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Peru metals export revenue drops on lower volumes, prices

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Peru's metals posted declines in export revenue in May on lower volumes and prices, with silver and molybdenum the exceptions, the government said

Total metals export revenue in May slumped 30.2% year-on-year to US$1.44bn, helping widen Peru's trade deficit to US$746mn from US$272mn a year earlier as total exports dropped 22% to US$2.75bn, the country'scentral bank said in a statement on its website.

Copper exports fell 15% to US$729mn as Peru shipped 117,600t of the red metal at US$2.813/lb in May, compared with 122,800t at US$3.167/lb a year earlier.

Gold shipments halved to 257,000oz from 532,500oz, with export revenue plummeting 56% to US$331mn as the price of gold fell to US$1,287/oz from US$1,413/oz.

Zinc exports slid 1.8% to US$107mn on lower shipments, while lead export revenue dropped 43.5% to US$104mn as both volume and prices declined, the bank said. Tin dropped 46.3% to US$24mn as prices and shipments halved. Iron ore fell 5% to US$76mn on lower prices.

Silver exports doubled to US$36mn as a 150% jump in shipments offset an 18.6% decline in prices, while molybdenum jumped 65.4% to US$34mn as both prices and shipments rose.

Peru is the world's third largest copper, zinc and tin producer and No. 6 in gold.

Article Credit: Bnamericas

Updated 5 Years ago

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