Peru: Annual trade surplus reached US$8.651 billion in February 2023

Peru: Annual trade surplus reached US$8.651 billion in February 2023

LIMA, April 20 (NNN-ANDINA) — Peru’s trade balance accumulated a surplus of US$8.651 billion in the last twelve months as of February 2023, the Central Reserve Bank (BCR) reported.

In monthly terms, the trade balance surplus totaled US$866 million in February.

Exports totaled US$4.701 billion in February, down 18% compared to the same month in 2022 due to lower volumes and prices, and largely explained by transportation problems that copper and gold companies faced in said month, particularly in the southern region.

In the first two months of the year, foreign sales amounted to US$9.521 billion, 15.2% lower than those of the same period in 2022.

In February, exports of traditional products totaled US$3.080 billion, a decline of 27.8% year-on-year, mainly due to lower volumes and prices of mining products.

Non-traditional products grew 10.6% year-on-year in February, totaling US$1.601 billion, mainly explained by higher volumes of exported agricultural and fishery products and higher prices of textile and non-metallic mining products.

In the first two month-period, traditional exports decreased 23.7%, while non-traditional ones grew 9%.

Imports totaled US$3.835 billion in February, 4% lower than the same month last year, mainly due to lower volumes of industrial inputs.

Accumulated imports from abroad reached US$7.461 billion in January-February 2023, a 9.6% reduction compared to the same period in 2022.

MEANWHILE, Peruvian Deputy Minister of Foreign Affairs Ignacio Higueras on Wednesday met with Australia’s Assistant Minister for Trade Tim Ayres in SYDNEY.

The meeting was intended to promote bilateral trade and investments in Peru, based on the growth potential from joining the Peru-Australia Free Trade Agreement (PAFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

It should be noted that Australia is Peru’s primary trading partner in Oceania.

In 2022, Peruvian exports to that country amounted to US$98.8 million.

With a significant presence in the Peruvian mining sector, Australia is 5th largest foreign investor in the mining sector, and this investment has grown steadily.


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