Gold the main driver of Peru's exports in H1

Gold was the main driver of Peru’s exports in the first half, favored by higher prices.

In January to June, gold exports totaled US$5.74bn, up 51.9% on the same period last year, according to the foreign trade and tourism ministry (Mincetur). 

Copper exports were US$11.0bn, down 1.2% in the same comparison, while sales abroad of zinc and lead both dropped by around 10%.

Total mining exports were US$21.1bn, an increase of 11.7%, Mincetur said in a report, and represented 62.9% of all Peru’s exports in the period.

Excluding gold, mining exports would have grown 1.6% to US$15.3bn.

As a result of higher prices, gold is the only mining export that has not registered monthly declines so far this year. According to the report, gold exports in June grew 28% to US$949mn, while those of copper fell 10.7% to US$2.09bn.

PRODUCTION AND DESTINATIONS

The energy and mines ministry reported that gold production grew 14% in H1 to 52Mg (1.67Moz). The main producers were Yanacocha (10.1% of the total), Poderosa (8.8%) and Boroo Misquichilca (7.6%).

Switzerland, India and Canada remain the top markets for Peruvian gold with exports rising by double digits in the first half of the year.

Destination	Exports January – June 2023 (US$ million)	Exports January – June 2024 (US$ million)
Switzerland	659	1,120
India	809	1,468
Canada	1,030	1,385

Source: Mincetur

Gold exports to the US, however, fell from US$598mn to US$253mn.