Chilean Foreign Trade in first quarter drops some 8,4%, Port Chamber report
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Loading... - Arthur Garcia
- 07 Jun 2023
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According to the Maritime and Port Chamber of Chile (Camport), an analysis of foreign trade by sea in the first quarter of 2023 indicates a significant decline in both the quantity of goods handled and their value. The data reveals an 8.4% decrease in tons handled and an 8.1% drop in cargo value compared to previous years.
The decrease in tons handled can primarily be attributed to a substantial 19.6% drop in general cargo. Additionally, the decline in cargo value is largely a result of a 16.9% decrease in the value of dry bulk goods. Moreover, liquid bulk and solid bulk cargo experienced declines of 6.8% and 6.7% respectively, while refrigerated cargo witnessed a modest increase of 6.7%.
The decline in general cargo aligns with a significant 20.4% decrease in full container handling during the January-March period of 2023 compared to the same timeframe in 2022. Camport highlights the fact that general cargo constitutes the primary demand for Chile's major ports, accounting for 57.8% of the country's total foreign trade value during the analyzed period.
In the first quarter of this year, maritime freight prices, specifically the BDI (Baltic Dry Index) and SCFI (Shanghai Containerized Freight Index), continued to exhibit a downward trend, approaching levels comparable to the pre-pandemic era. Furthermore, China maintained its position as Chile's top trade partner for both imports and exports.
Camport's analysis further reveals a decline of 172,000 tons in the total volume of exported cargo when comparing the first quarters of 2023 and 2022. This decline can be primarily attributed to a slight drop in general cargo. Notable variations between the two periods include a decrease of 457,000 tons in copper minerals and concentrates, a decline of 181,000 tons in chemical wood pulp, and a contraction of 169,000 tons in mineral fertilizers.
However, there were also notable increases in certain categories. Iron ores and concentrates experienced a significant increase of 398,000 tons, salt saw growth of 302,000 tons, and coal cokes and semi-cokes observed a rise of 62,000 tons compared to the previous year.
Turning to imports, between January and March 2023, the total volume of imported cargo declined by 2.4 million tons, mainly due to the decrease in general cargo. Conversely, there were notable increases in specific categories, such as crude oil cargoes which rose by 390,000 tons, sulfuric acid which increased by 20,000 tons, and corn which saw a rise of 145,000 tons.
