Analysis by Banco Central de Reserva del Perú (BCRP) Highlights Benefits for Peruvian Metals
A recent analysis by the Banco Central de Reserva del Perú (BCRP) positions some Peruvian metals among the top beneficiaries in a context of increasing global tariffs, following an aggressive trade policy implemented by the United States under President Donald Trump.
BCRP’s Observations on Trade Policy Implementation
“Unlike his first term, the current trade policy has been implemented more rapidly and with a broader geographical reach,” noted the monetary entity. Specifically, in their recent report, they referred to gold, silver, refined and concentrated copper, which have shown significant dynamism.
Export Data and Tariff Exemptions
Of Peru’s total exports to the United States, amounting to $9,534 million in 2024, more than 26% is exempt from the tariff applied since early April of this year, according to BCRP analysis. The leading product in this list is precious metals (gold and silver) and their derivatives, valued at $629 million in the previous year and representing 6.6% of total shipments to the North American country.
In second place, and with a volume quite similar, is refined and concentrated copper, worth $571 million, accounting for 6% of the tariff-exempt total.
Growth in Exported Metals
“The main products benefiting from this exemption are precious metals (gold and silver) and refined and concentrated copper, whose exports have grown steadily throughout 2024, driven by the increasing demand for these metals as safe-haven assets and linked to data center construction, which is copper-intensive,” emphasized the monetary institution.
Context of Tariff Increases
It’s worth mentioning that, within the framework of rising tariffs on specific products, the United States has intensified its protective measures for certain goods, including copper.
Key Questions and Answers
- Q: Who conducted the analysis mentioned in the article? A: The Banco Central de Reserva del Perú (BCRP) conducted the analysis.
- Q: What metals are highlighted as beneficiaries from the global tariff hikes? A: Peruvian metals, including gold, silver, refined, and concentrated copper, are mentioned as beneficiaries.
- Q: What percentage of Peru’s exports to the United States are tariff-exempt? A: More than 26% of Peru’s exports to the United States are tariff-exempt.
- Q: Which metals lead the list of tariff-exempt exports? A: Precious metals (gold and silver) and refined and concentrated copper lead the tariff-exempt exports.
- Q: What factors have driven the growth in Peruvian metal exports? A: The increasing demand for precious metals as safe-haven assets and the construction of data centers, which are copper-intensive, have driven the growth in Peruvian metal exports.
- Q: How has the United States responded to global tariff increases? A: The United States has intensified its protective measures for certain goods, including copper, in response to global tariff increases.
