Total exports from the Chilean mining sector fell 23% compared to October 2007, following lower global demand, totalling US$3.228 million.
The Central Bank of Chile informed of a 29% decline in copper exports, totalling US$2.692 million for October. On the contrary, industrial exports of the same period saw an increase of 9.1%.
The declining demand for copper, Chile's main export, follows in the wake of the global financial crisis, the Chilean news source La Tercera reports. The lower demand is accompanied with falling prices, with the red metal currently trading below US$2/lb, compared to prices around US$4/lb 12 months ago.
The news do not bode well for the Chilean Peso, which is down Ch$11 against the Dollar on Monday, currently trading at Ch$648.20/US$.