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Exports Grow For Third Consecutive Year, Q4 GDP Due Tomorrow

PERU
  • USDPEN rose for a second consecutive session on Wednesday, however, the pair remains below 3.80 with Q4 GDP scheduled for release on Friday. The Peruvian Sol is broadly consolidating its most recent recovery amid reports of central bank intervention. FX swaps and the sale of greenbacks in the spot market have been the preferred method used by officials, especially near the close of each session.
    • “It looks like having the exchange rate between 3.8 and 3.9 did not make the central bank very comfortable, and they thought it could be more tied to speculators,” said an economist at BBVA Peru. - BBG
  • According to the Central Reserve Bank (BCR), Peru's traditional and non-traditional exports accumulated their third consecutive growth year in 2023, driven by higher shipments and by prices, respectively.
    • "Sales abroad of traditional products reached a total of US$48.6 billion in 2023, which implied a 1.8% rise compared to 2002. This result was driven by higher shipments of mining products (+11.6%) abroad," the BCR explained.
  • Separately, Foreign Affairs Minister on Wednesday affirmed that the Finance and Central Bank Deputies Meeting (FCBDM), which started yesterday, is highly oriented to strengthening the economy of SMEs.
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