Peru's mining exports hit new record

Peru’s exports hit a record US$67.6bn in January to November 2024, up from US$64.6bn in all 2023, which was itself a record.

According to a report from the foreign trade and tourism ministry (Mincetur), gold exports totaled US$12.1bn in the 11 months – up 55% year-on-year – while those of copper returned to positive territory with growth of 2.7% to US$21.4bn.

Overall, mining exports rose 15.9% to US$42.7bn.

Unlike in previous months, almost all metals accumulated significant growth by the end of November. According to Mincetur, zinc exports grew 3.8% to US$2.09bn, those of iron ore by 8.2% to US$1.66bn, molybdenum by 20% to US$1.53bn, silver by 176% to US$1.18bn and tin by 34.2% US$789mn. Only lead exports fell, by 20.2% to US$1.09bn.

Considering that, on average, mining exports were over US$6bn a month, it is likely that the total for 2024 will be more than US$73bn.

DESTINATIONS

India has established itself as the main destination for Peru’s gold exports. According to Mincetur, between January and November US$3.69bn worth of the precious metal was sent to India, up from US$2.01bn in the same period 2023.

India is followed by Canada, with US$2.66bn and year-on-year growth of 23.9%. Gold exports to Switzerland totaled US$2.27bn, up 56.3% on January-November 2023.

In the case of copper, China remains the main destination, with purchases totaling US$15.5bn in the period, up 3% on the first 11 months of 2023.