Peru's trade balance accumulated a surplus of US$15.083 billion over the last four quarters as of the end of 2023's third quarter, an amount that accounts for 5.7% of GDP, the Central Reserve Bank (BCR) has reported.
Thus, the country's annualized trade balance accumulated 29 consecutive quarters of positive results.
During the third quarter, the trade balance registered a surplus of US$3.363 billion, that is US$1.753 billion higher than that registered in the same quarter of 2022.
Imports reduction
The result recorded in the third quarter reflects the reduction in imports value, in a magnitude greater than that observed in exports.
The average price of imports fell due to a looser global food market and outlooks suggesting a deterioration in China's economy, which reduced the price of food and oil, respectively.
On the other hand, lower imported volume of inputs, capital goods, and non-durable consumer goods was observed. It was explained by lower dynamism of private spending.
Finally, the exports volume contracted due to lower external demand for textiles, as well as lower farming and fishing production related to climatic factors.