Peru's president was pushed out of power and jailed hours after attempting to close congress and seize extraordinary powers last week. Political chaos spilled over into the streets and sparked social unrest. By Saturday, Peru's new president, Dina Boluarte, established a moderate cabinet to calm fears, but political and social turmoil spilled over into the new week.
There are increasing concerns in the South American country that instability could spark trade disruptions at major ports. On Monday, Bloomberg titled a note called "Peru's Political Unrest Puts Global Fruit Supplies in Jeopardy."
The Peruvian fruit trade with the US has dramatically increased in the last seven years. Fruits such as blueberries and grapes from the South American country end up on supermarket shelves in the US. Any disruption could impact prices or cause shortages.
However, Rabobank International's David Magana spoke with Bloomberg about the Peruvian fruit trade amid all the chaos. He said:
"The Peruvian fruit industry has become an exporting powerhouse despite political instability."
Crowds blocked highways and disrupted transportation networks across several metro areas last week. An escalation of political and social turmoil has gained momentum as anti-government protesters blocked roads and stormed the international airport Monday.
There has been no mention of major marine ports blocked, but one could assume some transportation networks are experiencing bottlenecks due to the chaos.
Oh yes, and we almost forgot...
Peru is the 2nd or 3rd largest producer of silver.— Wall Street Silver (@WallStreetSilv) December 13, 2022
BREAKING: Protests have been taking place for several days in Peru to demand the resignation of the new president and the release of President Castillo who has been deposed.
The President announced early elections ⚠️⚠️⚠️