2023 Aug Chile Global Trade Data Summary: Copper Dominates Exports

Chile 2023 Aug Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports up 0.7% while imports plummet 18.6%, narrowing the trade deficit to $60M.
• Key Driver: Chile import export data reveals copper and ores dominate exports (60%), with China absorbing 36% of shipments.
• Strategic Risk: Over-reliance on raw material exports and Asian markets leaves Chile exposed to commodity price swings.

Analysis covers 2023 Aug based on sanitized customs records from the yTrade database.

Chile 2023 Aug Trade Data Trend Overview

• Chile’s export-driven economy, a key copper and lithium supplier, posted modest growth in August 2023, reflecting stable but cautious Chile global trade data amid global economic crosscurrents.
• The latest Chile import export data shows exports edged up 0.7% year-on-year to $7.89 billion, while imports slumped 18.6% to $7.95 billion, indicating weaker domestic demand for foreign goods.
• This resulted in a near-balanced trade account, with a marginal deficit of just $60 million, a sharp improvement from previous months as import compression offset sluggish export growth.
• The import collapse aligns with domestic economic cooling and reduced consumer spending, while resilient exports were supported by sustained demand for industrial metals, though growth was tempered by global trade uncertainty [Banco Central de Chile].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Chile Trade Data

Chile 2023 Aug Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, copper, and inorganic chemicals making up over 60% of total exports. Fish, edible fruits, and wood products add diversity but remain secondary. Imports are dominated by energy (mineral fuels), machinery, and vehicles, reflecting a reliance on foreign manufacturing and technology. The trade structure shows high concentration in raw material exports and industrial imports, posing dependence risks on commodity prices and supply chains. Key takeaways:

• Exports rely on mining and basic materials, leaving Chile vulnerable to price swings.
• Imports focus on machinery and fuel, indicating limited domestic production capacity.
• Food and wood exports offer some diversification but lack scale.

Chile Export-Import Structural Gap

Chile exports raw materials like copper and ores but imports finished goods like machinery, vehicles, and electronics. This gap highlights an economy built on resource extraction rather than advanced manufacturing. The lack of overlap in HS codes suggests minimal processing trade, with most exports leaving unrefined. Opportunities exist to move up the value chain, such as refining copper domestically or expanding food processing. However, the current trade pattern reinforces Chile's role as a supplier of raw materials to industrial economies.

Table: Chile Top Import & Export Product Categories (Source: yTrade)

Check Detailed Chile Trade HS Code Breakdown

Chile 2023 Aug Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show strong concentration, with Mainland China taking 36% ($2.84B) and the US 14.5% ($1.14B). The top 5 destinations account for 69.5% of exports, indicating limited diversification. Imports are more balanced, though Mainland China (25.5%, $2.03B) and the US (19.8%, $1.58B) dominate. Brazil (10.4%) and Argentina (7.4%) are key regional suppliers. Key asymmetries:

• Exports rely heavily on China, while imports have broader sourcing.
• Latin America is a major import source but a minor export destination.
• The US is a top partner for both exports and imports.

Chile Export–Import Geographic Gap

Exports are highly concentrated in Asia (China, Japan, South Korea) and North America (US, Mexico, Canada), while imports draw heavily from South America (Brazil, Argentina, Peru) alongside China and the US. Overlapping trade partners (China, US, Brazil, Japan) suggest processing trade elements. The structure shows upstream dependency on regional neighbors for imports but downstream reliance on distant markets for exports. This gap highlights Chile’s role as a resource exporter to global hubs and a consumer of regional goods.

Table: Chile Top Destiantion & Origin Countries (Source: yTrade)

Get Complete Chile Trading Patner Countries Profile

Frequently Asked Questions

What are the major products exported by Chile in 2023 Aug?

Chile's top exports in August 2023 were ores, slag, and ash (28.83% of exports, $2.28B), copper and articles thereof (21.07%, $1.66B), and inorganic chemicals (11.24%, $887.32M), based on HS code data.

What are the main products Chile imports in 2023 Aug?

Chile's primary imports included mineral fuels and oils (19.12%, $1.52B), nuclear reactors and machinery (12.19%, $968.48M), and electrical machinery (10.19%, $809.47M), per HS code analysis.

Which countries are the top destinations for Chile's exports in 2023 Aug?

Mainland China (25.51%, $2.03B), the United States (19.82%, $1.58B), and Brazil (10.36%, $822.93M) were Chile's leading export destinations in August 2023, according to country trade data.

Which countries supply most of Chile's imports in 2023 Aug?

Chile's imports were primarily sourced from Mainland China (36.02%, $2.84B), the United States (14.46%, $1.14B), and South Korea (7.28%, $574.87M) during August 2023.

How balanced are Chile's export and import markets in 2023 Aug?

Chile's trade was nearly balanced in August 2023, with exports at $7.89B (+0.7% YoY) and imports at $7.95B (-18.6% YoY), resulting in a marginal $60M deficit, as per central bank analysis.