Chile's copper export revenue jumps in April as price soars
- Chile, the world's top copper producer, said it had exported $4.541 billion worth of copper in April alone, a boon for its ailing economy following months of coronavirus-induced economic stagnation.
- Swelling revenues from copper exports led to a trade surplus of $2.040 billion in April, the central bank said.
SANTIAGO: Chile's central bank said on Friday that copper export revenue had jumped 69% in April, a welcome windfall brought on by soaring prices for the red metal.
Chile, the world's top copper producer, said it had exported $4.541 billion worth of copper in April alone, a boon for its ailing economy following months of coronavirus-induced economic stagnation.
The copper price has been steadily rising for months but hit a fresh 10-year high on Wednesday as some of the world's largest economies showed signs recovery from the COVID-19 pandemic, boosting expectations of increased demand.
Depending on prices, Chile's sprawling copper industry can account for more than 10% of the country's gross domestic product, and more than half its total exports, according to the mining ministry.
Swelling revenues from copper exports led to a trade surplus of $2.040 billion in April, the central bank said.
Revenue from overall exports hit $8.114 billion, up 38.7% over the same period the previous year, while total imports jumped 45%, to $6.075 billion.
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