Peru’s Mining Exports Surge 11.5% in 2024, Reaching Record $47.7 Billion

Peru’s mining exports soared to a record $47.7 billion in 2024, marking an impressive 11.5% growth compared to 2023’s $42.79 billion.

The National Society of Mining, Petroleum, and Energy (SNMPE) reported these figures, highlighting mining’s critical role in Peru’s economy. The sector accounted for 63% of the country’s total exports last year, underscoring its dominance in global trade.

Copper led the charge, contributing 49% of total mining export value, while gold followed with 32%. Higher global prices and increased shipment volumes drove the gains.

Gold exports alone added $4.525 billion more than in 2023, supported by a 29.6% price increase and a 19.5% volume rise. Lead and tin exports also grew, adding $373 million and $240 million, respectively, to the total.

December 2024 capped the year with mining exports reaching $4.268 billion, a 6.3% increase from December 2023’s $4.016 billion. Gold exports surged 54.9%, hitting $1.587 billion (R$9,522 million), benefiting from rising prices and volumes.

However, copper exports declined by 13.9%, totaling $1.967 billion (R$11,802 million), as shipment volumes dropped by 18%, despite a modest price increase of 5.1%.

Peru’s Mining Sector

Peru remains a global mining leader, ranking second in copper and silver production while holding significant reserves of gold, zinc, and tin. Copper accounts for 12% of global reserves, while silver makes up 15.3%.

These resources position Peru as a key supplier for industries like construction and renewable energy. Mining plays a crucial role in Peru’s economy beyond exports.

It represents nearly 9.5% of GDP and contributes about 10% of government revenues through taxes and royalties. The sector also attracts foreign investment and supports thousands of jobs nationwide.

Despite its strong performance, challenges persist for Peru’s mining sector. Copper exports faced operational setbacks that reduced volumes in late 2024. Additionally, the industry remains vulnerable to global price volatility and market shifts.

Looking ahead, Peru could benefit from growing demand for energy transition metals like copper and lithium. With over $40 billion in planned mining investments—73% focused on copper—the country remains well-positioned to meet future global needs while sustaining economic growth through its resource wealth.