Chile, the world’s top copper producer, saw exports of the red metal soar over 35% to $4.92 billion in November, the Andean country’s central bank said on Tuesday, bolstered by strong global prices of the metal.
That helped the country post a trade surplus of $834 million in the month, despite the strong growth of imports. Overall exports rose some 30% year-on-year to $8.4 billion, while imports climbed 57% to $7.58 billion.
Copper prices have registered all-time highs this year, supported by expectations of a solid recovery in the world economy after the coronavirus pandemic and rising demand for the metal needed in electronics and construction.
However, some experts believe that the metal will perform weaker next year due to an increase in global supply.
The head of Chile’s state mining firm Codelco, the world’s largest producer of the metal, recently said that he expects the price to dip in 2022.
Alongside Codelco, global mining giants such as BHP, Glencore, Anglo American, Freeport McMoRan and Antofagasta operate in the South American country, which is headed for a polarized presidential run-off election later this month.
(By Fabian Cambero and Adam Jourdan; Editing by Chizu Nomiyama)