In 2024, Peru's mining exports shone brightly, with molybdenum, as one of the key mineral products, achieving an export value of $1.71 billion throughout the year, marking an increase of over 22% year-on-year and accounting for approximately 2.3% of Peru's total exports.
According to data compiled by Chinatungsten Online from the USGS, as of the end of 2023, Peru's molybdenum reserves stood at approximately 1.5 million tonnes, accounting for about 10% of global reserves. In 2023, molybdenum mine production amounted to 37,000 tonnes, accounting for about 14% of global production. Both reserves and production ranked third in the world.
According to data from Peru's Ministry of Foreign Trade and Tourism, driven by the mining sector, Peru's total merchandise exports reached a record high of $74.7 billion in 2024, representing a 15.6% increase from $64.6 billion in 2023. Among them, copper, as Peru's main export mineral, continued to occupy the top position, with exports valued at $23.5 billion in 2024, accounting for 31% of total exports.
Meanwhile, other minerals also showed good growth momentum. In 2024, Peru's gold exports amounted to $13.6 billion, with a year-on-year increase of nearly 57% and a growth of nearly 80% compared to 2022. Tin exports were valued at $901 million, up 37.7% year-on-year. Iron ore exports reached $1.79 billion, an increase of 5.4%. Zinc exports amounted to $2.3 billion, up 3.1%.
The Central Bank of Peru predicts that Peru's merchandise exports will reach a new high in 2025, estimated at $78.6 billion, and will reach $82.6 billion in 2026. Considering that mining exports account for 63% of total exports, and based on favorable metal prices and the continued growth in global demand for key mineral resources such as copper, Peru's mineral exports are expected to be approximately $49 billion in 2025.
In addition, the Central Bank of Peru predicts that local mining investment will grow by 7.7% to $5.5 billion in 2025.
