China replaced the United States as the principal destination for Chilean exports in this year's first quarter. Chile's exports from January to March totalled over 15 billion US dollars, of which nearly 15.5% approximately 2.4 billion went to China.
United States Treasury Secretary Henry Paulson weekend statements in support of a strong dollar don't seem to have convinced markets as the greenback looks ready to slide past a two year low against the Euro.
The Inter-American Economic Council held a high level Public Summit focused on Building Sustainable Societies in Latin America. The Summit's key objectives were to focus on Economic Development Opportunities for the poor impoverished communities of Latin America and the Caribbean and examined ways to encourage the private sector to focus on establishing and expand its corporate social responsibility programs in the region.
United States and the European Union need to adapt to global changing economic reality and for their own good give up their leadership monopolies at the World Bank and the International Monetary Fund, according to a report from the Atlantic Council of the United States.
The current levels of the United States dollar in Chilean money markets where it dropped to 528 pesos this week, is in line with international markets, according to the country's Central Bank president Vittorio Corbo.
Latin American economies have improved fiscal positions and achieved better shape than they have in decades, and risks to that stem mostly from the United States and China, according to a World Economic Forum report issued this week.
The Chinese economy grew an impressive 11.1% in the first quarter of 2007, but inflation in March rose to 3.3% and fears that rapid expansion will drive interest rates higher weighed on stock markets.
Asia-Pacific countries are set to grow by over 7% this year, although the region will face several economic challenges, primarily the management of exchange rates, according to the the United Nations annual regional economic review.
IMF Managing Director Rodrigo Rato forecasted that the world economy faces another solid year of growth in 2007, estimated in 5%, and underlined the fact that the world is less dependent on the United States economy.
The Punta Arenas retail market in the extreme south of Chile has significantly grown in recent years, attracting Chile's leading retailers. Retail giants Lider, Fallabella, La Polar and Johnson's have opened branches in the southern Region XII city over the past three years, and saw profitable returns in 2006.