Mining exports: Top 3 countries for Peruvian mining products

Mining is a crucial sector of the Peruvian economy, thanks to its diversity and abundance, and it accounts for a significant portion of the country's exports.

Peruvian mining exports are essential to the country's economy, making up a significant portion of its total national exports. Metals like copper and gold have been mined since pre-Inka times for creating ornamental objects. Over the centuries, mining has evolved into a key component of the national economy.

Mining is crucial to Peru's economy due to its impact on the national GDP, export revenues, job creation (both direct and indirect), and mining royalties (payments made by mining companies to the Peruvian government). For instance, mining royalties are specifically intended to fund infrastructure projects, directly benefiting the regional and local economies.

As a result, Peru is one of the world’s leading exporters of mining products like copper, gold, and zinc. These products are shipped to a wide range of international destinations. Below, we detail the three main markets.

TOP DESTINATIONS

In first place is the neighboring country of Chile, which primarily imports products under three main tariff categories: machine parts (USD 22 million), grinding media (USD 16 million), and other machinery parts (USD 5 million).

In second place is the United States, which imports machine parts (USD 8 million), other machine parts (USD 7 million), and tin alloys (USD 3 million).

Mexico ranks as the third destination, importing products such as drilling machines (USD 4 million), zinc alloys (USD 3 million), and other machinery parts (USD 3 million).

Source: Shutterstock

WHAT YOU NEED TO KNOW

In the first half of 2024 (January to June), mining investments totaled USD 2,119 million, marking a 10 % increase compared to the USD 1,928 million recorded during the same period in 2023. This data is from the sixth edition of the Mining Statistical Bulletin (BEM) by the Ministry of Energy and Mines (MINEM).

According to the report, in the first half of 2024, Moquegua leads with USD 355 million, accounting for 16.8 % of the total investment. Ancash follows in second place with USD 269 million, representing 12.7 % of the total, while Arequipa ranks third with USD 225 million, making up 10.6% of the total.

Conversely, in the Exploration sector, accumulated investments up to June of this year reached USD 242 million, reflecting a 24.8 % increase compared to USD 194 million during the same period in 2023.

The future of mining in Peru looks promising, with major projects underway and a supportive investment climate. The mining industry has long been, and continues to be, a key driver of the Peruvian economy, significantly influencing the country’s society and culture.