Bolivia metals exports surge through Q1
Bolivia's commodities exports led by metals boosted GDP growth through the first quarter, a senior government official said.
The country's exports rose 22% in Q1 as surging metals and oil prices spurred commodities export earnings, finance minister Mario Guillén said. Bolivia's central bank expects GDP to rebound 4.7% in 2018 after growth slowed last year.
"Hydrocarbons and mining are going to help us to generate revenue either this year or in the future," Guillén said in broadcast comments.
Export revenue totaled US$2.06bn through Q1, up from US$1.69bn a year earlier, led by a 24% jump in metals exports to US$983.2mn, while oil and gas exports rose 31% to US$741mn, according to the foreign trade institute (IBCE).
Bolivian metals exports led by zinc, gold, silver and tin totaled US$3.72bn last year, accounting for about half of Bolivia's total exports of US$7.85bn, according to the IBCE.
Bolivia, which is also a major soybean producer, seeks to maintain economic growth rates at 4-5%/y in coming years by increasing state investment, vice president Alvaro García Linera said.
Bolivia's mining industry, led by Glencore, Pan American Silver, Sumitomo, Argentum, Orvana Minerals and Franklin Mining, produced 17,460t tin, 486,955t zinc, 89,510t lead, 47.7Moz silver, 12,810kg gold, 8,718t copper, 1,399t tungsten, 2,669t antimony, 43,253kg bismuth and 2,940t iron ore in 2016, according to the national statistics institute.
President Evo Morales, who plans to run for a fourth straight mandate next year, has launched a drive to invest about US$2bn in the mining and metallurgical industries by 2020, including mines, smelters and foundries.
Private investment has plummeted in Bolivia since Morales seized mining assets from companies including Glencore, South American Silver and Jindal Steel after first taking power in 2006. Since then, Morales has striven to build up state mining company Comibol, which is investing about US$200mn/y.
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