Peruvian exports have multiplied thirteenfold so far in the 21st century,
In this regard, he emphasized that the South American country's foreign trade performance reflects the strength of the Peruvian economy and the macroeconomic stability achieved over the past decades.
Velarde made the remarks during a ceremony marking the 205th anniversary of the Declaration of National Independence, held at the Lima Metropolitan Municipality (MML) headquarters.
Within this framework, the BCR head recalled that in 2000 Argentina's exports were four times larger than Peru's, while Colombia's were nearly 80% higher.
However, he underscored that last year Peru exported more than Argentina and more than twice as much as Colombia.
The expert said this performance is part of the economic growth Peru has recorded over the past decades.
"If you look at this century, we are the country that has grown the most in South America," Velarde stressed.
The BCR chief highlighted that Peru has recorded the lowest inflation in Latin America during the 21st century.
"We have had the lowest inflation in Latin America this century. We have even experienced the longest period of low inflation in the country over the past 50 years," he pointed out.
The BCR governor also said short-term indicators continue to post favorable results.
Velarde noted that the trade surplus reached US$40 billion in May and estimated that it will soon climb to US$50 billion.
He added that General Sales Tax revenue is growing at double-digit rates, capital goods imports are up 27%, and private-sector employment has increased 5.1%.
However, the expert warned that El Niño phenomenon is already affecting economic activity, particularly in the fishing and agriculture sectors.
He explained that although the economy grew 3.6% between January and April, growth slowed to 1.8% in May due to the decline in fishing and weaker performance in the agriculture sector.
"The outlook is very positive, but there is a major challenge that will hit us: El Niño phenomenon, and we must be aware of that. The figures we see in the coming months may not be as strong, but that will be the result of a natural phenomenon that is already affecting us," he indicated.
BCR projections
According to the BCR's June 2026 Inflation Report, the Peruvian economy is projected to grow 3.4% this year, up from the previous forecast of 3.2%, driven by stronger performance in non-primary sectors and private spending.
The central bank explained that the upward revision reflects stronger expected private investment, particularly non-residential investment, as well as stronger private consumption, favored by labor market conditions and improved terms of trade.
However, it noted that this stronger growth will be partially offset by a weaker contribution from primary sectors due to the greater expected intensity and duration of El Niño phenomenon, as well as maintenance work at a natural gas liquefaction plant.
For 2027, the BCR projects that Peru's economy will grow 3.2%, driven primarily by the continued strength of the non-primary sectors.
However, it forecasts that primary sectors will continue to be affected by the climate anomalies associated with El Niño phenomenon, which are expected to persist until the summer of that year.
Publicado: 20/7/2026