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Economic Overview of Chile:
Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports account for 40% of GDP, with commodities making up some three-quarters of total exports. Copper alone provides one-third of government revenue In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates.
Chile economy once served as an ideal for several other South American nations. At present Chile economy is based mainly on open trade and several other sectors. The main pillars of Chile economy, apart from the trade and commerce, are the agricultural industry, mineral resourcesand also other industries. There are a wide range and variety of crops that are produced in Chile and they contribute hugely in the economy ofChile. Mineral resources also play a very good role in Chile economy along with other industrial sectors.
Chile economy is dependent largely on agriculture. The main agricultural area in Chile is the Vale of Chile. The large vineyards in the Vale of Chile are the main source of the industry of wine in Chile.
Copper is most important among other minerals in this country. Copper is also the main mineral that is exported from Chile and also the chiefmineral resource of this country. Chile‘s industries largely process its raw materials and manufacture various consumer goods. The major products are copper and other minerals, processed food, fish meal, iron and steel, wood and wood products, transportation equipment, and textiles.
Major Facts:
Exports $48.85 billion (2009 est.)
Export goods copper, fruit, fish products, paper and pulp, chemicals, wine
Main export partners China 14.1%, U.S. 11.3%, Japan 10.4%, Brazil 5.9%, South Korea 5.7%, Netherlands 5.2%, Italy 4.4% (2008)
Imports $40.91 billion (2009 est.)
Import goods petroleum and petroleum products, chemicals, electrical and telecommunications equipment, industrial machinery,vehicles, natural gas
Main import partners U.S. 19.1%, China 11.9%, Brazil 9.2%, Argentina 8.8%, South Korea 5.5%, Japan 4.6% (2008)
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