September marks first trade deficit in 6 years for Chilean economy

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SANTIAGO.- The Chilean economy reported an unexpected trade deficit of US$ 318.8 million dollars for September, marking the first negative monthly figure in six years.  According to the Central Bank, the country had reported a surplus of US$ 1.3742 billion dollars for the same month during 2007.

During the ninth month of 2008, the nation registered US$ 5.0472 billion dollars in exports, 1% more than the same month during the previous year, while imports reportedly grew by 48%, to some US$ 5.366 billion dollars.

Between January and September of this year, the Chilean trade balance accumulated a surplus of US$ 12.2513 billion dollars, totaling 38.1% less that the US$ 19.7974 billion dollars accumulated during the same period in 2007. The drop can also be attributed however, to a more significant expansion in the level of imports than in exports.

Sales abroad totaled US$ 56.9091 billion dollars during the first nine months of this year, indicating an increase of 11.2% with respect to the US$ 51.1839 billion dollars reported during the same period in 2007.

Meanwhile, imports totaled US$ 44.6578 billion dollars this year— approximately 42.3% more than during the January-September period in 2007.

Last year Chile's foreign trade closed out with a favorable balance of US$ 23.6529 billion dollars, resulting from some US$ 67.6438 billion dollars in exports and US$ 43.9908 billion dollars in imports.