Chile is a country that will offer investors Latin American and commodity exposure in one play. The iShares MSCI Chile Index (NYSEArca: ECH) allows exposure to the growth in Asian markets indirectly, as Chile is a top exporter of minerals and copper.

The latest data out of Chile indicates that economic activity increased at an annualized rate of 5.7% during the third quarter. A moderation in growth is expected due to a decline in exports because of the global economic slowdown, reports Carolina Pica and Stephen Wisnefski for The WSJ.

“The external situation is the main, but not the only, source of concern. We are concerned about the competitiveness of the Chilean economy in the medium and long term,” President Sebastián Piñera said in a recent interview. “We have to make urgent and resolute efforts to improve the Chilean economy’s competitiveness, and this is why we’re committed to many microeconomic reforms.”

The total growth rate for Chile this year is expected to come in around 5%. Strong domestic demand has helped bolster the economy where the global economy left off. Ebbing copper prices and the appreciation of the Chilean peso are the biggest threats to expansion within the economy next year. There was a 3.4% decline in exports this year, reports Zacks. [Peru ETF Among Best-Performing Country Funds]

The Andean nation is a good alternative to Brazil or Argentina. Chile is expected to post growth at 4.3% in 2013. The country is the largest exporter of copper and is mineral rich, which has helped keep the economy humming as Asian nations have posted some growth. [Chile ETF Boosted by Rising Copper Prices]