Peru’s gold, copper exports down

Reference image: Southern Copper’s Toquepala mine, the world’s fifth biggest copper mine, located in southern Peru. Photo by Southern Copper.

Peru’s Ministry of Foreign Trade and Tourism reported this week that exports dropped by 7.4% in January 2019 when compared to the same month of the previous year.

Mineral production was down 1.26% in January.

According to local media, the Ministry said that the largest fall was observed in mineral exports, which went down by 16.8% in January due to lower gold and copper prices. Sales of the yellow metal fell by 27.3% y-o-y, while sales of the red metal fell by 11.6% y-o-y. Combined, gold and copper make up 46% of Peru’s exports.

El Comercio newspaper’s Economic Indicator shows that mineral production, on the other hand, was down 1.26% in January.

In fact, lower sales seem to be a reflection of lower gold and copper output.

Despite the downward figures, the country’s Central Bank said the economy grew by 2% y-o-y. The financial institution forecasts a total growth of 4% by the end of 2019, which would be led by mining investments expected to reach double digits.

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