November 18, 2020
Foreign Trade

Minister Prokurica: Mining exports grew 6.2% despite pandemic

Minister Prokurica: Mining exports grew 6.2% despite pandemic
Minister Prokurica noted that mining shipments abroad reached US$31.4 billion this year while non-mining exports fell 9.9%.

Mining Minister Baldo Prokurica highlighted that mining exports accumulated strong growth of 6.2% between January and October of this year compared to the same period in 2019.

According to the report by the Chilean Central Bank, the growth means that US$31.4 billion entered the country for copper, iron, silver, gold, molybdenum concentrate, lithium carbonate and sea and table salt shipments abroad. Copper comprised 90% of exports (US$28.3 billion).

On the other hand, non-mining Chilean exports fell 9.9% in the same period.

The minister also highlighted that mining exports soared 24.5% in October, contributing US$3.2 billion to the country in a single month.

“The sharp 6.2% spike in mining exports, even in a year when the pandemic has greatly shaken our country and the world, is the best proof that mining is the locomotive of our economy. This is great news for Chile, also because it contributes funds to the Treasury that are urgently needed to meet the social demands of so many people who are going through a difficult time,” said Minister Baldo Prokurica.

The minister also highlighted that the accumulated average for the mining IMACEC (monthly economic activity index) as of September was 1.7%, while the rest of productive activity was down by 8.7%. Energy will provide approximately US$3 billion in direct contributions and mining production has grown 0.4% while costs have fallen sharply by 17%.

“Medium and long-term expectations are also positive for mining, thanks to the portfolio of ongoing and upcoming construction projects that will exceed US$17 billion by 2023 and create more than 33,000 jobs. Over the next decade, US$74 billion will be invested, translating into jobs, a better quality of life and wellbeing for millions of families,” concluded Minister Prokurica.

In the same vein, Álvaro Merino, Research Manager at the Chilean Mining Society (SONAMI), said, “mining has played a crucial role this year, preventing the country’s economic activity from falling even farther. Likewise, mining will be an active participant in the country’s economic recovery, just as it has at previous complex moments in our history and over the last three decades.”