Peru’s mining exports capped off a difficult year with a more than 12 percent decline in the value of shipments abroad in 2013, according to the National Mining, Oil and Energy Society.
The industry group, SNMPE, said that exports totaled $23 billion in 2013, down from $26.3 billion the previous year, daily Peru.21 reported.
The SNMPE said the decline in exports was due to lower prices for gold, copper, lead, molybdenum and tin. The five metals account for about 88 percent of all of Peru’s mining exports.
The biggest export earners are copper and gold. Copper exports fell 8.6 percent to $9.8 billion, while gold exports tumbled 18 percent to $7.85 billion, the SNMPE said.
The decline in mineral exports resulted in Peru posting its first trade deficit in over a decade.
While the Central Bank expects exports to recover this year on higher mineral production and a better global economy, some private sector economists say another trade deficit is in the works.
“While domestic demand remains strong, the performance of exports has been very weak and the country registered its first annual trade deficit in over a decade in 2013,” said Capital Economics. “We expect exports to decline this year as a strong sol and weakening demand from China weigh on local industry.”