MercoPress. South Atlantic News Agency

Magallanes sets export growth record in first quarter

Exports from Magallanes Region in the extreme south of Chile soared 41.3% during the first quarter of 2006 compared to a year ago totalling 287.9 million US dollars.

Magallanes strong economy was also evident in the regional economic activity index for the first quarter with a 7.5% increase over the same period a year ago, which is also above Chile's national average of 5.3%. However if the methanol industry is not included, the economic activity index drops to 0.2%.

The most dynamic areas were manufacturing (including methanol) and wood mills.

New automobile sales and supermarkets helped boost the retail sector while coal production, mining and quarries figured third followed by transport and telecommunications.

Air and sea activities in summer months also had a significant impact.

Finance, banking, public utilities and housing remained neutral but construction, agriculture, fisheries and services dropped slightly.

As to exports they are split among the Apec block with 30% equivalent to 87 million US dollars; European Union 26%, 75 million US dollars and Mercosur 22%, 63.6 million US dollars. Sales to Nafta (US, Mexico and Canada) totalled 38.9 million US dollars in the first quarter.

By items, chemical produce leads comfortably, mainly methanol exports to South Korea, Holland and United States.

In fisheries, toothfish was shipped to United States, Japan and Spain, while salmon to Germany, Japan and others.

Uruguay, Germany and China were among Magallanes main clients for wool.