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Chile Freight Transport Report Q4 2009
Market |
Logistics |
Report Type |
Market Research |
Country |
Chile |
Published |
12 August 2009 |
Number of Pages |
52 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
The Port of Iquique handled about 3mn tonnes of cargo in 2008
Brazil, Chile and Bolivia have set a deadline for the creation of an intra-oceanic trade corridor linking Brazil's Atlantic port of Santos with Chile's Pacific coast ports of Iquique and Arica, it was reported in July. The throughway, which was agreed by the country's respective presidents in December 2007, is expected to create 3,800km of paved roads, with 1,800km passing through Bolivia and 1,500km and 400km to be created in Brazil and Chile respectively. According to BBC World, Brazil will provide US$132.8mn for the venture while Chile will contribute US$93.2mn and Bolivia US$373mn. The first stage of the corridor – linking Santos to the North Chilean port of Iquique – is expected to be completed in 2010, while the second phase will connect the neighbouring port of Arica by 2011. It is believed the corridor is primarily designed to facilitate bilateral trade links between Bolivia, Brazil and Asian markets.
The Chilean ports of Iquique and Arica have adequate infrastructure and the capacity to handle the added throughput from both Brazil and Bolivia, although expansions are likely to be needed in future years to meet rising demand. The Port of Iquique handled about 3mn tonnes of cargo in 2008, including dry bulk cargo, such as copper, soya and wood, as well as containerised cargo and vehicles. We expect volumes to rise significantly once the road comes online.
In our latest Chile Freight Transport Report, we project that the country’s combined freight traffic across all modes will grow at an annual average of 2.7% in the 2009-2013 forecast period. Various factors support this prediction. Chile remains one of the most open economies in the Americas, which exposes it to downturns in the world economy as well as upturns. That said, the country’s economy will be resilient.
We project that freight carried will rise at an annual average of 2.7%, a little faster than the economy as a whole (2.3%). Within that total, airfreight will lead (3.1% per annum), followed by road (2.9%) with maritime freight a little behind (2.7% average annual growth), reflecting the downturn in international trade, particularly with Pacific Rim countries. Rail freight will achieve annual traffic growth of 2.5%.
Chile is at the top end of our Latin American Freight Transport Business Environment Rating, with a composite score of 67.9. It scores particularly well on long-term political and economic risk and on the regulatory and competitive environment. Freight and transport infrastructure growth is comparable to that of countries in the peer group such as Brazil and Argentina.
According to our latest estimates, transport and communications GDP rose by 3.9% in 2008, ahead of GDP expansion at 3.2%. For the 2009-2013 forecast period we expect the transport and communications sector to continue outpacing the economy as a whole. It will achieve average annual growth of 2.8%, versus 2.3% for overall GDP. The total value of transport and communications GDP will rise to US$20.6bn in nominal terms by 2013, representing 8.2% of Chile’s GDP. The transport and communications sector employed an estimated 522,200 people, or 8.6% of the labour force, in 2008. We see this rising to 561,000, 8.7% of the total, by 2013.
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