Coronavirus hits Chile’s copper exports
Bnamericas - Chile’s copper exports dropped 2.2% in February compared with the previous month, the central bank reported on Monday.
Copper exports reached US$2.48bn last month, their lowest since 2017, impacted by weaker demand from coronavirus-struck China, Chile’s principal red metal buyer.ccccccjehijidenehigjnidndghfufgdbrhfkjtvdhth
On Friday, Chile's copper commission Cochilco predicted weak demand during 2020 but also lower production. China's car industry is a huge copper consumer and last week the country's automobile association predicted a 10% reduction in sales for this half.
According to export promotion agency ProChile, exports to China make up 33% of the total and copper accounts for 48%.
A report from the customs service cited a 10.5% drop in Chile’s exports during the first two months of the year in comparison with 2019. Imports of mining and construction equipment fell 14.3%.