Andean Group - May 2008 (ISSN 1741-4466)

The country's export receipts in February came to US$2.83bn, up 49% on the same month of 2007. The performance is all the more impressive considering that the peso has appreciated by 13% against the dollar in the 12 months to April 2008. The main reason for the rise is the commodity price boom. Earnings from traditional exports were up by 75% at US$1.4bn. Strong US demand for oil helped: exports to the US were up by 48%, year-on-year. For the first two months of the year exports are up by 52%, rising from US$3.7bn in the first two months of 2007 to US$5.67bn in the same period of 2008. The increase in exports was almost offset by a surge in imports. In the first two months of 2008, the trade surplus was US$43m. The country ran large trade surpluses with Venezuela (US$732m); the US (US$295m); Ecuador (US$76m) and Belgium (US$69m). The country ran big deficits with China; Mexico and Brazil.

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