Peru: Trade balance swings to deficit in October, as commodity exports continue to shrink
Peru’s trade balance recorded a USD 155 million deficit in October, swinging from September’s USD 521 million surplus and from the USD 368 million surplus recorded in the same month of last year. The reading represents the worst result in almost two and a half years.
Exports declined 2.8% year-on-year in October, following September’s sharp 11.3% fall. October’s drop was due to marked declines in exports of gold, copper, zinc and oil-based fuels. Exports to China declined markedly, along with sales to South Korea which more than halved. This was partially offset by significant expansions in the overseas sales of fishing and metal mechanic products. Meanwhile, imports rose a robust 11.4% annually in October, on surging purchases of fuels and lubricants and of building materials, well above September’s 1.7% growth.
In the 12 months leading up to October, the trade surplus was USD 6.8 billion, below September’s USD 7.3 billion and the lowest reading in 8 months.