Peru’s exports fell 15.3% in September versus the same month last year, marking the third worst decline in the value of shipments abroad so far this year, according to export association Adex.
Adex said the total value of exports in September was US$3.07 billion, financial daily Gestion reported.
Adex’s chief economist, Carlos Gonzalez, said the decline was due to a 21.4% decrease in the value of traditional commodity exports, which account for almost 70 percent of total exports.
Traditional exports declined to US$2.15 billion in September, due to a sharp decline in mining exports and oil and natural gas shipments.
Exports have fallen due to lower metal prices and a decline in production of some of Peru’s key minerals. More than 50% of Peru’s exports come from minerals like copper and gold.
Non-traditional exports, including those with added value, totaled US$923.1 million in September, increasing about 3% from the year-earlier month. The growth was supported by agro-exports, which grew 29.6%, while manufacturing declined 1.3%.
“The manufacturing shipments continued their lower trend; evidently the loss of competitiveness is a factor that we have to pay more attention to,” Gonzalez said.
China was the top market for Peru’s exports in September, followed by Switzerland and the United States and Canada, according to the report.