Chile’s monetary providers watchdog CMF introduced to the finance ministry a draft fintech invoice for the securities market. The initiative would deliver crowdfunding platforms – together with different fintechs that function within the securities market sphere – into the regulatory fold. The absence of a regulatory framework has hampered improvement of the sector and created area for potential dangers for customers, CMF stated.
According to Fitch, the process for the drafting of a new constitution in Chile will lead companies to postpone their decisions pending the effects of the new legal framework. "Chilean companies will likely postpone large investment decisions due to the pending rewriting of the country's constitution, and may be subject to higher taxes to help finance higher fiscal spending," Fitch said in a report.
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.
Chile’s copper mining industry saw a 17% drop in its production costs in the first half of 2020, the mining ministry said, as COVID-19 affected the country. Cash costs fell from $1.45 per pound in the first six months of 2019 to $1.21 per pound of copper produced during the same period in 2020.
According to the Santiago Chamber of Commerce (CCS), CyberMonday 2020 exceeded the total transactions of its 2019 version by 60%. Sales reached $305 million, an increase of 15% compared to last year.
Chile is the first country in South America to release the 6 GHz band to Wi-Fi and only the third country to release the full 1.2 GHz swath of spectrum following the FCC’s decision in April and Korea’s decision last month. As of October 22 the telecom regulator of Chile, Subtel, has formally released the full 6 GHz band to Wi-Fi.