Sending Our Thoughts, Prayers and Energy To Chile

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The earthquake that hit Chile February 27, 2010 (8.8 magnitude) -- 5th largest in history -- has resulted in more than 800 casualties thus far and apparent infrastructure damage throughout the country, to the tune of more than U.S. $2 billion and growing. We extend our heartfelt condolences to the people of Chile over the loss of lives and property.

Our thoughts, prayers and energy also go out to all the strong survivors in Chile who are impacted by this terrible tragedy, including our Director of The World Entrepreneurship Forum (full disclosure: I am a member of The World Entrepreneurship Forum and appointed Board member), who is still in Chile on business. Thank goodness he is safe but we hope he will be able to return to France soon.

May all the Chilean residents get back to some form of order, safety and normalcy soon.

Chile earthquake: CNN

Market of the Month: Chile

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Since the U.S.-Chile Free Trade Agreement (FTA) came into force on January 1, 2004, bilateral trade between the United States has increased over 154 percent.

Chile ended 2006 (latest data) ranked as the 28th largest export market for the United States, climbing from 29th place in 2005, 30th place in 2004 and 35th place in 2003. The United States was the top source of Chile’s imports for 2006 and remained the top destination for Chile’s exports.

U.S. exports to Chile in 2006 increased by $4.07 billion over exports in 2003, growing from $2.72 billion to $6.79 billion, or by 150 percent. Chile has also benefited tremendously from the FTA; U.S. imports from Chile grew from $3.71 billion in 2003 to $9.56 billion in 2006, an increase of 158 percent.

Best export prospects:

1. Construction

2. Computer Hardware/ Software/ Services

3. Electric Power Equipment

4. Mining Equipment

5. Plastics Machinery/ Materials/ Resins

6. Pollution Control/ Water Treatment/ Environmental Services

7. Safety and Security Equipment

8. Telecommunications Equipment/ Services

Find out more information on how to export to Chile here. For U.S. Embassy in Chile, go here.