The terms of trade grew by 16.4% in the first quarter of this year compared to the same period in 2024, the
"This increase was mainly driven by a 13.8% rise in export prices, particularly traditional products —mostly mining-related— whose prices were boosted by trade tensions," the issuing entity explained.
"The rise in prices of non-traditional products, such as fishery, metalworking, and chemical goods, also contributed to the result," it added.
The BCR noted that, to a lesser extent, the 2.2% drop in import prices contributed to the result as well.
This decline was driven by a sharp decrease in oil and its derivative prices, along with lower prices for inputs —both industrial, such as iron and steel and textiles, and food-related, notably wheat and soy.
"The increase in average export prices was influenced by the reduction of industrial metal inventories in major exchanges, the continued supply constraints due to lower production of copper and zinc concentrates and refined products, and higher demand for safe-haven assets such as gold," it stated.