Peru Exports Jump 34% to US$74 Billion on Mining

PERU · ECONOMY

Metals did almost all the work, while Peru’s farm, textile and other value-added exports barely grew.

Peru’s exports rose 34.3% to US$74.1 billion between January and August 2026, the exporters’ association ADEX said on Tuesday, 6 October. The jump came almost entirely from mining, as high copper and gold prices swelled the value of shipments.

Peru matters to the United States as a supplier of copper for power grids and of fruit for American supermarkets. US buyers take 28.1% of Peru exports outside raw commodities, a category that includes avocados, blueberries and grapes.

How Mining Lifted Peru Exports

ADEX splits exports into two groups. Traditional exports are raw commodities such as minerals, oil, gas and fishmeal, while non-traditional exports are processed or value-added goods.

Traditional exports rose 45.2% to US$59.4 billion and made up 80.1% of the total, La República reported from the ADEX data. Mining alone brought in US$53.9 billion, up 50.6%.

Hydrocarbons rose 36.4%, while traditional fishing exports fell 26.8%. By that count, mining delivered about US$18 billion of the roughly US$19 billion rise in total exports.

The Ministry of Energy and Mines said separately on Tuesday that mining made up 75.6% of national exports in the first half. It credited gold and copper, metals in demand for power grids, renewable energy and data centres.

Farm and Factory Goods Barely Grew

Non-traditional exports rose just 3.1% to US$14.7 billion. Chemicals grew 11.0% and steel and metal products 14.6%, while clothing fell 5.7% and jewellery 58.8%.

Avocados were the top non-traditional product at US$1.34 billion, followed by blueberries, fresh grapes and frozen squid. ADEX counted 8,115 exporting companies selling to 168 countries in the period.

ADEX president César Tello Ramírez said the mining surge shows the need for more activity that adds value and creates formal jobs. He also called for cutting the extra costs and barriers that hurt Peruvian firms.

The central bank’s own data, compiled on a different basis, point the same way. They show exports of US$10.07 billion in July, up 33% on July 2025.

From January to July, the bank recorded exports of US$66.5 billion against imports of US$40.4 billion. That left a trade surplus of about US$26.1 billion in seven months.

Who Buys Peru’s Goods

China took 46% of traditional exports, ahead of India, Canada, the United States and Switzerland, according to the ADEX figures. Because traditional exports are mostly metals, that ranking largely reflects demand for Peruvian copper and gold.

For non-traditional goods the order changes. The United States took 28.1%, followed by the Netherlands at 9.7%, China at 6.5%, Chile at 6.3% and Spain at 5.3%.

On those shares, US buyers took roughly US$4.1 billion of Peru’s non-traditional exports in eight months. The two countries have had a free trade agreement, the Trade Promotion Agreement, in force since 2009.

What It Means for You

For investors, the figures show how much Peru’s economy rides on metal prices. New York-listed Southern Copper and Freeport-McMoRan, which controls the Cerro Verde mine, are major copper producers in Peru.

Buenaventura, a Peruvian gold and silver miner, also trades in New York. High prices lift their revenue, but a fall in copper or gold would hit Peru’s export income just as fast.

For shoppers, Peruvian avocados, blueberries and grapes fill US shelves for part of the year. Weather shocks in Peru, such as a strong El Niño, can tighten that supply.

The sol traded at 3.435 per US dollar on Monday, 5 October, close to 3.465 a year earlier, central bank data show. A steady currency keeps Peruvian assets predictable for dollar-based investors.

What Is Not Known

The central bank has not yet published its August trade figures, which will give the official monthly number. ADEX’s tally and the bank’s data use different methods and will not match exactly.

The data do not show how much of the rise came from higher volumes rather than higher prices. It is also unclear how hard the expected El Niño will hit farm and fishing exports.

What Comes Next

The central bank’s August trade data are the next official check on the trend. Metal prices will decide whether the pace holds through the end of the year.

The export boom does not mean Peru’s whole economy is growing at that pace. The finance ministry expects growth of 2.5% to 3% for the rest of 2026, El Comercio and Gestión reported.

Frequently Asked Questions

Why are Peru’s exports growing so fast?

Mainly because copper and gold prices are high, which raises the value of each tonne shipped. Mining accounted for about US$18 billion of the roughly US$19 billion increase.

What are non-traditional exports?

They are processed or value-added goods, such as fresh fruit, textiles, chemicals and fish products. ADEX argues they create more value and formal jobs than raw commodities.

Who buys most of Peru’s exports?

China took 46% of Peru’s traditional exports from January to August, mostly metals. The United States is the largest single market for Peru’s non-traditional goods, with 28.1%.

Does this affect prices in the United States?

Not directly, since the export values mostly reflect global metal prices. Peruvian fruit supply can, however, influence US prices for avocados, blueberries and grapes in some seasons.

Sources: ADEX, press release of 6 October; La República; Central Reserve Bank of Peru, trade balance; Central Reserve Bank of Peru, exchange rate; Andina, Ministry of Energy and Mines data; El Comercio; Gestión (all accessed 7 October 2026).