Peru’s trade balance surplus stood at $14.752 billion in 2021, thanks to rising exports that managed to recover and even exceed pre-pandemic levels, the Central Bank of Peru reported. reserve (BCR).
Last year, exports totaled US$63.106 billion, which meant a new all-time high – 31.5% and 47.1% higher than in 2019 and 2020, respectively.
Traditional and non-traditional products are setting new heights.
Imports reached US$48.354 billion in 2021, which is 17.6% more than in 2019 and 39.3% more than in 2020.
In monthly terms, the trade balance recorded a surplus of $1.737 billion in December 2021, which is $267 million more than in December 2019.
This increase is linked to high terms of trade, mainly in terms of the prices of mining export products. The higher volume of non-traditional products exported also had an effect on the result.
This surplus is $439 million higher than that of December 2020.
In December 2021, exports totaled US$6.339 billion, 30.2% and 26.2% higher than December 2019 and 2020, respectively, reflecting high metal prices and the recovery in activity global economy.
Exports of traditional products totaled US$4.516 billion in December 2021, an increase of 29.7% compared to December 2019 due to higher prices (+50.1%), notably natural gas, minerals and coffee.
Compared to December 2020, traditional exports increased by 26.3%.
Meanwhile, non-traditional exports amounted to US$1.804 billion in December 2021, an increase of 30.5% and 25.5% compared to December 2019 and 2020, respectively.
Imports reached US$4.602 billion in December 2021, 35.4% and 23.5% higher than the amounts recorded in December 2019 and 2020, respectively, with widespread increases in all items – due to the recovery of domestic demand and rising prices.
For their part, the terms of trade have seen an average annual increase of 11.8% in 2021, the highest growth rate in the past 11 years.
This expansion is due to the increase in export prices (+30.3%).
Thus, the terms of trade continued the expansion of the previous year, in a context of improving prices for mining products, hydrocarbons and coffee.