Peruvian gold exports up over 50% this year

Peru’s gold exports rose 56.2% in the first five months to US$4.75bn, up from US$3.04bn in the same period last year, according to a report from the foreign trade and tourism ministry (Mincetur).

Copper exports in the five months amounted to US$8.82bn, up just 0.4%. Peru is the second largest copper producer worldwide after Chile.

According to Mincetur, mining exports totaled US$17.1bn in the period, up from US$15.1bn a year earlier. Metallic and non-metallic mining represented 65% of Peru’s total exports in the 12 months ending May.

Zinc exports fell 16.6% to US$824mn in the five months and those of lead dropped 1.5% to US$520mn. Iron ore sales abroad were up 10.9% at US$722mn, molybdenum exports rose 8.6% to US$685mn and those of tin by 69.6% to US$315mn.

According to Mincetur, gold exports grew 52.6% in May alone compared to the same month last year to US$1.09bn due to record prices that reached US$2,439/oz in New York on May 20.

EXPORT MARKETS

Canada was the main destination for Peru’s gold exports in January to May with purchases of US$1.159bn, up from US$849mn in the same period last year.

Next came India with purchases of US$1.156bn, up from U$564mn, and Switzerland which imported US$938mn of Peruvian gold compared with US$516mn.

In the case of the United States, which is usually a major buyer of gold from Peru, the figure fell from US$500mn to US$198mn, according to Mincetur.