Bloomberg News

Peru’s Exports Fell 19% in September on Metals, Agriculture

October 31, 2011

(Updates with metals, agriculture from second paragraph.)

Oct. 31 (Bloomberg) -- Peru’s exports fell 19 percent in September from August on declining sales of mining, farm and textile products, exporter group Comexperu said.

Commodity exports dropped 22 percent as mining shipments fell 24 percent on lower copper and gold prices, the group said in an e-mailed statement.

The drop in overseas sales “comes a result of global turbulence” and suggests Peru needs to do make greater use of its free trade agreements with China, the U.S. and the Europe Union to diversify its exports, the group said.

Agricultural exports dropped 14 percent, the group said, citing data from the government’s tax and customs duty collection agency. Textile shipments fell 12 percent on falling U.S. demand.

Peru’s government on Oct. 19 announced it will expand economic stimulus measures aimed at countering a global slowdown. The measures, which include increased spending on infrastructure over the next six months, will be equivalent to 1 percent of gross domestic product, Finance Minister Miguel Castilla said.

Metals account for about two-thirds of the South American country’s exports.

In the first nine months of 2011, Peru’s exports rose 33 percent to $33.8 billion from a year earlier, Comexperu said.

The sol was unchanged at 2.7067 per dollar at 12:25 p.m. New York time.

--Editors: Richard Jarvie, Robert Jameson

To contact the reporters on this story: John Quigley in Lima at jquigley8@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net


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