Chile's Exports Surpass USD 40 Bn in First Five Months,Service Exports Hit Record High

Industrials Author: EqualOcean News Jun 12, 2024 06:32 PM (GMT+8)

EqualOcean reports that the latest data from the Chilean Ministry of Foreign Affairs' International Economic Relations Undersecretariat indicates that Chile's exports reached USD 41.784 billion from January to May this year, marking a 1.9% increase or an additional USD 784 million compared to the same period last year. Among these, service exports set a new record.


Mining and Fresh Fruit Exports Stand Out

In the first five months of this year, Chile's mining exports totaled USD 23.057 billion, reflecting an 8.2% growth (+USD 1.739 billion), with notable increases in copper, gold, and iron concentrate exports.

Fresh fruit exports amounted to USD 4.817 billion, up 16.6% (+USD 687 million), with cherries, grapes, blueberries, plums, and apples seeing the largest growth.

Wine exports reached USD 639 million, growing by 6.9% (+USD 41 million), with both bottled wine (+7.8%) and bulk wine (+3.4%) showing increases. Among wine varieties, blended wines, Sauvignon Blanc, Chardonnay, and Pinot Noir saw the most significant growth.

Food exports totaled USD 5.191 billion, a 1% decrease (-USD 54 million) year-on-year. However, exports of frozen fruit, fishmeal, dried fruit, canned fish, and hake showed an upward trend. Pulp exports stood at USD 1.121 billion, a 2.9% increase (+USD 32 million).

Service Exports Drive Growth

From January to May, Chile's service exports exceeded USD 1.162 billion, setting a new record with a 36.8% year-on-year increase. Chile's services were exported to 113 destinations worldwide, with the United States, Peru, Colombia, Switzerland, Mexico, Argentina, the United Kingdom, Brazil, Spain, and Uruguay being the top ten markets, accounting for 81% of the total export value.

Among service exports, network and email hosting (USD 182 million), aircraft maintenance (USD 160 million), online support for computer and information technology (USD 83 million), IT consulting (USD 47 million), and IT application design and development (USD 46 million) were the top five categories, all showing year-on-year growth. Additionally, exports in medical and pharmaceutical research (+USD 25 million), original software design (+USD 8.7 million), mining application engineering (+USD 4.3 million), remote monitoring (+USD 3.3 million), and agronomy research and development (+USD 2.1 million) also increased.

Claudia Sanhueza, Deputy Minister of International Economic Relations, stated that service exports continue to lead Chile's export growth and have become a primary driver. "This is good news, enhancing the value of Chile's exports and aligning with the government's strategy to position Chile as a global hub for digital infrastructure, data centers, and innovation," she said.