Peru's Ministry of Foreign Trade and Tourism reported this week that exports dropped by 7.4% in January 2019 when compared to the same month of the previous year.
Mineral production was down 1.26% in January.According to local media, the Ministry said that the largest fall was observed in mineral exports, which went down by 16.8% in January due to lower gold and copper prices. Sales of the yellow metal fell by 27.3% y-o-y, while sales of the red metal fell by 11.6% y-o-y. Combined, gold and copper make up 46% of Peru's exports.
El Comercio newspaper's Economic Indicator shows that mineral production, on the other hand, was down 1.26% in January.
In fact, lower sales seem to be a reflection of lower gold and copper output.
Despite the downward figures, the country's Central Bank said the economy grew by 2% y-o-y. The financial institution forecasts a total growth of 4% by the end of 2019, which would be led by mining investments expected to reach double digits.