SANTIAGO, Chile, Apr 09, 2012 (Dow Jones) -- The value of Chile's copper exports in March fell to $3.62 billion, from $4.32 billion in the same month last year, the central bank said Monday.

Chile is the world's largest copper mining country, producing a third of the global supply.

The Andean nation's mining industry, according to the central bank, represents about 16% of the country's gross domestic product.

The drop was due to copper fetching an average $3.84 a pound during March, according to state copper commission Cochilco's market data, versus the $4.32/pound it averaged in March 2011.

The nation's overall mining exports, including molybdenum, iron, silver, iodine and lithium, fell to $4.12 billion in March from $4.73 billion the same month last year.

In 2011, the value of Chile's copper exports rose 6% on the year to $42.63 billion, while the value of its mining exports grew 9% on the year to $48.15 billion.