Chile: Two Activity Roads Diverged More

Chile: Two Activity Roads Diverged More

Nader Nazmi, Oscar Munoz - Market Economics
Latam Macro Snapshot | 28 Jun 2013 18:26 | 242 Kb

Supply and demand data diverged further in May. Retail sales data showed continued strong consumer demand while manufacturing and IP data reflected slowing production. Manufacturing production declined 4.2% y/y in May, surprising our and market expectations projecting expansions of 1.3% and 1.7% y/y, respectively. The setback in manufacturing production was broad-based with eight of its thirteen divisions retreating in the month. Apart from being impacted by a high comparison base, the main contribution to the annual contraction came from lower production of chemicals (-12.6% y/y).

Peru: Deteriorating terms of trade and trade balance in Q1

Peru: Deteriorating terms of trade and trade balance in Q1

Nader Nazmi, Oscar Munoz - Market Economics
Latam Macro Snapshot | 13 May 2013 20:37 |

The trade balance shifted to a deficit of USD 29mn in Q1 from a surplus of USD 1.5bn in Q4. On a 12-month accumulated basis, Peru’s trade surplus narrowed to USD 3.4bn in March from USD 10.8bn a year ago.