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Briefing

Peru: External Accounts

Appears in: Latin America, Macroeconomy, Peru, Current Account, International Trade and Globalization, Trade and External Balance

Critical Issues

Background:

Andean current accounts were highly affected by the global economic crisis, as trade volumes shrunk due to a strong collapse in exports. and a similar decline in imports (sometimes even sharper), which palliated the negative effect of a weak external demand. In 2010, while the global economic recovery has benefitted Andean exports, domestic demand growth helped the recovery in imports. Looking into 2011, the slow recovery of the global economy will be the main drag in the performance of exports. Alongside, appreciated exchange rates are weighting on exporters, which have turned eyes to the monetary authorities for aid with the competitiveness of the sector.  Imports, on the other hand, may also see moderation, as the rapid domestic recovery cools in the absence of excessive economic stimulus and the fading of favorable base effects.

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