Gold sales driving Peru exports to new record

Peruvian gold exports exceeded US$10bn in January to October and are pushing up total sales abroad to a new record this year.

According to the foreign trade and tourism ministry (Mincetur), gold exports totaled US$10.8bn through October, up 57% compared to the same period last year.

Copper exports grew 0.6% to US$19.1bn in the same period while iron ore and molybdenum sales abroad rose 10.2% and 20.7%, respectively. Overall mining exports increased 15% in the 10 months to US$37.5bn. 

According to a Mincetur report, Peru’s exports totaled US$60.2bn in the period, close to the record high of US$64.6bn in all 2023.

As exports are averaging US$6bn a month, the full-year 2024 figure is expected to surpass US$70bn. The price of gold remains high and other sectors such as non-traditional agriculture are growing at rates of above 20%.

DESTINATIONS

India has been the main destination for gold exports in 2024. According to Mincetur, in January to October US$3.22bn worth of gold was sent to the Asian country, up 86.7% compared to the same period 2023.

India was followed by Canada, with US$2.42bn, up 29.2%.

Exports to Switzerland totaled US$2.04bn, up from US$1.62bn in all 2023. According to a new Mincetur interactive database, next came:

• United Arab Emirates: US$1.74bn
• China: US$576mn
• United States: US$447mn