Exports from the Los Lagos Region in Chile have experienced a notable decline, as stated in the latest report of the National Institute of Statistics (INE). The statement unveils a significant drop of 13.9% in exports in the region.
The INE's report emphasizes the paramount importance of the salmon and salmon farming sector in the Los Lagos Region's export. With an massive share of 79.1% in total exports, this industry continues to be the driving force behind the region's economic output. Furthermore, an astonishing 84.9% of all food products shipped overseas stem from this thriving salmon industry. These figures underscore the undeniable significance and unrivaled contribution of salmon exports to the region's export profile.
In April 2023 -the last data available-, the region's total exports reached USD 509 million (EUR 468 million). However, these figures represent a decrease of approximately 10%. Moreover, the industrial sector, especially food products, hurt exports, while the fisheries sector had a positive impact.
Furthermore, in the same period, salmon exports reached USD 402.8 million (EUR 368.7 million), a year-on-year decrease of 13.9%, or USD 65.3 million less (EUR 59.8 million). The U.S. and Japan were the destinations that most affected the value of salmon exports, with a decrease of 25.2% compared to March 2023.
On the other hand, in terms of countries, the United States accounted for 44.6% of the exported value of salmon in April 2023, while Brazil and Japan accounted for 12.3% and 8.6%, respectively. Russia recorded a significant increase compared to the previous year, albeit from a low base.
Besides, North America led salmon exports with a 52.1% share, followed by Asia with 23.3%. South America and Europe ranked third and fourth, respectively, in terms of share of salmon exports from the region.
From now on, it will be necessary to see how the regional figures in Chile continue and whether this drop is a blip or a trend.