The value of Peruvian copper exports fell 16.8% in October 2022

The Ministry of Energy and Mines (Minem) reported that the value of copper exports in October 2022 was US$1,438 million, a decline of 16.8% compared to the same month in 2021, when US$1,727 was reached. millions.

Through the Mining Statistical Bulletin (BEM), the Minem attributed this discouraging scenario to the 28% decrease in the international price of the red metal, despite the year-on-year increase in the volume exported by 15.7%.

Similarly, the accumulated value of copper exports to the tenth month of the year registered an amount of US$16,078 million, a negative variation of 2.6% compared to what was accumulated in 2021, a period in which US$16,515 million was reached.

However, copper remained the main product exported by Peru, with a share of 29.5% of the total mining shipments as of October 2022.

In reference to the destination of exports, China maintained its leadership with a 72.6% share, positioning itself as the main demander of the red metal internationally. In second place, Japan was found with 6.5%, followed by South Korea, which held 4.1% of the total exported.

It should be noted that, in the month-on-month analysis, the average price of copper in October 2022 was 345.69 cUS$/lb (dollars per pound, on the London Metal Exchange), a reduction of 1.5% in relation to at the price of the month of September 2022.