A recent analysis of the Central Reserve Bank of Peru, BCRP, positions some Peruvian metal products among the main beneficiaries In a context of increased global tariffs, based on the application of an aggressive policy from the administration of the United States, under Donald Trump.
“Unlike his first term (by Donald Trump), The current commercial policy has been implemented faster and with a broader scope at the geographical level, ”said the monetary entity.
Punctually, in his recent report they referred to gold, Silver, refined and concentrated copper, which precisely show an important dynamism.
Gold and copper positioned
Of the total Peruvian exports to the United States, which added US $ 9,534 million in 2024, more than 26% are exonerated from the tariff which is applied since the beginning of April this year, he scored an analysis of the BCRP.
The product that leads this list is precious metals (gold and silver) and derived with a value, last year, of US $ 629 million and represents 6.6% of the total shipments to the North American country.
Secondly, and with a fairly similar volume, there is refined and concentrated copper, with US $ 571 million, meaning 6% of the total exemption.
“The main products benefited by this exoneration They are the precious metals (gold and silver) and the refined and concentrated copper, whose exports grew in a sustained way for 2024, driven by the growing demand these metals as shelter assets and linked to the construction of data centers, copper intensive, ”they stressed from the monetary entity.
It should be noted that, within the framework of the elevation of tariffs at products, The United States intensified its protection measures to specific goods, reaching between them.
However, one of the main Peruvian shipments were not affected with these 50% tariffs because they were applied only on the value of copper content in semi -finished products and copper intensive derivatives. “Therefore, this tariff does not apply to copper concentrated or refined,” summarized the document.
Continuing with the list of Peruvian export products exonerated, the tin alloys and derivatives are led to a lesser proportion, with 4% of the total (representing US $ 380 million); fuels, mineral oils and derivatives, with 3.6% (US $ 347 million); Phosphate and the like, with 3.4% of the total (US $ 320 million), among others.
Usable mining panorama
Given this panorama that is positioned favorable to explode, Miguel Incháustegui, formerly from the Ministry of Energy and Mines (Minem), He explained that there is a difference in the relevance of these metals in the United States market. In the case of copper, it is a destination that is not among the main ones, but for gold it is.
Thus, he indicated that this tariff situation, where there are exemptions for Peru, It ends adding to the Peruvian economy, but in the long term they are not convenient.
“What Peru of copper exports to the US is lowerbut in gold the amount is more interesting. This exoneration helps, but in the long run the tariffs they establish is not the best for the international market, ”said the former minister.
For Inchustegui, all this framework You must boost the country to improve its commercial position by diversifying the basket of this type of products.
“Peru has a portfolio of projects of several valuable minerals and there is also interest of foreign investors that are from several countries: Australia, Canada, China, United States. That is what gives Peru an important position, ”he said.
In turn, Rafael Zacnich, Manager of Economic Studies of Comexperú, valued that these “beneficiary” products are commodities whose prices are governed by international markets. Therefore, eventually when they lose this “privileged” position with the United States, an affectation should not be seen, as it could be easily repaired.
“The commodities, today gold and copper, and before cotton, sugar, are handled by prices and never needed commercial agreement (to be placed). The country that has the resources ends them, does not necessarily need commercial openings such as non -traditional, blueberries, grapes, among others, ”he said.
However, both experts agreed that there are also more structural problems that can affect higher levels of dynamisms of these “Benefted products”: the advance of illegal mining and the inaction of the authorities.
For Zacnich, in the first place, the impact of not fighting illegal mining is observed in the loss of the benefits offered by their chains. This translates into minor canon, Overnson, royalties, among others, that should mean greater resources aimed at raising the welfare of citizenship.
However, there is also an impact on the image of the country. “Given the advancement of illegal mining and the inaction of the State, they could establish new barriers,” said Comexperú spokesman.
Meanwhile, Inchaustegui indicated that illegal mining is a problem that affects various countries and, although he did not observe that timely tariff decisions are made for their progresshe questioned the lack of concrete measures to stop his progress.
“The absence of actions determined to combat it is not good. More strength is needed in interventions and the application of greater intelligence to promote artisanal mining, ”he said.
