salmon

The Chilean-Indonesian Chamber of Commerce and Culture has been closely monitoring the economic developments in Chile. Several key sectors have shown promising growth and potential, which we believe are noteworthy.

OCDE's Economic Forecast

Adolfo Rodríguez-Vargas, the chief economist for Chile at the Organisation for Economic Cooperation and Development (OECD), has expressed confidence in Chile's export strength. The OECD has adjusted its projections for the Chilean economy, estimating a 2.4% expansion of the Gross Domestic Product (GDP) this year. However, it has also revised its forecasts for 2025 down from 2.5% in May to 2.3%. The changes for this year are due to an upward revision of the expansion of exports and a decrease in imports, while the recomposition of domestic demand would contribute slightly less to activity.

Chile's Third Industry: Aquaculture and Agriculture

The II Symposium "Sciences and Footprints of Agriculture", organized by the Doctorate in Agricultural Sciences of the Catholic University of Chile (UC) with the support of Salmones Antártica, highlighted the potential of creating a third industry in Chile combining aquaculture and agriculture. This initiative is backed by the Technological Program for the Local Production of Nutritional Inputs for Aquaculture (PTEC-INVA), a public-private and academic initiative promoted by the Corporation for the Promotion of Production (Corfo).

Geopolitics, Environmental Regulations, and Mineral Exports

Geopolitics and environmental regulations could potentially impact the exports of minerals from the region. Tanvi Sharma, Senior Research Analyst - Bulk Research, Drewry, highlighted this during the "Shipping Seminar 2024". The market behavior of various commodities relevant to our region, including iron ore and coal, is determined by a complex interplay of causes and effects.

Salmon Exports

ProChile has promising projections for the export of salmon. The Enexpro Sea Products 2024, an initiative that allowed 60 Chilean companies from Coquimbo to Punta Arenas to present themselves, was developed in Puerto Varas.

Corporate Tax Rate Reduction Proposal

The Chilean government's proposal to reduce the corporate tax rate to 25% is a bold strategy to stimulate economic growth and attract foreign direct investment (FDI). However, this measure has also sparked substantial debates about its fiscal, social, and economic impact, necessitating a balanced analysis of the benefits and risks.

Boom in Cherry Exports

There is a significant boom in the export of cherries from Chile to Asia. This surge in demand underlines the potential of Chile's agricultural exports and the opportunities it presents for foreign traders and investors.

• Adolfo Rodríguez-Vargas, economista OCDE: “Las exportaciones van a mantenerse fuertes. El asunto es cuán sólida sea la demanda externa por los minerales que vende Chile” | Diario Financiero (Df.cl)
• Acuicultura más agricultura: La gran oportunidad de crear una tercera industria en Chile - AQUA (Aqua.cl)
• ¿Cómo la geopolítica y las normativas ambientales podrían afectar a las exportaciones de minerales de la región? - MundoMaritimo (Mundomaritimo.cl)
• Las promisorias proyecciones de ProChile para las exportaciones de salmón (Salmonexpert.cl)
• Evaluación de Propuesta de Reducción de la Tasa Impositiva Corporativa al 25% en Chile | Diario El Pulso desde O'Higgins para Chile y el mundo (Diarioelpulso.cl)
• [VIDEO] Boom por las cerezas chilenas: conoce el significado detrás del furor en China por cargamentos (Soychile.cl)

The Chilean-Indonesian Chamber of Commerce and Culture reports on a series of significant developments in the bilateral trade relations between Chile and Indonesia. These developments include the expansion of Chile's fruit exports to Indonesia, the surge in Chilean salmon exports, and the opening of the Chilean market to Bolivian products.

As Chile gears up for the fruitful export season of 2024-2025, the Chilean ambassador in Indonesia, Mario Artaza, and the head of the Division of Agricultural, Forestry and Seed Protection of the Agricultural and Livestock Service (SAG), Marco Muñoz, met with representatives of the Indonesian Quarantine Agency (IQA). The strategic discussions revolved around opening the market for fresh Chilean lemons, the entry of nuts with and without shell, progress in electronic certification, renewal of recognition of the Chilean safety system, and the export of frozen fruits.

Chile is also expanding its salmon exports to new countries, including Australia, which has approved Chile as compliant with its rigorous biosecurity standards (BICON) for salmonid importation. Chile's salmon exports play a crucial role in the national economy and in regions with strong aquaculture activity. In 2023, shipments of this product exceeded US$6 billion.

Meanwhile, negotiations are advancing for the opening of the Chilean market to Bolivian products. This is part of a decision to boost trade and strengthen bilateral economic ties. The products include milk, beef, oregano, avocado, llama meat products and by-products; Amazonian fruits, peanuts, almonds, honey, and eggs.

In other news, the East Java Multipurpose Terminal (EJMT) in Indonesia has partnered with Sinarmas LDA Usaha Pelabuhan (SLUP) for towing and pilotage tasks. Furthermore, Vina Santa Rita, a Chilean wine company, reported a slight increase in revenues during the first nine months of the year, with consolidated export market revenues increasing by 6.8%.

Lastly, the Agricultural and Livestock Service (SAG) has inaugurated a record-breaking season of Chilean cherry exports, certifying the first 10 tons of this valuable fruit. With Chile established as a global leader in cherry production, this year is expected to set a new export record.

• Chile busca nuevas oportunidades para exportar fruta a Indonesia | SAG (Sag.gob.cl)
• Chile amplía exportación de salmón hacia nuevos países y suma Australia como nuevo mercado - Prensa Digital (Prensadigital.cl)
• Avanzan negociaciones para apertura del mercado chileno a productos bolivianos  - PortalPortuario (Portalportuario.cl)
• Indonesia: East Java Multipurpose Terminal se asocia a Sinarmas LDA Usaha Pelabuhan para labores de remolque y practicaje - PortalPortuario (Portalportuario.cl)
• Ventas de Viña Santa Rita alcanzan los $ 121.387 millones en los primeros nueve meses del año | Diario Financiero (Df.cl)
• Con el envío de las primeras 10 toneladas SAG inaugura temporada récord de exportación de cerezas chilenas - Araucanía Noticias Temuco (Araucanianoticias.cl)

The Chilean-Indonesian Chamber of Commerce and Culture is pleased to bring you the latest updates in the world of commerce and culture between Chile and Indonesia. We have curated the most relevant news items to provide a comprehensive overview of the week's events.

Francisco Lecaros, president of the Mining Foundation of Chile, emphasizes that Chile should not only export minerals but also mining knowledge. The Foundation has launched a massive campaign to educate a million people about the importance of mining in their daily lives, offering educational games, maps, and brochures.

India emerges as one of the most dynamic markets for Chilean fruit exports, with a 53% increase in the first seven months of this year compared to the same period last year. India is now the fastest-growing market among the top 15 destinations for Chilean exports, according to data from the National Customs Service.

Despite the positive results of agricultural exports, other indicators such as production levels, poverty rates in rural areas, and economic and social inequalities in family farming need to be considered for a comprehensive diagnosis of the national agrarian situation. According to the Central Bank data, the exports from the agricultural, forestry, and fishing sector reached $5.601 billion in the first half of this year, a more than 10% increase from last year.

Chile remains the leading lithium producer in South America and second in the world, behind Australia. In 2023, national production reached 270,947 tons of lithium carbonate equivalent, a 4.3% increase from 2022 and a 120.5% increase from 2020. Production is projected to reach 275,000 and 285,000 tons in 2024 and 2025, respectively.

The price of farmed Atlantic salmon from Norway has fallen by 14% since June 2006, but the amounts achieved in August still far exceed those of 2005. Similarly, Chilean salmonids are experiencing a similar situation. The high prices in Europe and Japan have diverted national exports from their traditional market, the United States.

The Chilean Foreign Minister, Alberto van Klaveren, met with the Indian Ambassador to Chile, Abhilasha Joshi, to discuss the upcoming Chile Summit India 2024. This public-private event, organized by ProChile, aims to seek new opportunities in the Asian sector and strengthen ties between the two nations in terms of trade cooperation and initiatives to facilitate the exchange of goods and services.

• Francisco Lecaros, presidente Fundación Minera: “Chile no solo debe exportar minerales, sino que también minería” - NOSTÁLGICA CL (Nostalgica.cl)
• India se ubica como uno de los mercados más dinámicos para las exportaciones frutícolas chilenas – Simfruit (Simfruit.cl)
• Exportaciones y políticas agrícolas – El Clarin de Chile (Elclarin.cl)
• Chile sigue liderando la producción de litio en Sudamérica a la vez que cae valor de las exportaciones – Diario Chañarcillo (Chanarcillo.cl)
• Comercialización de salmónidos continua al alza - AQUA (Aqua.cl)
• Canciller se reúne con embajadora de la India previo al Chile Summit India 2024 - Minrel (Minrel.gob.cl)

The Indonesian-Chilean Chamber of Commerce and Culture reports a series of significant developments in international trade, showcasing the robustness of the global economic landscape despite the challenges of the past year.

Customs servers that support foreign trade are fully operational, as confirmed by the National Director of Customs, Alejandra Arriaza. This comes after intermittent glitches in foreign trade operations experienced between November 19 and 24. The National Customs Service reported 19,135 electronic transactions for imports and 3,622 for exports over the weekend of November 24-26, demonstrating the resilience and adaptability of our trade systems.

In other news, Chile's salmon exports to Argentina are on the rise, contributing to Argentina's positive trade balance with Chile, which exceeded US$ 4.15 billion in 2022. This highlights the potential for further expansion and cooperation between the two nations.

Meanwhile, Chile's peach and apricot industry is on the cusp of commencing exports to China, following the signing of an agreement in Beijing between the ministers of Agriculture of Chile and the Customs of China. This agreement was signed during the first state visit to China by the President of Chile, Gabriel Boric.

A cooperation agreement was also signed between Chile and the Chinese city of Dongguan, aimed at bolstering economic ties and promoting cross-border e-commerce. China has become Chile's largest trading partner, and this trend is expected to continue with increased exports and imports.

The 2023-2024 cherry export season has started in San Antonio, with high expectations despite the challenges posed by climate events. Approximately 50% of the total cherries exported from Chilean ports are expected to depart from the San Antonio Terminal International (STI).

Finally, Chile is venturing into gin production after achieving international renown for its wine and pisco. Last Hope Distillery, a cocktail bar in Puerto Natales, is pioneering this trend, introducing gin to locals and international visitors alike.

• Aduanas informa que servidores que soportan las operaciones de comercio exterior están 100% operativos - MundoMaritimo (Mundomaritimo.cl)
• El ranking de exportadores de salmón chileno a Argentina (Salmonexpert.cl)
• Tras visita de inspectores de la Aduana de China a Chile: Industria de duraznos y damascos chilenos a sólo un paso de comenzar exportaciones – Simfruit (Simfruit.cl)
• Los beneficios del acuerdo entre Chile y la ciudad china de Dongguan (Lanacion.cl)
• STI y Frutas de Chile dan el vamos a la temporada de exportación de cherries 2023-2024 en San Antonio - Publimicro (Publimicro.cl)
• Proyección internacional: después del vino y el pisco, Chile ahora apuesta al gin (Lavozdelquequen.com.ar)