The National Bank of Chile said on Tuesday that the world’s largest copper producer Chile’s exports of red metals soared by more than 35% to $4.92 billion dollars in November, which was mainly supported by global metal prices.

Despite strong import growth, it helped the country achieve a trade surplus of US$834 million that month. Overall exports increased by about 30% year-on-year to US$8.4 billion, but imports increased by 57% to US$7.58 billion.

The copper price hit a record high this year because of the expectation of a steady recovery of the world economy after the coronavirus pandemic and the support for the growing demand for metals required for electronics and construction. However, some experts believe that due to the increase in global supply, the performance of the metal will weaken next year.

The head of Chile's state-owned mining company Codelco, the world's largest metal producer, also said recently that prices are expected to fall in 2022.

In addition to Codelco, global mining giants such as BHP Billiton, Glencore, Anglo American, Freeport McMoRan, and Antofagasta also conduct mining operations in this South American country.