The central bank says Chile's trade surplus was US$12 billion in the first seven months of 2008, down 31 percent from the same period the year before as rising oil prices inflated the cost of imports and investment rose.
Copper, cellulose and other exports climbed 11 percent over the previous year to US$45.6 billion, while imports, led by crude oil and capital goods, soared 42 percent to US$33.6 billion.
Chile's conservatively-managed economy has long been one of Latin America's most stable exporters, but high oil prices and rising demand for consumer goods is slowing those gains.
The central bank says international reserves rose 17.6 percent to US$21.8 billion in July.
Chile's trade surplus was US$17.4 billion in the first seven months of 2007.
