Macroeconomic Forecast Peru

BMI View: Peru's trade balance for May shows that exports continue to outpace imports: exports soared by 63.0% y-o-y and imports by 43.4% y-o-y. Peru has registered a trade surplus every month for the last two years and look set to keep doing so in 2011 and 2012 on the back of strong copper prices. Nevertheless, the Peruvian current account remains consistently in deficit as a result of foreign investors repatriating their profits; although we could expect the deficit to narrow if the government pushes ahead with the introduction of higher mining taxes.

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