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Chile’s imports rise 73% in August, to a maximum since 2012

Chile‘s imports grew 73% year-on-year in August, at a maximum level since October 2012, the Central Bank of Chile reported.

More than anything, this rise was due to the increase (88.3%) of incoming shipments of intermediate goods, to 4.403 million dollars.

At the same time, Chile’s imports of consumer goods climbed 91.6%, to 2,588 million dollars, and those corresponding to capital goods expanded 43.9%, to 1,621 million.

Chile’s imports and the economy

During 2020, the Chilean GDP contracted 5.8% compared to 2019, mainly due to the effect of the measures implemented to prevent the spread of Covid-19 in the manufacturing and services sectors.

In particular, aggregate domestic demand decreased 9.1%, total consumption decreased 6.8%, gross fixed capital formation fell 11.5%, exports fell 1.0% and imports contracted 12.7 percent.

Exports

In the opposite direction, Chile’s exports grew 35.3% in August 2021, to reach 7.822 million dollars.

Regarding external sales of mining products, these rose 40.2%, to 4.834 million dollars.

Specifically, copper exports climbed 40.5%, to $ 4.383 billion).

While Chilean foreign sales of manufactured products increased 29.7% (2,594 million dollars), exports of agricultural, forestry and fishing products grew 19% (393 million).

The main products that contributed to the increase in exports were copper concentrates, refined copper cathodes and copper for refining, with increases of 2,978 million, 1,665 million and 332 million dollars, respectively.

In imports, the increase in crude oil stood out, of 817 million dollars, followed by automobiles and gas oil and diesel oil (Diesel oil) with increases of 765 million and 319 million, respectively.

 

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