Chile recorded a trade surplus of USD 143 million in August of 2019 compared to a EUR 324 million deficit in the same month of the previous year. Exports dropped 4.5 percent to USD 5,952 million, the seventh straight month of decrease, dragged down by lower sales of manufacturing products (-14.4%), mostly food (-6.5%); chemicals (-14.4%); wood & wood products (-21.9%) and basic metals (-31.4%). In contrast, shipments of mining products rose (7.8%), particularly copper (10.3%) and molybdenum (4.4%). Meantime, imports fell 11.4 percent to USD 5,809 million, dragged down by lower purchases of consumer goods (-13.9%); namely both durable (-14.5%) and semi-durable goods (-17.3%); intermediate goods (-11.0%), of which crude oil (-46.3%) and carbon mineral (-31.1%); and capital goods (-6.7 percent). Balance of Trade in Chile averaged 473.72 USD Million from 1991 until 2019, reaching an all time high of 2968.68 USD Million in April of 2007 and a record low of -1384.72 USD Million in October of 2008.
Balance of Trade in Chile is expected to be 900.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Balance of Trade in Chile to stand at 200.00 in 12 months time. In the long-term, the Chile Balance of Trade is projected to trend around 500.00 USD Million in 2020, according to our econometric models.