Export income fell due to a hard-hit copper industry: the price of copper on international markets fell by almost a third, and post-nationalization copper production fell as well. Copper is Chile's single most important export (more than half of Chile's export receipts were from this sole commodity). The price of copper fell from a peak of $66 per ton in 1970 to only $48–9 in 1971 and 1972. Chile was already dependent on food imports, and this decline in export earnings coincided with declines in domestic food production following Allende's agrarian reforms.