Chile's copper exports fell 24 percent in July

The latest statistics released by Chile's central bank show a significant drop in the country's copper exports during July 2015. Chile's copper exports fell nearly 24 y /y. Exports were worth $ 2.398 billion for the month, up from $ 3.171 billion in the same month a year earlier.

The sharp drop in copper prices has led to a decline in copper exports from the country. Copper prices averaged $ 2.48 per pound in July this year, down nearly 23 percent from $ 3.22 per pound in July 2014. Cathode exports for the month were down nearly 19 percent to $ 1.102 billion, while copper concentrate exports fell even more, down 23 percent, to $ 1.023 billion.

Chile's total copper exports in the first seven months of 2015 were $ 19.352 billion, down 13 percent from the previous year. Copper exports from January to July last year totaled $ 22.244 billion. Cathode exports were down 16 percent year on year to $ 8.796 billion, while copper concentrate exports fell 6 percent to $ 8.898 billion.

Chile's copper production throughout 2015 is expected to be 5.8 million tonnes, given that Chile is the largest copper producer in the world.

Meanwhile, a report recently released by the Chilean Copper Commission (Cochilco) says the current lack of new mining technologies could lead to a sharp decline in the country's copper production after 2025. Chile plans to increase its copper output to nearly 10 million tonnes in 2025, but there are several factors that could lead to lower production going forward. The lack of new discoveries and complications in the expansion of existing mines are cited by Cochilco as the key reasons for the projected decline in Chile's copper production in the future.