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Peru in ninth trade deficit; US$ 253 million in the redTuesday, January 13, 2015 > 09:45:17
(Peru This Week)
The Peruvian state recorded a ninth trade deficit of US$ 253 million under, according to the Central Reserve Bank of Peru (BCR).
From Jan. to Nov. of 2014, the BCR recorded an accumulated deficit of US$ 2.7 billion. In 2013, during the same period, a deficit of US$ 699 million was experienced.
The Central Reserve Bank claims this to be much the result of the mining industry. As 60% of Peru’s exports are minerals, of the major varieties copper and gold, the falling prices of these items are directly reflected in the ups and downs of the economy. As recent months saw big buyers in the market purchasing less and, additionally, overall investment in extraction of the minerals reduced in the country, the mining industry fell in production and trade.
According to the BCR, the negative trade balance is a lower deficit though subtle, at US$ 296 million recorded in October, but a lot higher than the trade gap of US$ 23 million recorded in Nov. 2014. Considering these numbers and trends, Peru is set to record its second consecutive annual trade deficit of just over US$ 3 billion.
Exports in Nov. 2014 summed up to US$ 3.002 billion, a drop from the same period in 2013 that totaled US$ 3.37 billion, according to BCR. Significant to these numbers of course is the mining. According to the bank, gold sales fell in November to US$ 361 million, compared to US$ 514 million of the same period in 2013. Finally, copper fell to US$ 744 million from US$ 798 million in the same period.