European Commission Vice President Antonio Tajani will travel tomorrow to Chile accompanied by a large business delegation composed of 49 representatives of 40 European companies and industry associations, from 9 EU Member States.
In total, these organisations and their member companies have a combined turnover of some € 350 billion (more than the GDP of Austria). The business associations alone represent 17 000 companies which generate more than two million jobs, either directly or indirectly. This mission, in conjunction with yesterday's visit to Peru, is part of the series of "Missions for Growth" to help European enterprises, in particular small and medium sized enterprises, to better profit from fast growing emerging international markets. The two day visit will reinforce partnerships to help industry and SMEs to fully exploit the potential for commercial relations between Chile and the EU.
While in Chile, Vice President Tajani will hold discussions with the Minister of Foreign Affairs, Alfredo Moreno Charme, and the Minister for Economy, Trade and Tourism, Pablo Longueira Montes. These meetings are intended to deepen the implementation of the political agreements Vice President Tajani signed in June 2011 with the Chilean authorities on SME development, industrial cooperation, tourism, space, raw materials and standardisation (all agreements). He will also focus on encouraging the promotion of clusters and business networks to boost SME internationalisation.
Chile: Economic background
Surface Area: 756.1 thousand sq km
Population: 17.4 million inhabitants - 2011
GDP in 2011: € 174.6 billion
GDP per capita in 2011: € 10,035.6
Chile's economy is growing at an impressive pace despite of the turmoil in the world economy. In the second quarter 2012 the GDP growth rate was 5.5% year on year and in the third quarter 2012 GDP growth was 5.7% year on year.
Chile's foreign trade
Exports: The EU is Chile's second major partner after China. Exports from Chile to the EU accounted for 17.7% in 2011 and in recent years Chile's exports to the EU have slightly increased. Chile's exports to the EU in 2011 were mainly: (i) fuels and mining products with a total value of € 6,494.2 million which accounts to 59.8% share of the total Chilean exports to the EU; (ii) agricultural products with a total value of € 3,181.9 million, 29.3% share of the Chilean exports to the EU and (iii) chemicals accounting € 563.2 million, a share of 5.2%.
Imports: In terms of imports the EU is the third largest partner for Chile after China and the United States. In 2011 the imports from the EU to Chile accounted for 13.9% of total imports to the Chilean market. The main EU products exported to Chile in 2011 were: (i) machinery and transport equipment with a total value of € 4,260.3 million which accounts to 55.7% share of the total EU exports to Chile; (ii) chemicals with a total value of € 966.3 million, 12.6% share of the total EU exports to Chile and (iii) fuels and mining products with a total value of € 565 million, a share of 7.4%.
Major markets: China, United States and European Union.
EU trade with Chile
Exports: EU exports to Chile have slightly increased over time and represent 0.5% of total EU exports. In terms of major export partners for the EU, Chile ranks number 34. EU goods exports to Chile in 2011: € 7.7 billion. EU services exports to Chile in 2011: €3.1 billion.
Imports: Imports from Chile to the EU represent 0.6% of the total imports to the European market and Chile ranks 31 in terms of EU import partners. EU goods imports from Chile in 2011: € 10.9 billion. EU services imports from Chile in 2011: € 1.6 billion.