Andina

Peru: Trade balance records surplus for 2nd consecutive month

17:31 | Lima, Sep. 7.

Peru records trade surplus for two consecutive months in July 2020, after two months (April and May) of deficit due to the impact of the health emergency caused by COVID-19, according to figures from the Central Reserve Bank (BCR).

Thus, the trade balance recorded a US$899 million surplus in July, widening from June's US$585 million surplus.

In May, the trade balance showed a deficit of US$224 million, while in April a deficit of US$481 million. Both results were directly attributable to the coronavirus health crisis.

Pre-COVID-19 levels

However, between June and July, the country's trade balance resumed its surplus trend, that is, it reached its pre-COVID-19 levels.

For instance, the trade balance showed a US$294 million surplus in January, a US$593 million surplus in February, and a US$194 million surplus in March.

Better prices

The July surplus was driven by exports of primary products due to a rapid recovery in the prices of raw materials, with copper standing out among this group.

In this case, another key factor in this increase is the performance of agro-exports.

Moreover, it must be borne in mind that the most exports were made in the second half of the year, according to specialists.

(END) SDD/JJN/RMB/MVB

Published: 9/7/2020