Chile Posts $837M October Trade Surplus Vs $260M October 2010

SANTIAGO, Nov 07, 2011 (Dow Jones) -- Chile's trade surplus in October rose to $837 million versus a $260 million surplus the same month last year, the central bank reported Monday.

For the first ten months of the year, the South American nation posted a surplus of $10.85 billion, down from the $11.70 billion surplus in January-October 2010.

For all of 2010, the trade surplus reached $15.86 billion, versus $14.12 billion the previous year.

October exports totaled $6.45 billion, up from $5.40 billion the same month last year.

January-October exports surged to $68.36 billion, compared with $56.65 billion the same period in 2010. The increase in exports for the first ten months of the year is the result of higher international copper prices.

Chile produces a third of the world's copper and the red metal represents 60% of the country's exports.

In January-October, copper fetched an average $4.11 a pound, versus $3.30 a pound in the same period last year, according to state copper commission Cochilco's market data.

Imports, meanwhile, grew to $5.61 billion in October from $5.14 billion in the same month a year ago. Accumulated imports through October rose to $57.51 billion versus $44.95 billion the same period last year.

In addition, the central bank reported that Chile's foreign reserves at the end of October totaled $38.67 billion compared with $37.84 billion in reserves at the end of September.