BCR: Terms of trade grew 5.3% in 2023

The terms of trade reached an increase of 5.3 percent last year, recovering from the drop recorded in 2022.

Export prices decreased 1.9 percent, due to the mineral and hydrocarbon sectors; while import prices fell 6.8 percent, due to the behavior of inputs.

In December 2023, the terms of trade registered an increase of 9.4 percent compared to the same month of 2022. This advance was favored by the increase in export prices of 2.8 percent, mainly due to the increase in the price copper (11.2 percent), gold (13.2 percent) and non-traditional agriculture (27.2 percent). For their part, import prices were reduced by 6 percent due to lower prices of oil, food and industrial inputs.

Compared to November 2023, the terms of trade increased 3.7 percent. Export prices increased by 1.3 percent and import prices decreased by 2.4 percent.