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Viewing cable 08SANTIAGO1127, CHILE: ECONOMIC HIGHLIGHTS FOR DECEMBER 8-19

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Reference ID Created Released Classification Origin
08SANTIAGO1127 2008-12-22 10:45 2011-08-25 00:00 UNCLASSIFIED Embassy Santiago
VZCZCXYZ0002
OO RUEHWEB

DE RUEHSG #1127/01 3571045
ZNR UUUUU ZZH
O 221045Z DEC 08
FM AMEMBASSY SANTIAGO
TO RUEHC/SECSTATE WASHDC IMMEDIATE 4171
INFO RUCNMER/MERCOSUR COLLECTIVE
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEKJCS/SECDEF WASHDC
RUEAIIA/CIA WASHDC
RHEHNSC/NSC WASHDC
UNCLAS SANTIAGO 001127 
 
STATE PLEASE PASS TO USTR KATE DUCKWORTH 
STATE PLEASE PASS TO FEDERAL RESERVE TOM CONNORS 
TREASURY FOR SSENICH 
COMMERCE FOR KMANN 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: ECON EFIN ETRD EINV ECIN PGOV PREL CI
 
SUBJECT:  CHILE:  ECONOMIC HIGHLIGHTS FOR DECEMBER 8-19 
 
REFS:  SANTIAGO 1065 AND PREVIOUS 
 
1. SUMMARY:  This continues a series of updates on major 
developments in Chile's economy since the acceleration of global 
financial turmoil.  Between December 8 and 19, copper prices hit a 
new four-year low, the peso rose modestly against the dollar, and 
the stock market was up slightly.  Copper exports were lower in 
November.  Chile's state-owned copper company reported higher costs 
and lower copper production in the first three quarters of 2008.  A 
major U.S. company plans to suspend operations in Chile.  The 
Central Bank decided to maintain interest rates at 8.25%.  The Bank 
also extended its program to maintain current levels of liquidity in 
the financial sector.  Gasoline prices hit new lows.  The GOC 
released key trade data.  END SUMMARY. 
 
Copper Prices Hit New Four Year Low 
----------------------------------- 
 
2. On the London Metals Exchange, copper closed at $1.28/pound on 
December 19, down more than 7% from its close on December 5.  The 
day's price was the lowest in more than four years. 
 
3. The value of Chile's copper exports fell by approximately 31% in 
November 2008 compared to the year before to $1.98 billion.  Chile's 
state-owned copper company, CODELCO, reported a fall in copper 
production in the period January - September of almost 8% as 
compared with the same period last year.  CODELCO's average costs 
for the first three quarters of 2008 rose to $1.81/pound vs. 
$1.35/pound for the same period in 2007.  CODELCO projects that if 
copper's average price in 2009 is $1.65, the company will break even 
on its revenue vs. costs.  CODELCO issued a call to all its 
employees and contractors to increase productivity and reduce 
costs. 
 
Chilean Peso Gains Ground Against Dollar 
---------------------------------------- 
 
4. On December 19, the exchange rate closed at 636 Chilean Pesos to 
1 U.S. Dollar (an appreciation of almost 6% from the close on 
December 5).  Approaching the end of 2008, the Chilean peso has lost 
almost 22% against the dollar so far. 
 
Stock Market Closes Up Slightly 
------------------------------- 
 
5. The IPSA closed at 2346.46 points on December 19, up almost 2% on 
the close of December 5. 
 
U.S. Company Suspends Chilean Subsidiary 
---------------------------------------- 
 
6. Ryder System Inc. (based in Miami) is a truck rental and 
logistics company.  The enterprise announced December 18 it will 
suspend operations in Argentina, Brazil, and Chile, as a result of 
the global economic downturn.  The suspension will result in a loss 
of 3,100 jobs and a net savings of some $36 million.  This is one of 
the first major U.S. shutdowns in Chile. 
 
Central Bank Maintains Current Interest Rate 
-------------------------------------------- 
 
7. On December 11, the Central Bank decided to maintain the interest 
rate at its current level (8.25%) for the third month in a row.  The 
move had been anticipated.  Despite the drop in headline inflation, 
the Bank cited continuing high core-inflation measures as a reason 
for keeping the interest rate fixed for another month. 
 
Central Bank Extends Liquidity Program 
-------------------------------------- 
 
8. The Central Bank announced December 10, it will continue to offer 
weekly currency swaps of $500 million for a maximum period of 180 
days (up from the previous maximum of 91 days).  The swaps were 
initially to be offered only during October-December 2008.  Since 
October, the Bank has  offered $5.5 billion in swaps, but banks have 
only used $1.5 billion.  The Central Bank will also continue 
offering weekly repos for 28 and 7 day periods, accepting bank 
deposits and Central Bank debt as collateral. 
 
Gasoline Prices Hit New Lows 
---------------------------- 
 
 
9. On December 17, gas prices were forecast to fall to their lowest 
levels since 2004, reaching 401 Chilean Pesos per liter of 93 octane 
gas.  This is a decrease of 324 Chilean Pesos per liter since 
October alone (or a decrease of almost 45%).  Some reports calculate 
that with this rapid decrease in prices, the average Chilean 
consumer has saved over 500,000 pesos (roughly $790) in gas 
purchases during the year. 
 
DIRECON Releases Trade Data 
--------------------------- 
 
10. In association with the U.S. - Chile Free Trade Commission 
meeting December 12, the GOC released key trade data.  The figures 
were published by the Direccion de Relaciones Economicas 
Internacionales (DIRECON), which is technically part of the MFA, but 
the equivalent of USTR.  Since the signing of the U.S. - Chile FTA, 
DIRECON calculates trade between Chile and the U.S. has grown 155% 
(valued at $15.2 billion).  The U.S. is still Chile's primary 
trading partner, accounting for 15.2% of all commerce. 
 
11. Chile's trade with the U.S. increased by 27% between January and 
September of 2008, compared with the same period the year before. 
Chile's exports during the first three quarters of 2008 were valued 
at about $6.5 million, while imports were valued at approximately 
$8.7 million.  For the first time since 2000, Chile had a trade 
deficit with the U.S. in the first three quarters of 2008 ($2.2 
 
million).  The U.S. was the primary source of foreign investment in 
Chile, accounting for 27% of the total ($16.5 million). 
SIMONS