Peru posted its first trade deficit in more than a decade last year, although signs of a recovery in exports were seen in the final month of 2013.
The Central Bank reported that Peru had a trade deficit of $365 million in 2013, as exports and export revenue declined on lower prices for copper, gold and other metals.
The trade deficit was expected by economists. However, the data that came in was slightly less onerous than expected thanks to strong trade figures in December.
In December, Peru had a trade surplus of $480 million, which the Central Bank says was the biggest monthly surplus in 2013. Exports in December totaled $3.63 billion, which was 11.5 percent higher than in November.
The strong showing in December is likely a precursor for a recovery expected in 2014, thanks to higher mineral production and recovery in international markets.
The Central Bank says it forecasts a trade surplus of $40 million this year and $1.7 billion next year.
Peru’s exports are heavily skewed towards minerals, which account for about 60 percent of all exports.