Chile’s trade exchange grows 31% in January reaching US$16.9 billion

RIO DE JANEIRO, BRAZIL – In January 2022, Chile’s trade exchange reached US$16.9 billion, marking a 31% increase compared to January 2021, according to a report prepared by the Undersecretariat of International Economic Relations (Subrei) with figures from the Central Bank. Exports and imports recorded the highest value at the beginning of the year.

Exports climbed to US$8.4 billion, growing by 17% compared to the first month of 2021. The high amount of exports has been driven by non-copper shipments, which amounted to US$4.5 billion, scoring its highest record for the beginning of the year, representing 54% of the country’s foreign sales in the first month of 2022. The products that led to the increases in January were fresh cherries, salmon, lithium carbonate, cellulose, pork, avocados, and poultry meat.

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Undersecretary Rodrigo Yáñez pointed out that in January, “95.8% of the country’s exports went to countries with which Chile has Free Trade Agreements in force; as a whole, the value of shipments to economies with FTAs increased by 15% compared to January 2021”.

Copper shipments amounted to US$3.9 billion, an increase of 18% compared to January 2021. In the period, the international price of copper was US$4.43 per pound, also the highest value for the first month of a year.

Exports of services totaled US$133 million, growing 61% compared to the same month in 2021, thanks to a rise in sales of ICT, consulting, advertising, and financial services.

“It is essential to continue facilitating and strengthening the internationalization of our companies so that they can face global crises with better tools, particularly SMEs and companies led by women. For this, it is essential to promote the associativity of our entrepreneurs, extending the digitalization of their export process,” said the Subrei authority.

In geographical terms, Asia accounted for 61% of shipments during the month, followed by North America (18%), Latin America (10%), Europe (9%), and Africa and the Middle East (1%). China led shipments with US$4 billion, reflecting a 7% increase over January 2021 (+US$250 million), accounting for 44% of the country’s foreign sales. On the other hand, the United States led the growth of Chilean shipments in January, reaching US$1.5 billion (+61%; US$574 million). The third place in Chile’s shipments was occupied by Japan with US$718 million, followed by the European Union (US$603 million) and South Korea (US$476 million).

In January, ten of the country’s regions experienced increases in their shipments compared to the first month of 2021, including Antofagasta (+US$874 million), Tarapacá (+US$156 million), O’Higgins (+US$124 million), Biobío (+US$119 million), Los Lagos (+US$100 million) and Magallanes (+US$41 million).

Imports totaled US$8.496 billion, up 47.5% compared to January 2021, with increases in practically all categories, including petroleum, diesel, clothing, automobiles, cell phones, footwear, household appliances, and medicines.