Economic situation in Chile (October 2021)

The regular report of economy October 2021 got released by the Embassy of Japan in Chile, Department of Economy. (Partially contains datas from September.)

It can be observed that the national economic situation in Chile is overcoming from the pandemic shock, as continued from June. However, it seems like the current result of their exportation/importation is not the best.

According to the report, the economic activity index of September is 15.6%, but the index of mining is -6.7% while the index of other industries grew up to 18.7%. (comparing to the same month of the previous year)

Even though the prices got raised, it seems like the sales in Chile, such as sales in grocery stores and commercial sales in Santiago metropolitan area, have got recovered considerably comparing to last year.

(the commercial activity index of September: 17.9%)

We may expect that this is because it’s been a while since we’ve got released from quarantine.

On the other hand, the mining production index of September is -7.3% and the quantity of copper production is -6.9% comparing to the same month of the previous year. This can be due to the drought and the deterioration of ore grade in the Centinela mine, that are informed on the same report.

Perhaps, for their influences, the international copper price tends to increase and the trade balance of October was -350 million dollars. Also, this is because more than the half of the products that Chile exports are mining products and copper.

Each amount of trades with China, Japan, and South Korea (September) is shown below:

With China: exportation 2 .82 billion (1 3.4 %), importation 1 .94 billion (3 7.9%), total amount of trade 4 .75 billion (2 2.2%)

With Japan: exportation 390 million ( -9.6 %), importation 180 million (1 6 7.5%), total amount of trade 570 million (1 4.5%)

With South Korea: exportation 370 million (4 5.2%), importation 110 million (1 1 7.3%), total amount of trade 480 million (5 7.0%)

*dollars, comparing to the same month of the previous year

Today the omicron variant is being one of the major concerns in the world. Hope it would not cause a significant influence on future economic conditions and trade, in addition to the climate.

Reference: The regular report of economy October 2021, from the Embassy of Japan in Chile, Department of Economy.

(The original report is written in Japanese.)