Peru recorded a US$ 2.554 billion trade deficit in 2014, according to an article by Reuters.
The Central Reserve Bank of Peru (BCR) published a report describing the 2014 results that resulted in the country’s largest yearly shortfall ever.
Despite the largest annual trade deficit, Peru registered a US$ 142 million trade surplus in Dec. 2014. As the previous nine consecutive months had been large deficits, this came as good news. December appeared to be a good month for the country as Peru recorded a US$ 629 million surplus in 2013. As well this gives an idea for the current economic position of the country.
The international and local climate was not working in the favor of Peruvian products. The market for metals saw a significant drop in prices and in addition, Peru dropped in gold and copper production and exports.
This left Peru in the biggest trade deficit it’s seen since 1950. According to Reuters, in 2013, Peru posted a $40 million trade deficit, its first in 12 years.
The trend is apparently not going to budge very much as the BCR has predicted a US$ 2.8 billion trade deficit for 2015.
Reuters released the figures for the trade balance of 2014 in dollars:
Dec. 2014 Dec. 2013 Balance 142 mln 629 mln Exports 3.241 bln 3.788 bln Imports 3.099 bln 3.159 bln.The Central Reserve Bank forecasts an even higher deficit for 2015.