Bloomberg News

Peru Posts Biggest Trade Deficit Since 2008 on Metal Exports

July 10, 2012

Peru posted its biggest trade deficit since 2008 as a faltering global recovery curbed demand for the country’s copper and gold.

The deficit was $106 million in May compared with a $34 million gap in April and a $907 million surplus a year earlier, the country’s national statistics agency said in an e-mailed report.

Shipments overseas fell 16 percent to $3.37 billion in May, as declining sales of metals and fishmeal offset a rise in non- commodity exports, the agency said. Imports climbed 11 percent to $3.48 billion on increased purchase of cars, televisions, dump trucks and soybean.

The government last month added $750 million to an economic stimulus package amid a deteriorating outlook for its metals and manufacturing exports. Falling metal prices will lead Peru’s exports to decline this year for the first time since 2009, the central bank said June 15.

The Peruvian sol climbed 0.2 percent to 2.6340 per U.S. dollar at 10:22 a.m. in Lima, according to Deutsche Bank AG’s local unit.

To contact the reporter 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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