Chile's mining sector contracts 9% in March as copper production down 5% - report

- According to Chile's National Institute of Statistics , the country's industrial production index contracted by 5.9% in March 2023 y-o-y due to a decline in Chile's mining and manufacturing sectors.

INE said that the domestic mining sector decreased by 8.7% in March 2023 y-o-y, primarily as a result the lower activity registered in the country's metallic mining subsector, which was down 8.9% y-o-y due to the decrease in the extraction and processing of copper. According to the report, Chile, the world's largest producer of copper, mined 440,389 tonnes of copper in March 2023, which is a decline of 4.8% compared to 462,360 tonnes mined in March 2022.

Moreover, Chile's manufacturing production index decreased by 5.5% in March 2023 compared to the same month of the previous year, primarily due to the decline in manufacturing of chemical substances and products. The agency added that the country's electricity, gas and water production index increased by 2.3% in March 2023 compared to March 2022 primarily due to the growth in electricity generation.

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