Peru’s Mining Exports Surge by 11.7% in January-November 2023

From January to November 2023, Peru’s mining exports reached $38.673 billion, marking an 11.7% increase during that period.

The National Society of Mining, Petroleum, and Energy (SNMPE) reported this growth yesterday.

The first eleven months’ expansion followed a notable 22.6% increase in November, with shipments reaching $3.526 billion, as the association’s press release stated.

Copper exports in November hit $1.868 billion, a 22.7% rise compared to the same month in 2022, when they were $1.523 billion.

SNMPE highlighted the significant growth in copper shipments, attributed to a 16.5% increase in volume and a 5.3% rise in price.

According to the Ministry of Energy and Mines MINEM, Peru secured its position as the world’s second-largest copper producer in November.

The country produced 253,582 metric tons that month, a 10.9% increase.

This brought its January-November 2023 total to 2,499,635 metric tons, reflecting a 14% increase compared to the same period in 2022.

SNMPE reported that November’s gold exports hit $1.062 billion, up 35.7% from November 2022’s $783 million.

The boost in gold shipments was supported by a 17.9% increase in volume and a 15% rise in market price compared to November 2022.

Background

Peru’s mining sector has long been a cornerstone of its economy, contributing significantly to its GDP.

The sector’s recent export surge mirrors the global rise in demand for minerals, especially copper, fueled by technological progress and the green energy shift.

Peru is well-positioned to benefit from this growing market as the world’s second-largest copper producer.

The country’s mining success also highlights the impact of sound mining policies and investment-friendly environments.

This approach has set Peru apart from some regional neighbors, who have struggled with policy instability and investment challenges in their mining sectors.