The main culprit on the exports side is the price of copper and its base metals friends, as 60% of exports from this monocultural economy are metallic. On the imports side, capital goods and construction primaries imports are down 45% and intermediates down 43%. As an aggregate, Peru's trade with the rest of the world is down a whopping 32% and that will only get worse for the July numbers due to the absolute peak in metals revenues for that month in 2008. But don't worry, because everybody's investing in Peru right now according to the government...these numbers can't be right...can they?How these liars and charlatans must be looking forward to November when they can finally point to a YoY increase in things, but that will only be because world metals prices are better than they were back then. Economic miracle? Gimme a break!
Metal up = Peru up.
Metal down = Peru down.
End of story.
Metal down = Peru down.
End of story.