Embassy of India Santiago. Monthly Commercial and Economic Report for November, 2009

Transcription

1 Embassy of India Santiago No. Sant/245/2/2008 Jan, 2010 Monthly Commercial and Economic Report for November, 2009 i) GDP The IMACEC the Central Bank s Monthly Indicator of Economic Activity -, rose 3.1% in November, the first rise since October The November increase in the IMACEC was attributed mainly to the favorable development of the mining sector, retail sales, textiles, sale of new and second hand vehicles and supermarket sales. Despite signals of recovery, GDP has dropped by 2.2% during the current year. ii) Rate of inflation The Consumer Price Index dropped by 0.5% in November, 2009, taking 12- monthly inflation to -2.3%. This was mainly due to drops in the cost of accommodation, water, gas, electricity and other fuels (-1.7%) and apparels and footwear (-2.8%). However, transport showed a minor increase of 0.3%. Chile s core inflation, which excludes fuel costs, fresh fruits and vegetables, dropped by 0.6% in November and 1.6% in the last 12 months. iii) Total trade Chile recorded a trade surplus of US$ million in November, 2009, as a result of exports worth US$ million (up by 25.9% as compared to Nov 08) and imports for US$ million (up by 5%). From January to November, 2009 exports reached US$ 47,551.1 million, down by 24.3% on the same period last year, while imports at US$ 35,834.1 million, fell by 33.4%. This gave a trade surplus of US$ 11,717 million as compared to US$ million in the first 11 months of last year.

2 - 2 - iv) Total trade in million US$ and its growth to 10 major countries Nov 2009 Country Nov 09 Nov 08 % of variation China % USA % Japan % Brazil % South Korea % Argentina % Mexico % Germany % UK % Italy % Total trade Nov % Source: National Customs Office v) Indo-Chilean bilateral trade (Nov 09 as compared to Nov 08): Exports to Chile Nov 09 Exports to Chile Nov 08 Imports from Chile Nov 09 Imports from Chile Nov 08 = US$ million (CIF) = US$ million (CIF) = US$ million (FOB) = US$ million (FOB) Source: Santiago Chamber of Commerce

3 - 3 - vi) Top ten items of export from India to Chile, Nov 09 Item CIF value in US Dollars Share in total exports to Chile Motor cars not exceeding 1000 cc ( ) 3.91 million 21.80% Light trucks ( ) 0.89 million 4.98% Cobalt sulphate ( ) 0.85 million 4.77% Industrial leather gloves ( ) 0.85 million 4.76% Medicaments put up for retail sale ( ) 0.42 million 2.35% Other aromatic acids ( ) 0.41 million 2.29% Ferro chromium carbon ( ) 0.32 million 1.80% Insulin injection ( ) 0.31 million 1.78% Other yarn of polyester staple fibres ( ) 0.26 million 1.49% Tractors ( ) 0.26 million 1.47% vii) Top ten items of import from Chile by India, Nov 09 Item FOB Value in US Dollars Share in total imports Copper ores and concentrates ( ) million 51.99% Potassium chloride ( ) 9.52 million 29.18% Chemical wood pulp of eucalyptus ( ) 1.84 million 5.65% Iodine ( ) 1.66 million 5.10% Chemical wood pulp of coniferous ( ) 0.81 million 2.51% Newsprint in rolls ( ) 0.40 million 1.23% Tube well drilling and core drilling machinery ( ) 0.36 million 1.11% Lithium oxide and hydroxide ( ) 0.17 million 0.53% Other beauty/make up preparations ( ) 0.14 million 0.43% Lithium carbonates ( ) 0.10 million 0.31% Source: Santiago Chamber of Commerce

4 - 4 - viii) Major investments into Chile a) Chinese company Shunde Rixin Development Co (Rixin) acquired 70% of the exploitation rights of an iron mine in Vallenar city, around 700 kms from Santiago. As per various Chinese and US media, the mine would have reserves worth 5000 millon tons. Minmetals, China s largest diversified metals-trading company would also be involved in the project. Though it announced that it would cooperate with Rixin through its subsidiary Minmetals Zhuhai Co., it will not provide financial assistance to the venture. ix) Major trading agreements proposed / finalized a) The 5 th Round of Negotiation for an Investment Treaty between Chile and China was held in Beijing from 24 th to 27 th November, This is the third stage of negotiations to further deepen the 2006 Chile-China Free Trade Agreement. x) The principal five export destinations The main destinations of Chile s exports during Nov 2009 were: 1. China US$ million 2. Japan US$ million 3. USA US$ million 4. South Korea US$ million 5. Brazil US$ million xi) The principal five import sources The main sources of Chile s imports during Nov 2009 were: 1. USA US$ million 2. China US$ million 3. Argentina US$ million 4. Brazil US$ million 5. South Korea US$ million

5 - 5 - xii) The principal five export commodities (Nov 2009): 1. Copper cathodes, HS code : US$ million 2. Copper ores, HS code : US$ million 3. Blister copper, HS code : US$ million 4. Chemical wood pulp of coniferous, H.S. code : US$ million 5. Molybdenum concentrates : US$ million xiii) The principal five import items (Nov, 2009): 1. Petrol oil, HS code : US$ million Petrol oil, HS code : US$ million 2. Gas oil, diesel oil, HS code : US$ million 3. Motor cars, HS code : US$ million 4. Cell phones, HS code : US$ million 5. Portable digital automatic data Processing machines, HS code : US$ million xiv) Other important economic news: a) Chile was ranked 25 th among the 180 countries included in Transparency International s 2009 Corruption Perception Index with a score of 6.7 out of 10. Chile continues to be among the countries with the lowest perceived levels of corruption in the American region after Canada (ranked 8 th with a score of 8.7), Barbados (20 th with a score of 7.4) y Saint Lucia (22 nd with a score of 7.0). b) Foreign reserves totaled US$ 26,114.6 million up to 30 th November, c) Chile s gross external debt up to October, 2009 accounts for 51.7% of GDP, reported the Central Bank of Chile.

6 - 6 - xv) Indo-Chilean bilateral relations Latest Developments 1. A 2-member delegation from Spices Board of India led by Mr. V J Kurian, Chairman, participated in the 6 th International Food Products, Services and Technologies Fair (Trade One Fair) in Santiago, Chile from 3-6 th November, A 5-member Kuchipudi Dance Group, led by Ms. Sailaja Narayanaswami, founder of Saila Sudha Institute visited Chile from 15 th -21 st November, 2009 and performed at Santiago, Talca and Valparaiso cities on the occasion of the Bicentenary of the Independence of the Republic of Chile. 3. Mr. Arun Gupta, Master (Business Administration) and President of Bhakti Yoga Center and the Hare Krishan Temple in Boise, USA, delivered a Conference on Pursuit of Profit and Business Ethics at Talca University, Santiago, on 24 th November, Ambassador Pradeep K. Kapur, Mr. Y N S Kumar, General Manager of M/s BEML and Mr. Jay Shah, Development & Admin. Director of M/s Zamin Ferrous attended a Mining Conference organized by the Mining Council of Chile at La Serena on 27 th November, A 7 member CAPEXIL delegation led by Mr. J.K. Bagchi, Director visited Chile from November 28 to December 2, The visit was organized by Chemical and Allied Export Promotion Council, Kolkata. The Indian delegation held Buyer Seller Meetings with about 22 Chilean companies. The participating companies were from areas of stone, marble, granite, match box industry and rubber conveyor & transmission belts. 6. A Chilean delegation from Chilean Economic Development Agency, CORFO and Foro Innovación consisting of Mr. Mario Castillo, Director, Invest Chile - CORFO; Mr. Raul Rivera, Chairman, FORO INNOVACION; Mr. Miguel Perez, President of Chilean Association of IT Companies; and Mr. Ignacio Andrada, Director, Industrial Engineering Programme, Andres Bello University, visited India from 9 th to 13 th November, During their stay in India the Chilean delegation met with reputed IT companies such as Nucleus Software Exports Limited, HSBC Tecnology and Services, UST Global, Igate Team, Infosys Technologies, Brickwork India, HBL Power Systems, Organet Networking Solutions, Acharya Institute of Management, Avesthagen Ltd., Net ProActive Services Pvt. Ltd., 3i Infotech Ltd., Global Talent Track, Fidelity National Information Services, Tata Consultancy Services, etc. (Bhagwat Swarup) Charge d Affaires

7 - 8 - TRADE QUERIES RECEIVED IN NOVEMBER, 2009 Items Mr. Luis Campos Manager (Com) M/s Artigues Balmaceda 3350 La Serena, Chile Tel: lcampos@servitecaartigues.cl Website: Mr. Patricio Arriola Navarro Santiago, Chile parriolan@hotmail.com Tel: Mr. Raul Pino Buyer M/s Gerdau Aza S.A. Tel: rpino@aza.cl Website: Mr. Jose Yudelevich Santiago, Chile jyudelevich@volta.cl Mr. Cristian Izquierdo M/s Importadora Guayaquil Ltda. Andes 2855 Santiago, Chile Tel: cristianizquierdo@yahoo.com Tyres Medical items Graphite electrodes Ophtalmologic Surgical instruments Jute fabrics