Peru's Trade Surplus Narrows in June on Declining Exports

Peru’s trade surplus narrowed in June as slowing global growth crimped demand for the country’s metals, natural-gas and fishmeal.

The surplus was $442 million in June, compared to a revised $58 million surplus in May and a $1.02 billion surplus in June a year ago, Peru’s national statistics agency said in an e-mailed report today. Analysts expected a $30 million trade deficit, according to the median estimate of seven economists surveyed by Bloomberg.

Exports fell 14 percent to $3.57 billion in June, as gold sales abroad dropped 29 percent and copper and natural-gas exports both slid 15.5 percent. Imports led by industrial machinery and cars rose 0.1 percent to $3.1 billion.

An economic slowdown in China and Europe has caused metal prices to fall, weakening exports in the world’s third-largest copper producer. Copper has declined 14 percent in the past 12 months on the Comex exchange in New York. Central bank President Julio Velarde said Aug. 6 that flagging European demand has also cut Peru’s textile exports.

The Peruvian sol was little changed at 2.6175 per U.S. dollar at 1:28 p.m. in Lima.

To contact the reporters on this story: Matthew Malinowski in Santiago at mmalinowski@bloomberg.net; Alex Emery in Lima at aemery1@bloomberg.net

To contact the editor responsible for this story: Philip Sanders at psanders@bloomberg.net

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