Peru exports up 11.9% in the first 8 months this year

RIO DE JANEIRO, BRAZIL – The National Institute of Statistics and Computing (INEI) reported on Monday (11) that Peruvian export revenue reached US$4,326.7 million in August, boosted by higher prices of crude oil and minerals such as tin, copper, iron, zinc and lead.

In the 8th month of the year, the total volume exported increased by 4.2% compared to the same month in 2020, driven mainly by the growth in shipments of non-traditional products (other than minerals and hydrocarbons), which rose by 16.4%.

NON-TRADITIONAL PRODUCTS UP

Specifically, within the sale of non-traditional products, the rise of the textile sector stood out, whose exported values increased by 68.9% in August due to higher sales of cotton polo shirts, cotton knitted T-shirts, and polo shirts and T-shirts made of other textile material.

The volume of non-metallic mining exports also posted a sharp increase, rising by 54.4% due to higher transactions of natural calcium phosphate and ceramic tiles, among others.

In addition, agricultural exports rose by 11.9% due to higher shipments of avocados, blueberries and asparagus; and foreign sales in the chemical sector rose by 16% due to higher transactions of undenatured ethyl alcohol, polypropylene polymer plates and plastic furniture.

TRADITIONAL PRODUCTS DOWN

On the other hand, foreign sales of traditional products, which contributed 67.82% of the total value of exports in August, fell by 1.6% compared to the same month last year, mainly due to the slump in the agricultural (-38.2%), oil and natural gas (-36.1%) and fishing (-10.0%) sectors.

Only the mining sector posted a positive 3.1% variation, driven by increased shipments of minerals such as gold, tin, iron and copper.

For the whole month of August, the main destination countries for Peruvian products were China (33.8%), the United States (17.0%), South Korea (5.7%), Chile (4.0%) and the Netherlands (3.8%).

IMPORTS UP 32%

INEI also reported on imports, which increased by 31.8% in August compared to the same month last year, a rise partly explained by the “statistical rebound,” after the measures adopted in 2020 to halt the spread of the coronavirus pandemic that affected the regular transit of goods.

The imports that grew the most were raw materials and intermediate products, up 53.1%, mainly due to the higher import volume of fuels, lubricants and related products (89.0%), as well as raw materials and intermediate products for industry (46.8%) and agriculture (12.1%).

In the same month, imports of capital goods and construction materials (24.6%) and consumer goods (5.4%) also increased.

According to INEI, the August trade balance in real value was negative by US$434.5 million, while the nominal balance was positive by US$315.6 million.