| Among the most developed nations in Latin America, Chile is also home to one of the region’s most stable and robust economies. During 2012, the country recorded an impressive 5.6 % growth. With consistent, sustainable growth and ever-expanding free trade agreements with markets representing roughly two thirds of the global population, Chile is on the fast track to becoming one of the region’s most influential economies. Production Sectors Driven by a broad diversity of products and industries, the Chilean economy stands on the sturdy pillars of mining, forestry, agro-industry, and other industries, but is also rapidly drawing creative and entrepreneurial forces from around the world, developing the technological, film, and biochemical industries. Mining Copper production is the backbone of the Chilean economy, providing one third of government revenue. Chile is now the first copper producer and exporter in the world. Agro Industry Wine is probably the most famous of Chile’s exports. The country is the seventh largest wine producer and fifth largest exporter in the world. Fruits like apples, grapes, berries, and kiwis purchased in markets all around the world might very well be Chilean. Chile has one of the largest Radiata pine plantations in the world and is one of the main pulp exporters. Aquaculture industry, which focuses on salmon and trout production, has become the second largest in the world after Norway. Exports Mining and Agro Industry contribute most to Chile’s consistently growing exports. Some recent free-trade agreements include those with Canada and South America’s Mercosur group, both in 1996, the European Union in 2002, the United States in 2003, China in 2005, Japan in 2007, and Australia in 2008, amongst others. The Economic Model Chile was 40 years ago one of the poorest countries in Latin America. However, important economic changes, such as low import tariffs, privatization of State owned companies, and a pension system managed by private companies, allowed the country to reach rapid economic growth. These policies, plus social policies implemented to combat poverty and ensure that the nation’s increasing wealth is distributed fairly, has allowed that in the last 20 years, the poverty index has dropped from 38% in 1990 to 10% percent in 2012.
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