Chile's mining minister, Baldo Prokurica, said that the South American nation's sprawling copper industry so far ranks among the least affected globally by the COVID-19 pandemic. He added that official statistics from Chile state copper agency Cochilco estimate a total reduction in output of about 63,300 tonnes, or approximately 1% of the country´s annual production.
Despite a slight decrease in the estimated export volume of 150K metric tons, most of its exporting markets including Latin America, Asia, Europe, and Russia are planning on increasing their imports in 2020 marketing season.
According to the latest report by the National Petroleum Company (Enap), a decrease in gasoline prices in the country was recorded. 93 and 97 octane gasoline will drop again by $6 per liter, due to COVID-19 and the lack of demand. Instead, gas for vehicular use will rise $3.1.
The Chilean Agricultural and Livestock Service (SAG) has authorised the extension of the Hass avocado producing areas from Peru with access to the Chilean market, allowing the incorporation of small producers from the Peruvian regions of Áncash, Apurímac, Ayacucho, Cusco and Huancavelica to the export chain of this fruit, which has a potential of 18 million consumers in Chile.
Banco Santander Chile announced its unaudited results for the three month period ended March 31, 2020 and first quarter 2020 (1Q20). The Bank announced a return on average equity (ROAE) of 16.8% reached in the first quarter of 2020. The net income attributable to shareholders increased 23.4% QoQ and 14.8% YoY, totalling Ch$ 144,014 million ($172.07 million).
The Court for the Defence of Free Competition (TDLC) rejected the extrajudicial agreement presented between the National Economic Prosecutor's Office (FNE) and Transbank, which includes a new tariff system to avoid increases in commissions to businesses and that allows for the transition to the new 4-part card payment model.
Amazon was included on the list of "infamous markets" accused of committing intellectual property violations, which includes Argentina and Chile among the partners with enforcement problems. The USTR (The United States Trade Representative) singled out Argentina and Chile on a heightened watch list of 10 trading partners that fail to adequately protect intellectual property.
Entel expects a strong performance this year in Chile as quarantine measures increases demand. In the near future, Entel expects to focus most of the $433 million investment for 2020 on the development of mobile and home business in Chile. That figure is down from $600 million in 2019, a decline the company blamed primarily on the fall of the Chilean peso, which hit a historic low this year.
Despite the effects of the covid-19 on world economies, in April the multi-fund pensions have resisted positively, according to the bulletin prepared by Ciedess, based on data from the Superintendence of Pensions. So far this month (with quota values up to the 26th), the riskiest funds, type A and B, have recorded positive results of 7.0% and 6.38% respectively, while the moderate risk fund C has shown a variation of 6.20%. The more conservative funds obtained gains of 5.57% for type D and 3.99% for type E.
Home sales in Greater Santiago suffered a drop of over 60.6% during the first quarter , compared to the same period last year, amid the effects of the covid-19 pandemic in the country. In the first quarter of 2020, 3,471 units were sold (between houses and apartments), according to the GFK Adimark quarterly report, this is the biggest drop since when the market suffered the blows of the " dot-com bubble ".