Mining sector pushed Peruvian exports to a record US$75bn in 2024

Peru’s exports reached a record US$74.7bn in 2024, up from US$64.6bn in 2023, and were driven by the mining sector.

Copper shipments accounted for US$23.5bn, gold US$13.6bn and silver US$1.32bn, according to a report by the foreign trade and tourism ministry.

While copper remained the dominant mineral export, gold saw a substantial increase from the US$8.69bn in 2023 and US$7.62bn in 2022.

“In 2024, the prices of precious metals exported by Peru (gold and silver) increased by more than 20%, reaching record values. Similarly, the price of copper rose by 8%, maintaining its position as the number one export (31% of the total),” the report said.

Zinc exports grew 3.1% to US$2.3bn, iron ore 5.4% to US$1.79bn, molybdenum 22.3% to US$1.71bn and tin 37.7% to US$901mn. Lead shipments, however, fell 19.9% to US$1.19bn.

Total exports are projected to reach another record this year, with the central bank forecasting US$78.6bn and US$82.6bn for 2026.

Considering that mining exports account for 63% of total exports on average, they should reach around US$49bn in 2025.

The outlook is based on favorable metal prices and persistent global copper demand, despite the tariffs of 10% the US imposed on Chinese products.

Mining investments should grow 7.7% this year to US$5.5bn, according to the central bank.