Also note that Chilean November total exports were down 26.4%, which shows just how much the country depends on its copper. There’s a lot of talk going round about which countries will suffer more than which in the current economic downturn. Be clear, even the ones that run their economies well (according to the parameters set out by people that allow the Madoffs of this world to exist, anyway) will suffer as well. There is no country immune from this recession. They’re all in the caca if it goes on long enough.
Chart of the day is…………
…….Chile’s copper exports for the month of November 2008, compared to the same month in 2007.
It was U$2.88Bn in November 2007, it was U$1.98Bn in November 2008. That’s a 31.2% drop. Annualize that drop and you’re staring over U$10Bn in lost revenues in the face. Yes, Virginia, that’s mucha moolah for a place like Chile.