In January 2024, Peru’s mining exports soared by 15%, reaching a robust $3.104 billion, as reported by the National Society of Mining, Petroleum, and Energy (SNMPE).
This significant increase is mainly due to the higher market values of most metals, with lead, zinc, and molybdenum being the only exceptions.
Copper stood out, with its exports generating $1.440 billion, marking a 6.6% rise from the previous year’s $1.351 billion in January.
The boost in copper exports can be attributed to a 3.4% increase in the amount shipped and a 3% rise in its market price, showcasing its vital role in Peru’s mining sector.
Gold’s performance was even more impressive, with exports skyrocketing to $1.071 billion.
This represented a dramatic 69.8% jump from January of the previous year when gold exports were at $630 million.
The surge in gold exports was driven by a significant 58.2% increase in the volume exported and a 7.4% increase in its price, indicating a robust global demand for this precious metal.
Copper and gold made significant contributions, accounting for 46% and 35% of Peru’s total mining export value, respectively.
Iron also significantly contributed, accounting for 6% of the mining exports.
These figures highlight the mining sector’s pivotal role in the Peruvian economy. In January 2024, it contributed 58% of the country’s total export revenue.
The substantial growth in mining exports underscores Peru’s position as a critical player in the global mining industry.
It emphasizes the sector’s importance in driving economic growth and stability in the nation.