The Manufacturing Production Index decreased by 13.3% in May, hit by a decline in food processing, according to the National Statistics Institute (INE). The INE also reported that copper production in Chile rose by a weak 0.6% year-on-year to 495,604 tons in May, with resource extraction up 3.4% to May. Furthermore, the INE also said that the Mining Production Index showed an increase of 2.1% over the same month last year.
Unemployment in Chile rose to 11.2% in May and remained at its highest level in a decade especially in key sectors such as trade, accommodation and food services, according to the National Statistics Institute (INE). The record for May is 4 percentage points higher than in the same period of the previous year and 2.2 points more than in April.
A further 150 BYD electric buses went into service in Santiago, Chile, bringing the total number of BYD electric buses in Chile to 455. In autumn last year, in cooperation with Enel X and Metbus BYD, the first electric bus corridor was set up in Latin America in the Chilean capital. With 455 electric buses now in service in Chile, the Chinese company claims to lead the market for electric buses in the country with a share of 65%.
During the summer citrus season, LGS Specialty Sales sources lemons, navels, minneolas, mandarins and cara cara oranges to the U.S. for its Darling Citrus® line. According to LGS, the company is experiencing a strong summer lemon season from Argentina and Chile. Chilean lemon season began in late June and anticipates going through early October with a peak in medium to small size fruit.
After learning about the INE’s sector figures, Credicorp Capital projects that the Imacec in May could decrease by about 19% p.a. while a greater fall is projected in June as social distancing measures have affected a greater number of workers and economic activities, particularly the mining sector.