The Central Bank of Peru published data showing that Peru’s terms of trade increased 35.9 percent year on year in the first quarter of 2026. The gain was driven by a 37.3 percent rise in export prices, led mainly by traditional exports, especially mining products. Among the largest contributors were higher prices for gold, up 70.1 percent, copper, up 37.0 percent, zinc, up 6.5 percent, and silver. Higher lead prices, linked to the high silver content of concentrates, and agricultural products such as coffee, up 47.2 percent, also supported the increase. The trend was reinforced by higher prices across most non-traditional sectors, except fisheries and non-metallic mining, with siderometallurgical products rising 29.0 percent. This effect was partly offset by a 1.1 percent increase in average import prices, mainly reflecting dearer consumer goods, up 4.0 percent, and capital goods other than construction materials, up 3.3 percent.
Central Bank of Peru2026-05-27
Central Bank of Peru reports terms of trade rose 35.9 percent in the first quarter of 2026 on stronger export prices
The Central Bank of Peru reported that Peru’s terms of trade rose 35.9 percent year on year in the first quarter of 2026, driven by a 37.3 percent increase in export prices led by traditional mining exports. Higher prices for gold, copper, zinc, silver and coffee, as well as most non-traditional exports, outweighed a 1.1 percent rise in import prices, mainly from consumer and capital goods.