2023 Dec Chile Trade Data Summary: Export Slump

Chile 2023 Dec Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports fell 10.6% and imports dropped 13.1% in Dec 2023, signaling broad economic softness.
• Key Driver: Chile import export data reveals heavy reliance on China (44.1% of exports) and unprocessed ores/copper (56.7% combined).
• Strategic Risk: Export concentration in raw materials and few markets heightens vulnerability to commodity swings and demand shocks.

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

Chile 2023 Dec Trade Data Trend Overview

• Chile's export-led economy, a bellwether for Latin American trade, saw its December 2023 global trade data reflect a synchronized downturn in external demand and domestic consumption.
• The Chile import export data for December 2023 shows exports fell 10.6% year-on-year to $7.95B, while imports contracted more sharply, down 13.1% to $6.68B, indicating broad economic softness.
• This generated a $1.27B trade surplus, a figure that narrowed from the previous year as the value of outbound shipments declined at a slower pace than inbound purchases.
• The cooldown aligns with broader 2025 economic assessments, where the IMF noted global trade tensions and domestic political uncertainty led companies and consumers to be cautious with spending, curbing trade flows [IMF Staff Report].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 Dec Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, copper, and edible fruits making up over 65% of total exports. The top two categories—ores (34.19%) and copper (22.53%)—highlight a strong reliance on mining. Imports, however, are dominated by manufactured goods like machinery (12%), vehicles (10.79%), and electrical equipment (8.42%), along with essential fuels (16.59%). This shows a clear divide: Chile exports raw materials and imports finished products. Key takeaways:

• Mining and agriculture dominate exports.
• High dependence on imported machinery and fuel.
• Limited export diversification raises vulnerability to commodity price swings.

Chile Export-Import Structural Gap

Chile’s trade structure reveals a classic resource-based economy. It exports raw materials (ores, copper, fruit) but relies on imports for advanced machinery, vehicles, and fuel. The lack of overlap between top exports and imports suggests minimal processing trade—most exports leave unprocessed. This gap points to untapped potential in local manufacturing or value-added processing, especially in mining and agriculture. To reduce import dependence, Chile could focus on building domestic industrial capacity.

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

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Chile 2023 Dec Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports are highly concentrated, with Mainland China accounting for 44.1% ($3.51B) of total shipments. The US (12.8%, $1.02B) and Japan (8.3%, $662M) are distant secondary markets, followed by regional partners like Brazil (4.8%) and Mexico (2.3%). Imports show more diversification, though Mainland China (25.7%, $1.72B) and the US (18.4%, $1.23B) remain top suppliers. Brazil (8.3%) and Argentina (7.3%) are key regional sources, with smaller shares from Japan (3%) and European nations.

• Exports rely heavily on China, with limited market diversification.
• Imports are more balanced but still depend on China and the US.
• Regional trade (Brazil, Argentina, Peru) is stronger in imports than exports.

Chile Export–Import Geographic Gap

Exports are heavily skewed toward Asia (China, Japan, South Korea) while imports draw more broadly from the Americas and Europe. China appears in both lists, suggesting some processing trade. The structure shows upstream diversification (multiple import sources) but downstream concentration (exports dependent on few buyers). This creates vulnerability to demand shifts in key export markets, particularly China. Regional trade plays a bigger role in supply chains than in sales.

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

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Frequently Asked Questions

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

Chile's top exports in December 2023 were ores, slag, and ash (34.19% of exports, $2.72B), followed by copper and articles thereof (22.53%, $1.79B), and edible fruit and nuts (8.55%, $680.22M).

What are the main products Chile imports in 2023 Dec?

Chile's primary imports were mineral fuels and oils (16.59%, $1.11B), nuclear reactors and machinery (12.00%, $802.45M), and vehicles (10.79%, $721.61M).

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

The leading export destinations were Mainland China (25.67%, $1.72B), the United States (18.38%, $1.23B), and Brazil (8.31%, $555.77M).

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

Chile's main import sources were Mainland China (44.10%, $3.51B), the United States (12.78%, $1.02B), and Japan (8.33%, $662.49M).

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

Chile recorded a $1.27B trade surplus in December 2023, with exports ($7.95B) exceeding imports ($6.68B). However, both exports (-10.6%) and imports (-13.1%) declined year-on-year, reflecting broader economic softness.