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Peru's external sector: mining exports, the current account, foreign direct investment and reserves

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Last verified: 2026-10-28 · Status: Changing

Peru runs a large trade surplus built on mining: goods exports were US$94.0 billion in 2025, two thirds of them minerals led by copper and gold, and January to August 2026 exports rose 37 percent on high metal prices. The current account was in surplus by US$12.0 billion (3.5 percent of GDP) in 2025, foreign direct investment inflows reached US$10.4 billion, mostly reinvested earnings, and net international reserves stood at US$92.2 billion in September 2026. The legal backdrop is open: equal treatment of foreign and domestic investment, free trade, free holding and disposal of foreign currency, and a statutory right to remit capital and profits abroad after tax.

External accounts are quoted in the US dollars the BCRP reports. Where soles are shown, S/ 3.452 per US dollar is used, the banking system selling rate published by the Superintendencia de Banca, Seguros y AFP for 27 October 2026 (BCRP series PD04640PD). Annual and year to date totals are sums of the BCRP monthly or quarterly series, computed for this page.

Key facts

Goods exports FOB, 202593993 USD millionBCRP series PN38714BM, as of 2025-12-31 · in force
Goods exports FOB, January to August 202677400 USD millionBCRP series PN38714BM, as of 2026-08-31 · in force
Goods exports growth, January to August 2026 vs 202537.1 %BCRP series PN38714BM, as of 2026-08-31 · in force
Goods imports FOB, 202558560 USD millionBCRP series PN38718BM, as of 2025-12-31 · in force
Goods imports growth, January to August 2026 vs 202522.8 %BCRP series PN38718BM, as of 2026-08-31 · in force
Trade balance, 202535433 USD millionBCRP series PN38723BM, as of 2025-12-31 · in force
Mining share of goods exports, 202566.7 %BCRP series PN38781BM and PN38714BM, as of 2025-12-31 · in force
Copper exports, 202528922 USD millionBCRP series PN38782BM, as of 2025-12-31 · in force
Gold exports, 202523313 USD millionBCRP series PN38791BM, as of 2025-12-31 · in force
Current account balance, 202512005 USD millionBCRP series PN38975BQ, as of 2025-12-31 · in force
Current account balance, 20253.5 % of GDPBCRP series PN38975BQ and PN39029BQ, as of 2025-12-31 · in force
Current account balance, first half 20263.9 % of GDPBCRP series PN38975BQ and PN39029BQ, as of 2026-06-30 · in force
Foreign direct investment inflows (direct investment liabilities), 202510353 USD millionBCRP series PN39280BQ, as of 2025-12-31 · in force
Foreign direct investment inflows, first half 20267503 USD millionBCRP series PN39280BQ, as of 2026-06-30 · in force
Reinvested earnings share of FDI inflows, 202593.1 %BCRP series PN39282BQ and PN39280BQ, as of 2025-12-31 · in force
Remittances from abroad, 20255299 USD millionBCRP series PN38986BQ, as of 2025-12-31 · in force
Net international reserves, September 202692180 USD millionBCRP series PN00027MM, as of 2026-09-30 · in force
Net international reserves over GDP of the four quarters to June 202624.6 % of GDPBCRP series PN00027MM and PN39029BQ, as of 2026-09-30 · in force
Right to remit capital and net profits abroadFree, no prior authorisation, after taxes ruleDecreto Legislativo Nº 662 art. 7, as of 2026-10-28 · in force

The rule

1. Domestic and foreign investment are subject to the same conditions, and the production of goods and services and foreign trade are free. If other countries adopt protectionist or discriminatory measures that harm the national interest, the State may adopt similar measures in defence of it. The State guarantees the free holding and disposal of foreign currency.Constitución Política del Perú de 1993, Art. 63 and art. 64, 1993-12-30 official text · verified 2026-10-28
2. The State promotes and guarantees foreign investment in all sectors and in any business or contractual form allowed by law. Foreign investors and the companies they invest in have the same rights and obligations as domestic investors, with no exceptions other than those in the Constitution and this decree, and the legal system may never discriminate between investors or companies by national or foreign participation. Foreign investors may transfer abroad in freely convertible currency, without prior authorisation from any central, regional or municipal authority and after paying the taxes due, the full capital of their registered investments, including proceeds from selling shares, and the net dividends or profits from them. When they convert currency they may use the most favourable buying or selling rate at the time of the operation.Decreto Legislativo Nº 662, Régimen de Estabilidad Jurídica a la Inversión Extranjera (consolidated MEF text), published 2 September 1991, Art. 1, art. 2, art. 7 and art. 9, 1991-09-02 official text · verified 2026-10-28
3. Goods trade. Exports (FOB) were US$93,993 million in 2025 against US$76,357 million in 2024; imports were US$58,560 million, for a trade surplus of US$35,433 million. In January to August 2026 exports were US$77,400 million, up 37.1 percent on January to August 2025 (US$56,466 million), imports US$46,607 million (up 22.8 percent) and the surplus US$30,793 million. Traditional products (mainly minerals, oil and gas, fishmeal) were US$62,434 million and non traditional products (agro exports, textiles, chemicals and others) US$14,704 million.BCRP statistics: trade balance series PN38714BM (exports), PN38718BM (imports), PN38723BM (balance), PN38715BM and PN38716BM (traditional and non traditional), Monthly series, January 2024 to August 2026, 2026-08-31 official text · verified 2026-10-28
4. Mining dominates exports. Mining exports were US$62,738 million in 2025 (66.7 percent of the total): copper US$28,922 million (30.8 percent) and gold US$23,313 million (24.8 percent). In January to August 2026 mining exports were US$57,492 million (74.3 percent of the total): copper US$26,513 million and gold US$21,631 million. The rise is mostly price: the average copper export price was about 669 US cents per pound in January to August 2026 against about 455 a year earlier, and the average gold export price about US$4,578 per troy ounce against about US$3,146, while copper volumes rose 5.1 percent.BCRP statistics: traditional exports by product, series PN38781BM (mining), PN38782BM to PN38784BM (copper value, volume, price), PN38791BM to PN38793BM (gold value, volume, price), Monthly series, January 2025 to August 2026, 2026-08-31 official text · verified 2026-10-28
5. Balance of payments. The current account was in surplus by US$12,005 million in 2025, 3.5 percent of GDP, and by US$7,348 million in the first half of 2026 (about 3.9 percent of GDP). The goods surplus is partly offset by a deficit in services and by primary income outflows, mainly profits of foreign owned companies (private primary income was minus US$7,693 million in the first quarter of 2026 alone). Remittances from abroad were US$5,299 million in 2025 and US$2,640 million in the first half of 2026.BCRP statistics: balance of payments series PN38975BQ (current account), PN39002BQ (current account, percent of GDP), PN38983BQ (private primary income), PN38986BQ (remittances), PN39029BQ (GDP in US dollars), Quarterly series, Q1 2025 to Q2 2026, 2026-06-30 official text · verified 2026-10-28
6. Foreign direct investment. Direct investment liabilities of the private sector (FDI into Peru) were US$10,353 million in 2025, up from US$6,704 million in 2024; reinvested earnings were US$9,639 million, or 93.1 percent of the 2025 inflow. In the first half of 2026 inflows were US$7,503 million, up 26.7 percent on the first half of 2025, of which US$5,277 million was reinvestment.BCRP statistics: private sector financial account, series PN39280BQ (direct investment liabilities), PN39282BQ (reinvestment), PN39283BQ (contributions), PN39284BQ (debt instruments), Quarterly series, Q1 2024 to Q2 2026, 2026-06-30 official text · verified 2026-10-28
7. Reserves. The BCRP manages the international reserves in its charge (Constitution art. 84). Net international reserves were US$92,180 million at the end of September 2026, against US$90,214 million at the end of December 2025, after peaking at US$98,436 million in May 2026; that is about 24.6 percent of GDP over the four quarters to June 2026.Constitución Política del Perú de 1993 art. 84; BCRP statistics series PN00027MM (net international reserves) and PN39029BQ (GDP in US dollars), Art. 84; monthly series December 2025 to September 2026, 2026-09-30 official text · verified 2026-10-28
8. Peru and Argentina trade under the Economic Complementation Agreement between Peru and the Mercosur States Parties (ACE Nº 58) under ALADI; in 2019 the two countries opened talks to extend it bilaterally to services, government procurement, investment and trade facilitation. Argentina's official list of double tax treaties in force does not include Peru, so Peru Argentina flows are taxed under each country's domestic law. Peru is also modernising ACE Nº 58 with Uruguay (second round concluded 20 February 2026).Acuerdo de Complementación Económica Nº 58 (Peru and Mercosur), as described by MINCETUR; Argentina, Convenios para evitar la doble imposición vigentes, MINCETUR notes of 9 March 2019 and 20 February 2026, 2019-03-09 official text · verified 2026-10-28
Item20242025Jan to Aug 2025Jan to Aug 2026Change
Exports76,35793,99356,46677,400+37.1%
of which traditional55,68570,33242,05162,434+48.5%
of which non traditional20,45623,41514,26214,704+3.1%
Imports52,21358,56037,96346,607+22.8%
Trade balance24,14435,43318,50330,793

Goods trade, US$ million (sums of BCRP monthly series, FOB).

Product2025Share of 2025 exportsJan to Aug 2026Share of Jan to Aug 2026 exports
Mining total62,73866.7%57,49274.3%
Copper28,92230.8%26,51334.3%
Gold23,31324.8%21,63127.9%

Main mining exports, US$ million (BCRP series PN38781BM, PN38782BM, PN38791BM).

Item2025H1 2026
Current account12,005 (3.5% of GDP)7,348 (3.9% of GDP)
Remittances from abroad5,2992,640
FDI inflows10,3537,503
of which reinvested earnings9,6395,277
Net international reserves, end of period90,214 (Dec 2025)92,180 (Sep 2026)

Balance of payments highlights, US$ million (BCRP quarterly series).

Worked example

  • Profit remittance in practice. A Peruvian subsidiary that earned S/ 34.52 million (about US$10 million) after tax can, under Decreto Legislativo Nº 662 art. 7, send the net dividend abroad in dollars without any prior authorisation, after the dividend withholding tax; the taxes section shows the withholding rate and treaty relief. Profits that stay in Peru are recorded as reinvested earnings, which made up 93 percent of FDI inflows in 2025.
  • Commodity sensitivity. Copper and gold were about 56 percent of goods exports in 2025. With copper at about 669 US cents per pound in January to August 2026 against about 455 a year earlier, the dollar value of copper exports rose 55 percent while volumes rose only 5 percent; a price fall would work the other way on the trade surplus, tax revenue and regional canon transfers.

Step by step

  1. 1. Track the BCRP monthly trade balance (series PN38714BM and PN38718BM) and copper and gold prices (PN38784BM and PN38793BM) if your business depends on mining demand, the sol or regional budgets.
  2. 2. Register your foreign investment before you need to rely on the DL 662 guarantees; the investing section explains registration and legal stability agreements.
  3. 3. Plan dividend and loan flows with the FX section; there are no exchange controls, but taxes and withholding apply.
  4. 4. For Argentina related flows, check ACE Nº 58 preferences for goods and treat income as taxed under each country's domestic law, since Argentina's list of treaties in force does not include Peru; see the Argentine guide for the Argentine side.
  5. 5. Follow the quarterly BCRP balance of payments release for FDI and the current account; see /dashboard/.

Common traps

  • Reading the trade surplus as structural. The 2026 export jump is mostly price; mining volumes grew far less than values.
  • Counting reinvested earnings as fresh money. Most FDI inflows are profits kept in Peru, not new capital from abroad.
  • Assuming a Peru Argentina tax treaty exists. Argentina's official list of treaties in force does not include Peru, so double taxation relief depends on domestic rules.
  • Using an unregistered investment to claim DL 662 rights. Art. 7 covers capital from investments registered with the competent national body.

Sources

Related pages

Related: Peru country profile · live dashboard · central bank and release calendar · our posts on X

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