PERU: Progress Made On OECD Accession, Q1 Terms Of Trade Rise Sharply
Jun-04 12:15
- The government is said to have made progress on the trade chapter in its OECD accession process, according to comments from Foreign Trade and Tourism Minister Desilu Leon yesterday, reported in local media. Leon said that the government has now submitted all the requested information to the OECD and that approval from the organisation would conclude the accession process with regard to the trade chapter.
- Meanwhile, the BCRP said that the country’s terms of trade rose by 16.4% y/y in the first quarter, driven by a 13.8% gain in export prices, mostly mining related. At the same time, import prices declined by 2.2% y/y, driven by a decrease in oil prices and some industrial prices such as iron and steel.
- No further macro data are due this week, with focus ahead turning to next week’s BCRP MPC meeting, where most early analyst forecasts point to a rate hold on June 12, following the 25bp rate cut last month. Despite softer-than-expected CPI inflation in May, analysts see the central bank staying more cautious this month, constrained by the external backdrop.
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