Exports and trade

Chilean exports grow 17% in June

This month rounds out the first half of 2011 with an overall increase of 26 percent in trade profits over the same period in 2010, according to Chile’s Central Bank.

Friday, July 08, 2011  
Copper is Chile's leading export. (Photo: Codelco) Copper is Chile's leading export. (Photo: Codelco)

Chilean exports leapt 17 percent in June 2011 over the same month in 2010. In the course of the month, total exports reached US$6.38 billion, said Chile’s Central Bank. The positive growth in June continues a full year of positive growth for the Chilean economy.

The export expansion was driven by growth in copper exports, the backbone of Chile’s economy. Fine wines have also seen large increases in the first part of 2011, with exports of Chilean wines with a registered denomination of origin increasing by 19 percent between January and May of 2011. Fresh fruit exports have also grown, seeing more than a 13 percent increase from January to April of 2011.

Though imports increased more than exports in June, rising 31.9 percent over the same month in 2010 to US$5.79 billion, the overall balance of trade in Chile has still shown significant positive growth in the first half of 2011. In the first sixth months of the year, Chilean exports have already created a positive balance of trade, having earned US$8.3 billion overall, a 26 percent increase over the same six month period in 2010.

The increase has also been due in part to creative strategies on the part of Chile’s economic ministers, who have gradually steered the economy away from heavy reliance on markets in Western Europe and North America, and have focused instead on advancing trade partnerships with the growing economies of South America and Asia.

Given the positive growth seen in the first half of 2011, the Central Bank has predicted overall growth of 6-7 percent for 2011.