Industrial production in Chile picks up again and trade continues to grow in March

RIO DE JANEIRO, BRAZIL – After contracting in the two months to 2022, industrial production returned to the blue in March. The Industrial Production Index (IPI) rose 0.8% year-on-year for the third month of the year, showing monthly growth of 3%, according to the National Statistics Institute (INE).

The outlook also represents a turnaround from the end of last year: December’s IPI had fallen 4.1% in 12 months, ending 2021 with a cumulative decline of 1.1%.

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The result is the result of increases in two of the three sectors that make up the indicator: manufacturing and energy. In particular, the manufacturing production index (IPMan) had the greatest impact on the result, with an increase of 3.3% over twelve months. According to the INE, this was mainly due to the increase in the production of food products, which was due to the higher production of bread.

The index of electricity, gas and water production (IPEGA) also contributed to the better performance in March, as it increased by 1.4% compared to the same month in 2021. In particular, electricity recorded the largest increase among the components.

The picture was different for the mining production index (IPMin), which recorded a year-on-year decline of 2.2% in the third month of the year. The reason? Mainly, lower activity was registered in metal mining, as a result of the decline in copper extraction and processing, INE said.

TRADE CONTINUES TO INCREASE

The Trade Activity Index (TAI) at constant prices registered an increase of 8.1% year-on-year in March, as all three departments reported increases. Thus, the indicator accumulated an increase of 8.2% for the third month of the year, the statistics agency said.

Specifically, with the exception of motor vehicles, retail trade was the sector that contributed the most to the year-on-year change in the CAI, as it recorded an annual increase of 11.4%. Notable in the division was the increase in retail sales of apparel, footwear and leather goods at specialty stores.

Wholesale also contributed to the final result, although to a lesser extent, with the exception of motor vehicles and motorcycles. The department grew by 5.2% compared to March 2021, mainly influenced by the increase in wholesale of other household goods.

Wholesale, retail trade and maintenance and repair of motor vehicles recorded a 9.1% increase in the third month of the year, mainly due to higher sales of motor vehicles.

In addition, the index of supermarket sales (ISUP) at constant prices recorded an increase of 1.5% in twelve months. However, the seasonally and calendar-adjusted series recorded a decline of 2.9% compared with February and an increase of 2.4% year-on-year.