Chile Holds Interest Rate Steady as U.S. Tariffs Challenge Export Growth
Chile’s Central Bank, according to its official statement, kept the benchmark interest rate at 5% for the fourth straight time this April. This decision follows the United States’ recent move to impose a 10% tariff on imports from Chile and other countries.
The Chilean government, through Finance Minister Mario Marcel, confirmed that copper and timber exports are temporarily exempt, pending a U.S. review. Despite this, most other goods now face higher costs in the U.S. market.
Chilean exports reached a record $100.2 billion in 2024, driven by copper, which brought in $50.9 billion, up 17.3% from the previous year. However, lithium exports dropped 56.6% to $2.9 billion.
The U.S. remains a key market, taking in $953.7 million in Chilean services alone. Over 8,500 Chilean companies exported goods last year, with small and medium-sized firms accounting for 53% of exporters and $2.2 billion in shipments.
The U.S. tariffs come as global financial markets face volatility, with rising U.S. interest rates and mixed performance in equities and currencies. Chile’s peso has strengthened 7% and its IPSA stock index rose 6%, reflecting some resilience.
Headline inflation in Chile stood at 4.9% in March, with the Central Bank aiming to bring it down to 3% over two years. Chile’s government stresses its commitment to open trade and is using its Free Trade Agreement with the U.S. to address these challenges.
Exporters now face a more complex landscape, as tariffs and shifting global demand test the country’s long-standing export-led growth model. The Central Bank continues to monitor risks, balancing inflation control with support for economic activity.
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Live Market IntelligenceChile — Live Market Board
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Chile — Live Market Board
+1.13%
168,749.24
+1.54%
71,087.56
+0.38%
10,583.83
+1.13%
2,848,945
—
2,480.77
-0.15%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IPSA | 10,583.83 | +1.13% | — | 10,465.26 | 10,617 | 10,511 | — |
| USD/CLP | 977.98 | -0.06% | +3.66% | 978.59 | 983.51 | 973.55 | — |
| COPPER | 6.29 | +0.64% | +27.17% | 6.25 | 6.29 | 6.19 | 54,911 |
| SQM-B | 56,363 | +1.89% | +27.22% | 55,320 | 57,399 | 55,850 | 103,438 |
| COPEC | 6,417 | +1.22% | -6.04% | 6,340 | 6,484 | 6,380 | 146,553 |
| BSANTANDER | 79.13 | +0.04% | +14.71% | 79.10 | 79.80 | 78.84 | 16,817,252 |
| FALABELLA | 6,618 | +1.83% | +12.08% | 6,499 | 6,638 | 6,490 | 477,286 |
| ENELAM | 82.67 | +1.44% | -7.94% | 81.50 | 83.21 | 81.51 | 6,215,694 |
| CENCOSUD | 1,733 | +7.00% | -40.02% | 1,620 | 1,734 | 1,646 | 1,540,886 |
| CMPC | 895.62 | -1.04% | -33.61% | 905.00 | 909.16 | 890.00 | 1,123,014 |
| BANCO CHILE | 190.20 | +0.27% | +11.88% | 189.69 | 193.80 | 189.15 | 11,865,763 |
| LATAM AIR | 23.23 | +1.22% | +12.16% | 22.95 | 23.60 | 22.35 | 565,380,563 |
| SOUTHERN COPPER | 168.13 | +1.66% | +28.53% | 165.38 | 168.39 | 164.77 | 367,543 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief