Peruvian exports posted first gain after 25 consecutive months of decline, as they grew 1.07% in March compared to the same month last year, amounting to US$2.66 billion, Peru's Exporters Association (Adex) informed.
Within the past four years of continued decline, the last time exports experienced a monthly rise was in February 2014 and, coincidentally, exports expanded 1.1% at the time.
According to Adex President Juan Varilias, March growth was driven by traditional exports, up by 9%, mainly due to a better performance of agriculture, fisheries and mining sectors.
The fisheries sector saw the greatest rise, as shipments amounted to US$162.4 million in the third month of the year, up by 450% compared to US$29.5 million in March 2017. Agriculture grew 97%, underpinned by increased demand for coffee, whereas mining rose by 9% thanks to gold and copper.
“As for copper, growth was enhanced driven by increased exports (up by 47%), which already exceed its price’s downward trend (10%). On the contrary, in the case of coffee and fish meal, we should be more careful before suggesting a consolidated growth,” he said.
As for coffee, a statistical growth is observed due to last year’s low export levels, and due to the fact that, in the first quarter, exports were significantly lower than the average monthly export volume in 2015. For that reason, he said we should wait until the second quarter to have a clearer idea regarding the product.
Likewise, the extraordinary growth of fish meal in February (285%) and March (450%) was driven by a higher catch of anchovy in late 2015.
Concern about non-traditional exports
This year traditional sector positive figures were overshadowed by the substantial decline in non-traditional exports, which contracted 13.58% to US$782 million.
Every non-traditional category experienced a negative growth in the third month of 2016.
(END) JCC/JCC/RMB/MVB
Published: 5/3/2016