Chile recorded a $2.04 billion trade surplus in April. The positive balance is mainly due to copper sales, which on Friday surpassed the historic barrier of $4.07 per pound. Exports in April reached $8.11 billion, while imports came in at $6.07 billion. Copper sales in April reached $4.54 billion.
Chile was China's top supplier of imported table grapes with a total import value in excess of $260 million, according to the UN Comtrade database. In terms of volume, imports of Chilean table grapes to China during 2020 were 68% higher than for the number two country, Australia. In fact, Chilean grapes accounted for approximately 44% of China’s total fresh grape imports in 2020. According to the Chilean Fruit Exporters Association (ASOEX), Chile exported 111,487 tons of table grapes to China during the 2019/20 season.
The Central Bank of Chile said that during the first half of the year, the risks to the country's financial stability have declined due to an improved external outlook, the progression of vaccination against COVID-19 and the adaptive capacity of various actors. The Financial Stability Report (IEF) states that unlike past crises in Chile, financing costs have remained low, debt has been contained and credit has continued to flow, although at a slower pace.
The Superintendency of Pensions delivered a new balance on the third withdrawal of 10% of the pension funds. There were more than 4.3 million requests to access a new retirement savings pension. The first 1,534 payments were registered for a total of $3,165 million, which is equivalent to an average payment of $2,063,000 per person.
CAP S.A. has issued and placed bonds in the international markets for a total amount of $300,000,000 maturing in 2031, at an interest rate of 3.9% per annum. The funds raised with this issuance of US Bonds will be used mainly for the payment of other financial liabilities maturing during the year 2021, according to the company.
Shares of Sociedad Quimica y Minera de Chile S.A. (SQM) have crossed above the average analyst 12-month target price of $53.00, changing hands for $53.52/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level.
The Government has submitted to the Chamber of Deputies its bill that seeks to allow a third withdrawal of pension funds, as an alternative to the initiative promoted by the opposition, which has already been passed into law. According to the Government, its proposal "addresses the urgent needs of families, granting benefits to 3 million contributors who currently have a zero balance in their individual capitalisation accounts and establishing a mechanism to recover the pension savings withdrawn, thus strengthening future pensions".
The Ministry of Finance announced that it will introduce a bill authorising a new capitalisation of Banco Estado of up to $1.5 billion, among other measures, to facilitate compliance with Basel III standards. In a statement, the portfolio said that the capital increase may be carried out until 31 December 2025 and will aim to allow BancoEstado to meet capital requirements in accordance with Basel III standards.
With the aim of boosting the financing of green projects, Bci announced the issuance of a $10 million green bond for a term of 5 years. With this placement, Bci already has four green bonds for a total amount of $124 million, which have been used mainly to finance NCRE projects. This bond will be the first, from the bank, that seeks to finance and/or refinance other types of sustainable projects.
During the first quarter of 2021, there was a 98% increase in the sale of apartments and a 64% increase in the house market compared to the same period last year. Sales show a strong increase, as does the available stock of homes which for apartments increased by 75% compared to the first quarter of 2020. The communes of Ñuñoa and Santiago Centro lead in sales, with 18% and 12%, according to a report prepared by Colliers.