The Central Reserve Bank of Peru (BCRP) revised downward its projection of exports. Of the US$68,179 million that was expected three months ago, now It is expected to reach US$66,131 million in national shipments by the end of 2023which would represent a drop of 0.2% compared to 2022, when it reached US$66,235 million.
According to the monetary entity, this downward revision is explained by the fall that has been taking place in the copper price and zinc, as well as a lower production of fishmeal and gold, basically. In addition, he determined that the price of exports would fall 3.1%, mainly for traditional products.
“Export prices have been corrected downwards for 2023, mainly for some industrial metals (copper and zinc) and natural gas; a revision that is explained by lower-than-expected growth in the real estate sector in China, negative prospects for the recovery of the copper demand of China by non-commercial investors, high levels of zinc and gas production, a warmer climate than expected in Europe and a less adjusted global market”, details the inflation report of the Central Reserve Bank.
In detail, the BCRP estimates that traditional exports will amount to US$46,929 million, while non-traditional exports will reach US$18,993 million at the end of the current year.
Projection of exports for 2023 and 2024. Source: BCRP
Meanwhile, by 2024, Peruvian exports are expected to recover and reach US$68,824 million, which represents a growth of 4.1%. This better dynamism is explained by an increase in the exported volumes of copper and natural gas, as well as higher prices for gold, natural gas and non-traditional products.
Source: Larepublica
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