Peru's exports surge 38.9% in May, exceeding $9.4 billion on metal prices

Peru's export sector experienced a significant boom in May, with a 38.9% year-on-year increase that pushed total exports beyond $9.415 billion. This substantial growth was primarily fueled by a surge in the prices of key metals, particularly gold and lead.

The Central Reserve Bank of Peru (BCRP) reported that the export price index was driven by rising international quotations for major export products. The bank noted a 31.2% year-on-year increase in the average export price. Exports of traditional products alone reached $7.709 billion in May, marking a 52.2% annual growth. This increase was attributed to higher prices for oil and natural gas, influenced by Middle East conflicts, as well as elevated prices for fishmeal and lead, the latter linked to its silver content.

While the total volume of exports grew by 5.9%, traditional exports saw an 8.8% volume increase. This was bolstered by higher shipments of gold, refined copper, and iron, along with lead concentrates. Conversely, fishing exports declined due to reduced anchovy biomass, impacting fishmeal production and exports. However, the price increase for fishmeal partially offset this decline, given expectations of lower Peruvian supply amid El Niño concerns.

Cumulatively, from January to May, Peru's total exports amounted to $47.345 billion, a 40.1% increase compared to the same period last year. This growth was significantly supported by a 35.4% rise in export prices. Traditional exports during this period grew by 52.8% to $38.404 billion, with prices increasing by 46.7%.