Balance of payments

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Question 11

Table 1 – Peru's export prices, import prices, export volumes, import volumes and current account position, 2018–22

Year	Index of export prices (2018 = 100)	Index of import prices (2018 = 100)	Index of export volumes	Index of import volumes	Balance on the current account of the balance of payments as % of GDP
2018	100	100	100	100	–1.5
2019	103	101	102	101	–1.1
2020	108	104	105	103	–0.8
2021	112	106	109	107	+0.2
2022	115	107	112	110	+1.4

Using Table 1: Explain what happened to Peru's terms of trade over the whole period shown.

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