MercoPress. South Atlantic News Agency

Chile post trade surplus in August but exports fell 10.8% and imports 22.4%

World's largest copper producer saw the value of shipments of the metal fall 13.2% year-on-year in August to US$ 2.761 billion

Chile posted a trade surplus of US$ 904 million in August, the central bank said on Monday, with a drop in levels versus a year earlier of both exports and imports for the month.

The world's largest copper producer also saw the value of shipments of the red metal fall 13.2% year-on-year in August to US$ 2.761 billion, hit by a dip in production and low prices.

Chile's copper industry has largely escaped major impact from the coronavirus pandemic, although miners have had to limit on-site personnel and temporarily halt some long-term projects and the country's wider economy has suffered.

The country's total monthly exports fell 10.8% year-on-year to US$ 5.421 billion, while imports fell 22.4% to US$ 4.517 billion.

Chile's central bank has estimated the economy will contract 4.5%-5.5% this year due to the impact of the pandemic, although it has said that the country has already overcome the hardest months and is showing some signs of recovery.