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Chile's economy is based on the export of minerals, which account for about half of the total value of exports. Copper is the nation's most valuable resource, and Chile is the world's largest producer of the mineral. Agriculture is the main occupation of about 15% of the population; it accounts for about 10% of the national wealth, and produces less than half of the domestic needs. The production of an adequate food supply remains one of Chile's major economic problems. Wheat, potatoes, corn, beans, sugar beets, and fruit are the chief crops; a variety of vegetables, fruits, and grains are grown in the Vale of Chile, the country's primary agricultural area. The vineyards of the valley are the basis of Chile's growing wine industry. Livestock production includes beef and poultry. Sheep raising is the chief pastoral occupation, providing wool and meat for domestic use and for export. Fishing is also an important economic activity.
Since World War I, Chile has developed an industrial capacity to process its raw materials and to manufacture various consumer goods. The major products of its industries are copper and other minerals, processed food, fish meal, wood and wood products, transportation equipment, cement, textiles, iron and steel, paper, and chemicals. Chile's main imports are petroleum, wheat, capital goods, spare parts, and raw materials. In addition to minerals, it also exports wood products, fish and fishmeal, fruits, and wine. The chief trading partners are the European Union nations, the United States, Japan, and Brazil. Chile became an associate member of the Southern Cone Common Market in 1996, and formally signed a free-trade pact with the United States in 2003.
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