Peru: Market for Precious Metal Ores And Concentrates 2024

Market Size for Precious Metal Ores And Concentrates in Peru

In 2022, the Peruvian market for precious metal ores and concentrates increased by 29% to $X, rising for the fourth consecutive year after two years of decline. Overall, consumption continues to indicate a resilient expansion. Precious metal ore and concentrate consumption peaked in 2022 and is expected to retain growth in the near future.

Production of Precious Metal Ores And Concentrates in Peru

In value terms, precious metal ore and concentrate production expanded slightly to $X in 2022 estimated in export price. Overall, production, however, showed a deep setback. The most prominent rate of growth was recorded in 2020 with an increase of 12% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Precious Metal Ores And Concentrates

Exports from Peru

Precious metal ore and concentrate exports from Peru skyrocketed to X tons in 2022, jumping by 21% compared with the previous year. Overall, exports recorded a strong expansion. The most prominent rate of growth was recorded in 2015 with an increase of 74%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, precious metal ore and concentrate exports reduced to $X in 2022. In general, exports recorded a resilient increase. The most prominent rate of growth was recorded in 2021 when exports increased by 81% against the previous year. As a result, the exports reached the peak of $X, and then shrank in the following year.

Exports by Country

China (X tons) was the main destination for precious metal ore and concentrate exports from Peru, with a 95% share of total exports. It was followed by South Korea (X tons), with a 1.7% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to China totaled +24.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-4.6% per year) and Belgium (-7.1% per year).

In value terms, China ($X) remains the key foreign market for precious metal ores and concentrates exports from Peru, comprising 82% of total exports. The second position in the ranking was taken by South Korea ($X), with a 6.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China stood at +18.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (-5.1% per year) and Belgium (-12.1% per year).

Export Prices by Country

In 2022, the average export price for precious metal ores and concentrates amounted to $X per ton, with a decrease of -22.1% against the previous year. Overall, the export price saw a deep slump. The most prominent rate of growth was recorded in 2020 an increase of 11% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (-0.6%), while the prices for the other major destinations experienced a decline.

Imports of Precious Metal Ores And Concentrates

Imports into Peru

In 2022, approx. X tons of precious metal ores and concentrates were imported into Peru; picking up by 236% compared with 2021 figures. Over the period under review, imports saw a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 2,533%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, precious metal ore and concentrate imports surged to $X in 2022. Overall, imports recorded significant growth. The growth pace was the most rapid in 2014 with an increase of 4,191%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

Chile (X tons), Bolivia (X tons) and Argentina (X tons) were the main suppliers of precious metal ore and concentrate imports to Peru, together accounting for 83% of total imports. Ecuador and Colombia lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the biggest increases were recorded for Ecuador (with a CAGR of +99.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Argentina ($X) constituted the largest supplier of precious metal ores and concentrates to Peru, comprising 50% of total imports. The second position in the ranking was held by Colombia ($X), with a 19% share of total imports. It was followed by Bolivia, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Argentina stood at -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Colombia (+77.9% per year) and Bolivia (+13.1% per year).

Import Prices by Country

In 2022, the average import price for precious metal ores and concentrates amounted to $X per ton, declining by -46.5% against the previous year. Over the period under review, the import price recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2021 an increase of 181%. Over the period under review, average import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Colombia ($X per ton), while the price for Chile ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+104.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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