Mining exports climbed 24.1% in July and grow 4.3% so far this year

Mining exports climbed 24.1% in July and grow 4.3% so far this year

The figures are official, since they emerge from a report from the Ministry of Mining in which highlights the growth trend that marked the first seven months of the year, accumulating external sales of the sector for a total of US$2,321 millionrepresenting a solid year-on-year increase in 4.3%.

These figures have a significant impact in the Argentine export context, since foreign sales of mining products contributed at 6.8% of the country’s total exports during Julyand 6% in the accumulated year to date. It is important to highlight that the accumulated of 2023 is positioned an impressive 11.7% above the average level registered between the years 2010 and 2022 in the same period.

This performance translates into the fact that mining exports have reached its highest point since 2012 in the accumulated of the first seven months of the yearrecording income of $2,419 million in that specific period.

Breaking down the data for July, it can be seen that of the amount exported, US$290 million, corresponded to metalliferous minerals, signaling a surprising year-on-year increase of 47.5%. This category of products represented 76.9% of total mining exports for the month, where gold played a key role by contributing US$234 million (equivalent to 62% of the total exported), while silver added US$52 million (constituting 14% of the total). The remaining US$4 million (1% of the total) comes mainly of other metallic mineralslike zinc.

Gold: Argentine export

Gold exports stood out in particular, experiencing a year-on-year increase 82% (equivalent to u$s105 million), driven by a massive increaseor in exported volumes of 654%, in addition to a rise in international prices. In contrast, silver exports suffered an 18% year-on-year drop ($12 million), mainly attributed to lower export prices.

Analyzing the accumulated figures for the year, metalliferous minerals contributed with total exports for US$1,748 million, indicating a year-on-year drop of 3%. In this context, gold contributed US$1,283 million (equivalent to 55% of the total exported), silver US$430 million (representing 19%), and other metalliferous minerals $35 million (2% of the total). This made this category represent 75% of all exports mining.

Between January and July, andhe gold showed an interannual growth of 1% in the amounts exported, while silver experienced a fall of 11% compared to the previous year. Regarding lithium, July registered exports for a total of US$74 million, evidencing a year-on-year decrease of 21.9%. Despite this reduction, lithium managed to rise to second place in the list of the most exported mineralsimproving its position from the previous month, when he was in third place.

Despite the drop in exported value, sales of lithium abroad in the year reached US$491 million, achieving an impressive year-on-year increase of 41%. This figure represents 21% of all mining exports and positions this year in a favorable historical context, marking the best position for the first seven months of a year in terms of exports. In addition, the exported quantities of lithium during this period they showed an increase of 10.7%. In summary, the Argentine mining industry continues to demonstrate its ability to maintain solid growth in a challenging environment.

Source: Ambito

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