Economic situation in Chile (November, 2021)

The regular report of economy October 2021 got released from the Embassy of Japan in Chile, Department of Economy. (Partially includes information of October.)

From the report, it can be observed that the amount of mining production increased and the trade turned into a surplus. However, it seems like the price of copper decreased, perhaps due to the decline of demand.

Taking a closer look, first, the economic activity index for October was 15.0%, and the mining industry was 0.6%. In the same month, the mining production index was 0.3%, of which the index of copper production was -3.6%. (comparing to the same month of the previous year)

At the end of the following month, November, the international copper price was 4.36 dollars a pound (-0.3% comparing to the end of the previous month). As a tendency of each item’s demand (external), the percentage of copper is reported to be -1.8% comparing to the same period of the previous year. At the bottom of the same report, there is a news which includes information that the global copper supply is recovering.

The amount of exports in November was 8.41 billion dollars (28.0% comparing to the same month of the previous year), of which mining products raised 5.32 billion dollars (63% of total) and copper (93% of them) raised 4.92 billion dollars (23.7% comparing to the same month of the previous year). The amount of exports exceeded the amount of imports (7.58 billion dollars).

The amount of trade with China, Japan, and South Korea (October) is shown below:

With China: exportation 3.2 billion (21.9%), importation 2.54 billion (76.6%), total amount of trade 5.71 billion (41.1%)

With Japan: exportation 590 million (16.5%), importation 230 million (243.3%), total amount of trade 830 million (42.9%)

With South Korea: exportation 350 million (2.9%), importation 150 million (94.4%), total amount of trade 500 million (20%)

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

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

(The original report is written in Japanese.)