Trade balance surplus in Peru totaled US$14.752 billion in 2021, as a result of the progress of exports which managed to recover and even exceeded pre-pandemic levels, the Central Reserve Bank (BCR) has reported. Last year, exports totaled US$63.106 billion, which meant a new historical maximum figure —higher by 31.5% and 47.1% than those of 2019 and 2020, respectively. Both traditional and non-traditional products set new highs. Imports reached US$48.354 billion in 2021, 17.6% higher than in 2019 and 39.3% greater than in 2020. In monthly terms, trade balance registered a surplus of US$1.737 billion in December 2021, US$267 million higher than in December 2019. This progress is linked to high terms of trade, mainly in the prices of export mining products. The higher volume of exported non-traditional products 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 those of December 2019 and 2020, respectively, thus reflecting the high prices of metals and the recovery of world's economic activity.
Shipments abroad
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%) —particularly of natural gas, minerals and coffee. Compared to December 2020, traditional exports were higher by 26.3%. Meanwhile, non-traditional exports amounted to US$1.804 billion in December 2021 —greater by 30.5% and 25.5% compared to December 2019 and 2020, respectively.
Imports
Imports reached US$4.602 billion in December 2021, 35.4% and 23.5% higher than the amounts registered in December 2019 and 2020, respectively, with generalized increases in all items —as a result of domestic demand recovery and higher prices. For its part, terms of trade experienced an average annual increase of 11.8% in 2021 —the highest growth rate over the recent 11 years. This expansion was due to the rise in export prices (+30.3%). Thus, terms of trade continued the expansion of the previous year, in a context of improved prices of mining products, hydrocarbons and coffee.