the trade surplus widened from USD 838 million in June to USD 1.1 billion in July. In its June inflation report, the Central Bank expects exports to grow just 3.8% this year, before picking up 7.8% next year.
Author: Ricardo Aceves, Senior Economist