Chile Imacec Falls 1.5% as Copper Shipments Drop for First Time Since 2023
Chile · Economy
Chile’s economic activity dropped in July, and copper shipments fell for the first time since 2023. President José Antonio Kast answered questions about his government’s performance.
Key Facts
- What happened:Chile’s monthly activity index fell 1.5% in July from a year earlier.
- How big:Copper exports dropped 3.2% in August to US$4.625 billion.
- The catch:The July fall is year-on-year, not a monthly drop.
- Who it hits:Mining drove the decline, with activity down 9.3% annually.
- What comes next:Kast faces pressure as 42 officials have left his government.
The Chile Imacec index of monthly activity fell 1.5% in July. Copper shipments dropped in August for the first time since December 2023.
Economic Activity Falls in July
Chile’s central bank reported on 1 September that the Imacec fell 1.5% in July against July 2025. The Imacec is a monthly index of economic activity.
The seasonally adjusted index dropped 1.7% from June 2026. That is the measure economists watch for momentum.
The non-mining Imacec fell 0.3% year-on-year, and 0.5% month-on-month. Mining activity contracted 9.3% annually, dragging down the overall figure.
Copper Exports Drop for First Time Since 2023
On 7 September, central bank data showed copper exports in August reached US$4.625 billion, down 3.2% from US$4.779 billion a year earlier. This was the largest annual fall since December 2023.
Exports of copper concentrates fell 16.3% to US$2.885 billion, their lowest level since February 2025. Overall Chilean exports grew in August, but copper shipments declined.
Live Market IntelligenceChile — Live Market Board
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Chile — Live Market Board
-1.14%
185,147.15
-0.02%
64,866.61
-0.87%
11,315.26
-1.14%
3,041,993
-0.23%
2,556.17
+0.46%
59,789.81
-0.24%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IPSA | 11,315.26 | -1.14% | — | 11,445.90 | 11,210 | 10,984 | 1,513,213,483 |
| USD/CLP | 913.98 | +0.04% | -5.67% | 913.65 | 915.11 | 906.68 | — |
| COPPER | 6.61 | +0.03% | +46.70% | 6.61 | 6.71 | 6.61 | 39,543 |
| SQM-B | 65,305 | -0.84% | +49.03% | 65,860 | 66,949 | 64,978 | 76,539 |
| COPEC | 5,964 | -1.09% | -11.70% | 6,030 | 6,100 | 5,960 | 634,331 |
| BSANTANDER | 78.37 | -2.28% | +35.94% | 80.20 | 81.69 | 78.34 | 36,288,711 |
| FALABELLA | 6,334 | -1.48% | +23.28% | 6,429 | 6,450 | 6,300 | 26,085,814 |
| ENELAM | 87.09 | +0.10% | -10.13% | 87.00 | 87.40 | 86.50 | 13,106,417 |
| CENCOSUD | 1,946 | -2.19% | -35.30% | 1,990 | 2,010 | 1,945 | 966,528 |
| CMPC | 1,020 | -1.96% | -29.10% | 1,040 | 1,050 | 1,015 | 3,526,677 |
| BANCO CHILE | 184.96 | -1.01% | +32.87% | 186.85 | 189.99 | 184.33 | 18,101,240 |
| LATAM AIR | 24.08 | -1.11% | +16.61% | 24.35 | 24.59 | 23.88 | 573,612,753 |
| SOUTHERN COPPER | 193.97 | -0.26% | +104.01% | 194.48 | 199.36 | 192.59 | 367,102 |
Kast Defends Government Performance
President José Antonio Kast, in interviews on 4 and 7 September, addressed unemployment, a court ruling, and the departure of officials. He said, ‘Governments are measured by results.’
He also acknowledged, ‘We have not yet been able to solve the unemployment issue,’ referring to a 9.5% unemployment rate. These comments followed a fall in his approval rating.
Constitutional Court Ruling on Utility Reconnection
The Constitutional Court rejected the government’s petition by 9 votes to 1. It upheld a rule requiring utility companies to reconnect basic services free of charge in disaster zones.
Kast said, ‘This is something the Constitutional Court resolved, and we will have to apply it.’ The ruling affects areas declared catastrophe zones.
Departure of Officials Raises Questions
ADN Radio reported that 45 national and regional authorities have left the Kast government since it took office. This includes 3 ministers, 6 deputy ministers, 35 regional secretaries, and 1 provincial delegate.
That means roughly one high-ranking appointee has departed every four days. Kast defended the changes, framing them in terms of results.
Trade Surplus Remains Positive
Despite the copper decline, Chile recorded a trade surplus of US$1.688 billion in August. The surplus reflects growth in other export sectors.
The copper drop is a concern because copper is Chile’s main export. The last time copper exports fell annually was in December 2023.
The Staff Turnover
A tracking site run by the political scientist Danilo Herrera counted 42 officials who had left or been removed by mid-August. They included three ministers, six deputy ministers and 33 regional appointees.
That is about one departure every four days since Kast took office. The government has not disputed the count.
Frequently Asked Questions
What is the Imacec?
The Imacec is Chile’s monthly index of economic activity. It gives a quick read on how the economy is doing.
Why did copper exports fall in August?
Copper export value dropped 3.2% year-on-year to US$4.625 billion. Concentrate exports fell 16.3%, hitting their lowest level since February 2025.
What did President Kast say about unemployment?
He said, ‘We have not yet been able to solve the unemployment issue.’ The unemployment rate stood at 9.5%.
How many officials have left the Kast government?
ADN Radio reported 45 authorities have departed, including 3 ministers and 6 deputy ministers. That is about one every four days.
Sources: CNN Chile; Chocale; EnergyNews; Reuters; La Tercera Pulso; Diario Financiero; ADN Radio.
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