MercoPress. South Atlantic News Agency

Chile's first monthly trade deficit in six years

The Chilean economy experienced an unexpected trade deficit in September, the first negative month in six years according to the latest release from the Central Bank. The misbalance was 318 million US dollars; a year ago it was a surplus of 1.37 billion US dollars.

Exports in September reached 5.05 billion US dollars, up 1% over the same month a year ago but imports soared 48% to 5.36 billion US dollars. Local market experts had anticipated a surplus of 400 million US dollars. Nevertheless the trade surplus during the first nine months of 2008 has reached 12.25 billion US dollars, which is 38% less than the 19.79 billion of the same period in 2007, which is also attributed to an increase in imports favoured by a weak US dollar and strong Chilean peso. Exports in nine months total 56.9 billion US dollars, up 11.2% over the 51.2 billion of last year, while imports added to 44.65 billion US dollars, a walloping 42% higher than in Jan-September 2007. Last year Chile's trade surplus was 23.66 billion US dollars, with exports totalling 67.65 billion and imports, 44 billion US dollars.