Chile’s international trade totaled $104 billion from January to October 2020, dropping 10% year on year. The decrease was due to a fall of $10.855 billion (92%) in imports in the first ten months of the year, according to the Chilean Foreign Affairs Ministry’s Undersecretariat of International Economic Relations (Subrei). Exports grew by $685 million (12.9%) in October, marking the fourth increase in exports since the onset of the COVID-19 pandemic.
Prices of copper increased as progress in the development of a COVID-19 vaccine stoked optimism that a complete economic reopening was finally in sight. Three-month copper on the London Metal Exchange rose 0.5% to $6,950 a tonne, while the most-traded December copper contract on the Shanghai Futures Exchange advanced 0.2% to 52,150 yuan ($7,868.14) a tonne.
The price of Chilean Salmon in US & Brazilian markets fell in week 44, continuing a downward trend and taking prices almost to new lows in both countries. Prices for Chilean head-on, freight-on-board,10-12s shipped to the Brazilian market dropped by $0.27% to $3.02 per kilogram. Freight-on-board Chilean salmon fillets to the US, saw prices fall by $0.08 in price to $3.43 per pound.
Chile’s 2020/21 cherry crop is expected to weigh in at a massive 310,352 tonnes, according to preliminary estimates released by the Asoex Cherry Committee. This represents an increase of 35.8% over last season, when shipments totalled 228,582 tonnes. China continues to be the main destination for Chilean cherries as 90% of Chile’s export volume ended up in China last season. This season, fruit is also being shipped to: the US, Latin America, the Middle East, and various other Asian markets.
Chile is looking forward to further entering the Chinese market for avocados as the fruit has gained increasing popularity in the huge Asian market. Between 2009 and 2019, avocado export revenue went from $170.7 million per year to $300.7 million, according to a report from ProChile. ProChile said that China is the main Asian buyer of Chilean avocados. In 2020 China leads in imports, accounting for 8.8% of Chilean avocado sales, opening the way to other important destinations on the continent," said ProChile in the report.