Daily Management Review

Peru's exports show record drop in 10 years in March


Peru's exports showed a record decline in 10 years in March, including due to COVID-19; a decline is observed in all sectors, the Peruvian Exporters Association (ADEX) said.

"Exports in March amounted to $ 2.2 billion, falling by 40.7%, this is the most severe drop in recent years, even deeper than in April and January 2009 and in December 2008 (a decrease of 33.6% , 33.5% and 33.5% respectively), when Peru was hit by the effects of the financial crisis in the United States," the statement reads.

In this case, the country was faced with a set of factors - a drop in production and a reduction in global demand. "The country expects a deeper and longer fall, so an urgent government response is needed to increase the competitiveness of Peruvian exports," the association said.

All sectors failed, from the chemical (-25.6%), fisheries (-60%) to mining, except for metals (-66.9%). "In serious condition due to the paralysis of production against the backdrop of the COVID-19 sector, which in the last 12 months has been in a phase of reduction - textiles, metallurgy, woodworking and others," said ADEX.

In the first quarter, exports amounted to just over $ 9 billion 205 million, which is 15.8% less compared to the same period in 2019. The fisheries sector (-55.6%), oil and natural gas (-39.7%), as well as traditional agriculture (-33.4%) suffered the most. The mining sector declined by 11.3%.

source: reuters.com