MercoPress. South Atlantic News Agency

UK consolidates as Chilean wines main customer.

Chilean wine exports in the last twelve months (October 2003/September 2004) have reached 791 million US dollars which represents a 26,1% over the same period a year ago with the United Kingdom consolidating as the main customer.

The total volume exported was 454,7 million litres which represents a 22,9% increase.

Bottled wine is 56,3% of exports in volume and 85,1% in value.

In the twelve months considered Canada and United States demand expanded 11,8% in volume and 15,1% in value. Asia and Oceania 29,6% in volume and 35% in value.

However the United Kingdom remains as Chilean wineries main client with an accumulated increase in the twelve months of 29,2% equivalent to 6,8 million bottles which represent 20,6% of the country's total wine exports.

Copper boosts Chilean record export year.

Chilean exports are forecasted to reach this year a record 30,5 billion US dollars boosted by strong demand for commodities, particularly copper from China.

The Chilean Central Bank is estimating overseas sales of 30,9 billion US dollars and import of 21,8 billion US dollars.

China's strong growth of over 9% this year and in the range of 8% in 2005, --in spite of the recent raise in interest rates--, is expected to keep the expanding pace of Chilean exports, according to Santiago financial experts.

"China's restrictive monetary policy was expected since Beijing authorities are determined to keep inflation under control", said Patricio Rojas from the Finis Terrae School of Economics.

Anyhow China's soft landing in overseas shopping should have an impact in oil and copper prices, but Chilean experts believe copper will remain in the range of 1,15 to 1,20 US dollars the pound. (Currently above 1,45 US dollars).

This anyhow will not impede Chile from having a trade surplus this year equivalent to eight billion US dollars according to Luis Diaz, chief economist of the National Chamber of Commerce.

In spite of lower copper prices prospects Chile's main mining company and belonging to the government Codelco, is planning to invest 5,5 billion US dollars in the 2004/ 2008 period. This year only the outlay was 1,1 billion US dollars, 23% more than last year.

A week ago Codelco successfully floated 500 million US dollars in bonds in New York.