Mexico’s gold exports slipped in the first two months of 2019, reflecting lower prices and production.
Yellow metal shipments were worth US$709mn, down from US$763mn in the same months last year and US$730mn in January-February 2017, according to economy ministry data.
Mexico’s gold output declined 16.1% in January, compared to the same month last year, statistics agency Inegi reported previously. February production data has not yet been released.
Gold prices averaged US$1,292/oz in January and US$1,320/oz the next month, down from about US$1,330/oz in both months last year.
Silver exports increased to US$302mn in January-February from US$265mn in the same months of 2018. Exports were US$319mn in the same months the previous year.
Mexico’s silver output increased 24.7% in January, with February data not yet available.
The increase in exports comes despite lower silver prices, with the metal averaging US$15.50-16.00/oz in the two months, compared to US$17.17/oz in January and US$16.66/oz in February 2018.
Mexico is the world’s top silver producer and a top 10 miner of gold, copper, lead, zinc and molybdenum.