Bolivia Sold Almost Twice as Much Mining Abroad — With Less Metal
Bolivia · Mining
Key Facts
- US$4.452 billion in mining exports in the first half of 2026, according to preliminary INE data processed by IBCE.
- Up 91% on the first half of 2025 — but on 12% less volume shipped.
- Precious metal ores went from US$659 million to US$1.842 billion, an increase of about 179%.
- Non-monetary gold rose from US$399 million to US$1.087 billion, up roughly 173%.
- Zinc grew far less, from US$671 million to US$794 million, up about 18%.
- Mining now earns most of Bolivia’s foreign exchange: almost seven of every ten export dollars in the half came from the sector.
Higher prices did the work, not higher production. That is a good year and a fragile one at the same time.
Bolivia mining exports reached US$4.452 billion in the first half of 2026, a rise of 91% against the same period a year earlier. That headline looks like a boom. Look one line down and it is more complicated: the country shipped 12% less material than it did in 2025. Almost all of the increase came from what the metal sold for, not from how much of it Bolivia dug up.
Where the money came from
Precious metals did nearly all of the work. Ores of precious metals went from US$659 million in the first half of 2025 to US$1.842 billion in 2026, an increase of about 179%. Non-monetary gold — gold sold as a commodity rather than held as reserves — went from US$399 million to US$1.087 billion, up roughly 173%.
Zinc, historically Bolivia’s most reliable mineral export, grew 18%, from US$671 million to US$794 million. That is a respectable number in a normal year and a modest one next to gold.
Geographically the pattern is stark. Potosí and La Paz dominate, with gold weighing heavily in both; between them they account for around two-thirds of all Bolivian exports across every sector. Mining alone supplied 69.6% of the country’s export earnings in the half — close to seven dollars in every ten.
Why less volume is a warning
A 91% increase in value on a 12% fall in volume means Bolivia’s mining sector is being carried by the gold price. If gold retraces, the revenue disappears fast, because there is no additional production underneath it to cushion the fall.
It also raises a question about where the gold is coming from. A large share of Bolivian gold output comes from cooperative mining rather than industrial operations, a sector that is lightly taxed, hard to measure, and now at the centre of a new mining code the Paz government is drafting — a draft criticised for excluding indigenous communities and environmental groups.
Falling volume with rising value is what you would expect if the highest-grade material is being worked hardest while investment in new capacity stays flat. That is a good year for cash and a poor one for the decade ahead.
The dollar problem in the background
None of this can be read without the currency. Bolivia has spent two years in a foreign exchange squeeze, with a parallel dollar market trading far above the official rate and importers unable to source hard currency.
That gap has now all but closed, and in early August it briefly inverted. The central bank set the official rate at Bs 11.62 on 14 August, Bs 11.58 over the following weekend, Bs 11.55 on the 18th and Bs 11.52 for 20 August. On 8 and 9 August the parallel market actually traded below the official rate, an almost unheard-of inversion. By 20 August the parallel had drifted back above, to roughly Bs 11.59 to Bs 11.66 — a premium of well under one percent, against gaps of 50% and more in 2024.
Mining is the main reason. Export dollars are the country’s principal source of hard currency, and US$4.45 billion arriving in six months changes the arithmetic. Net international reserves closed July at US$3,632 million, up about US$15 million on the month — stable rather than recovering, and heavily illiquid: gold is roughly 85% of the total and foreign currency only about 13%.
What the central bank wants to do about it
Central bank president David Espinoza proposed earlier this year amending Law 1503 to allow the monetisation of Bolivia’s gold reserves and to remove the requirement to hold a minimum of 22 tonnes of gold within net international reserves.
The argument is straightforward: gold sitting in a vault at a record price is an asset the country cannot spend, and Bolivia needs spendable reserves. The counter-argument is equally straightforward: the 22-tonne floor exists precisely to stop a government under pressure from selling the last thing it owns.
The government has already answered. Economy minister Gabriel Espinoza publicly called the proposal a personal opinion, saying the 22-tonne floor is an absolutely clear mandate of law that will be complied with. For now the gold stays where it is.
What Bolivia mining exports mean if you are in the region
For anyone trading with Bolivia, the practical news is good. A closed gap between the official and parallel dollar rates means invoices can be settled at a rate that means something, and importers can plan. That has not been true since 2023.
For anyone assessing Bolivian risk more broadly, the caution is that this improvement is borrowed from the gold price — and that the reserves backing it are mostly gold the central bank is not currently allowed to sell. A sustained fall in the gold price would reopen the currency gap quickly, because nothing structural has changed underneath it: not the fuel subsidy, not gas production, and not the tax treatment of the cooperative mining sector producing much of the metal.
Watch the second-half export numbers and the reserves figure. Those two series will tell you whether 2026 was a turning point or a good six months.
Frequently Asked Questions
How much were Bolivia mining exports in 2026?
US$4.452 billion in the first half of 2026, according to preliminary INE data processed by the IBCE trade institute. That is 91% more than the same period in 2025, on 12% less volume.
What drove the increase?
Precious metals. Ores of precious metals rose about 179% to US$1.842 billion and non-monetary gold about 173% to US$1.087 billion. Zinc grew only 18%.
What is happening to the Bolivian dollar rate?
The gap has all but closed. The central bank set Bs 11.52 for 20 August and the parallel market traded within about one percent of it. In early August the parallel briefly fell below the official rate, an unusual reversal driven largely by mining export dollars.
Connected Coverage
Bolivia Fuel Debt Hits US$800 Million as IMF Money Waits
Bolivia IMF Deal: What US$1.9bn Means For You
Bolivia Mining Code Clash: Cooperatives vs. Workers in Court
Sources: El Post — more dollars, fewer tonnes; Banco Central de Bolivia — official exchange rate; Instituto Nacional de Estadística de Bolivia
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
In depth
Read More from The Rio Times