Peru's trade surplus narrowed sharply to USD 29 million May 2019 from USD 580 million in the same month of the previous year. It was the smallest trade surplus since March 2016, as exports tumbled 15.5 percent year-on-year to USD 3.59 billion, mainly due to lower sales of crude oil and natural gas (-36.8 percent); mining products (-10.2 percent); fishing (-34.9 percent); agricultural (-9.8 percent); textiles (-0.8 percent); wood & paper (-10 percent); and metallurgy and jewellery (-6.2 percent). Imports fell at a softer 2.9 percent to USD 3.56 billion, mostly due to lower purchases of consumption goods (-3.2 percent), led by durable (-13.8 percent); and other imports (-20.8 percent). Also, raw materials and intermediate goods declined (-10.0 percent), of which raw material (-8.1 percent) and fuels & lubricants (-19.6 percent). Meanwhile, purchases of capital goods increased by 10.4 percent. Balance of Trade in Peru averaged 95.54 USD Million from 1957 until 2019, reaching an all time high of 1290.20 USD Million in December of 2011 and a record low of -676.30 USD Million in January of 2014.
Balance of Trade in Peru is expected to be 1180.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Peru to stand at 1150.00 in 12 months time. In the long-term, the Peru Balance of Trade is projected to trend around 1130.00 USD Million in 2020, according to our econometric models.