The Central Bank of Peru published data showing Peru’s terms of trade increased 16.4% in the first quarter of 2025 compared with the same period a year earlier, supported by a 13.8% rise in export prices and a 2.2% decline in import prices. Export price gains were led by traditional exports, mostly mining products, whose quotations were boosted by trade tensions, and were also supported by higher prices for non-traditional exports including fishery, steel and metalworking, and chemicals. Lower import prices reflected a sharp fall in oil and oil-derivative prices and lower prices for industrial inputs such as iron, steel and textiles and food inputs including wheat and soy. The increase in average export prices was also linked to reduced inventories of industrial metals on major exchanges, ongoing supply constraints from lower production of copper and zinc concentrates and refined metals, and higher demand for safe-haven assets such as gold.
Central Bank of Peru 2025-05-29
Central Bank of Peru reports terms of trade rose 16.4% in Q1 2025 driven by higher export prices and lower import prices
The Central Bank of Peru reported a 16.4% increase in Peru's terms of trade for Q1 2025, driven by a 13.8% rise in export prices and a 2.2% decline in import prices. Export price gains were primarily due to higher prices for traditional mining products and non-traditional exports like fishery and chemicals, while lower import prices were influenced by a significant drop in oil and industrial input prices.