Export Growth and Diversification : The Case of Peru

Illescas, Javier; Jaramillo, C. Felipe

Export Growth and Diversification : The Case of Peru

Autores

Descripción

The rapid growth of exports since the early 1990s is a central feature in the extraordinary rise of Peru's economy in recent years. This study puts a lens on this export growth episode, with special attention to two issues. The first one is the role of international price levels as well as export volumes in explaining this growth. The second one is whether Peru has seen a diversification of its exports during this growth episode. The empirical analysis finds that although the increase in international mineral prices has exerted a significant impact in recent years, much of the growth of Peru's export revenues has also been related to an increase in volumes. This finding applies to traditional and non- traditional exports, although the importance of volumes is more predominant for the latter. The analysis does not reveal a trend toward greater diversification of Peru's exports since 1993. On the contrary, some of the evidence suggests that the rises in price and volumes in the mining components could be leading to greater concentration. Nonetheless, there is a clear trend toward diversification among non-traditional exports due to the significant emergence of new export products in recent years.

Palabras clave

ADVERTISING, AGGREGATE LEVEL, AGRICULTURAL PRODUCTS, AVERAGE GROWTH, AVERAGE GROWTH RATE, CENTRAL BANK, COMMODITY PRICE, COMPARATIVE ADVANTAGE, COMPARATIVE ADVANTAGES, DEBT, DEFLATORS, DEVELOPED COUNTRIES, DEVELOPING COUNTRIES, DEVELOPMENT ECONOMICS, DEVELOPMENT POLICY, DISAGGREGATED LEVEL, DIVERSIFICATION, ECONOMIC ACTIVITY, ECONOMIC BOOM, ECONOMIC DEVELOPMENT, ECONOMIC GROWTH, ECONOMIC PERFORMANCE, ECONOMIC POLICY, ECONOMIC REFORM, ECONOMIC REFORMS, ECONOMICS LETTERS, EMPIRICAL EVIDENCE, EMPIRICAL LITERATURE, EXCHANGE RATE, EXCHANGE RATES, EXPORT, EXPORT DIVERSIFICATION, EXPORT GROWTH, EXPORT MARKETS, EXPORTS, FINANCIAL CRISIS, FOREIGN EXCHANGE, FOREST RESOURCES, GDP, GLOBAL ECONOMY, GLOBAL MARKETS, GROWTH EPISODE, GROWTH MODEL, GROWTH RATE, GROWTH RATES, GROWTH REGRESSIONS, HIGH GROWTH, HUMAN CAPITAL, INCOME, INCOME LEVELS, INCREASING RETURNS, INCREASING RETURNS TO SCALE, INDEPENDENT VARIABLES, INFLATION, INTEREST RATE, INTERNATIONAL DEVELOPMENT, INTERNATIONAL MARKETS, KNOWLEDGE ECONOMY, LOW-INCOME COUNTRIES, MACROECONOMIC STABILITY, MARKET DISTORTIONS, MARKET REFORMS, MARKETING, MEAT, MILK, MILLS, NATURAL RESOURCES, NEGATIVE EFFECT, NON- TRADITIONAL EXPORTS, NON-TRADITIONAL EXPORTS, PER CAPITA INCOME, PERFUMES, POLICY RESEARCH, PORTFOLIO THEORY, POVERTY REDUCTION, PRICE INCREASE, PRICE INDEX, PRICE LEVELS, PRICE VARIATIONS, PRICE VOLATILITY, PRIMARY PRODUCTS, PUBLIC FUNDS, PUBLIC POLICIES, PURCHASING, PURCHASING POWER, RAPID GROWTH, REAL EXCHANGE RATE, RETAIL, RISK AVERSE, SALE, SIGNIFICANT FACTOR, SIGNIFICANT IMPACT, STATISTICAL DATA, STRUCTURAL CHANGE, SUGAR, TANNING, TAX, TECHNOLOGY FRONTIER, TIMBER, VALUE ADDED