Peruvian agricultural exports grew 7.1% in October

In October of this year, exports of agricultural products from Peru totaled 869 million dollars in October, which represented an increase of 7.1% compared to the same month of 2021, reported the Central Reserve Bank (BCR).

In said month, there were higher sales of blueberries, fresh grapes, shrimp and prawn feed, and crude palm oil, among others.

In terms of volume, these exports increased by 13.9% compared to the same month in 2021, mainly explained by shipments of blueberries, grapes and avocados, while prices decreased 6.0% year-on-year. Exports of agricultural products accumulated a value of 6,675 million dollars in the first ten months of 2022, which meant 8.4% higher than those registered in the same period of 2021, mainly favored by the increase in volumes shipped by 10.7 percent.

Although the world economy has been showing signs of heading, little by little, towards a recession for some time now. According to the World Economic Outlook (WEO) report of last October, prepared by the International Monetary Fund (IMF), world growth would go from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023.

For advanced economies, growth is projected at 2.4% in 2022 and 1.1% in 2023. Of that group, US growth is projected to decline from 5.7% in 2021 to 1.6% in 2022 and a 1% in 2023. While in the euro area -refers to the latest Comex bulletin- the deceleration would be less pronounced in 2022 (+3.1%), but it would be deeper in 2023 (+0.5 percent).

For the US, Peru represents 41.7% of its import basket of blueberries, 30.6% of grapes and 6.4% of avocado. While for China they represent 78.9%, 24.6% and 60.8% for those same products.