2023 Feb Chile Global Trade Data Summary: Exports Surge, Imports Drop

Chile 2023 Feb Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports up 5.6% YoY while imports plummet 17.0%, flipping to a $940M surplus.
• Key Driver: Chile import export data reveals raw material exports (ores, copper, fruits) dominate, while machinery/fuel imports signal industrial gaps.
• Strategic Risk: Over 54% of exports hinge on China and U.S., exposing Chile to price swings and demand shocks.

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

Chile 2023 Feb Trade Data Trend Overview

• Chile, a resource-driven economy and Latin America's most open trading nation, posted mixed Chile global trade data for February 2023, reflecting its dual identity as a major commodity exporter and a price-sensitive importer.
• The February Chile import export data showed exports of $7.80B, a 5.6% YoY increase, while imports contracted sharply to $6.86B, a 17.0% YoY decline, indicating a significant recalibration in domestic demand and external purchases.
• This divergence generated a substantial monthly trade surplus of $940 million, a stark reversal from the deficit typically seen when import growth outpaces the country's export earnings.
• The import slump, a key driver of the surplus, was likely symptomatic of domestic economic cooling and high global energy prices, while export resilience was supported by Chile's extensive network of trade agreements providing market access [Chile - Trade Agreements].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 Feb Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, copper, and edible fruits making up over 60% of total exports. The top three export categories—ores (27.56%), copper (21.02%), and fruits (11.74%)—highlight a reliance on raw materials and agricultural products. Imports, however, are dominated by energy (20.78% mineral fuels) and industrial goods like machinery (11.86%) and vehicles (11.13%). This shows Chile depends on foreign manufacturing for key inputs. The trade structure suggests a commodity-heavy economy with limited high-value exports.

Key takeaways:

• Exports are concentrated in raw materials, exposing Chile to price volatility.
• High import reliance on machinery and fuel indicates industrial dependency.
• Limited export diversification beyond mining and agriculture.

Chile Export-Import Structural Gap

Chile exports raw materials but imports finished goods, creating a clear structural gap. The country sells ores, copper, and food products but buys machinery, vehicles, and fuel. This pattern reflects a resource-based economy with underdeveloped manufacturing. Overlap in HS code 28 (chemicals) shows some processing capacity, but it’s minor compared to imports of advanced goods. Chile could benefit from upgrading its industrial base to reduce reliance on foreign machinery and add value to its raw exports. The trade gap highlights an opportunity to move beyond commodity dependence.

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

Check Detailed Chile Trade HS Code Breakdown

Chile 2023 Feb Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show high concentration, with Mainland China (35.1%, $2.74B) and the U.S. (19.0%, $1.48B) dominating, followed by Japan (9.6%) and South Korea (5.7%). Imports are more balanced, with Mainland China (22.4%, $1.54B) and the U.S. (22.2%, $1.52B) as near-equal top suppliers, then Brazil (9.5%) and Argentina (6.0%). Key asymmetries:

• Exports rely heavily on Asia (China, Japan, South Korea) and North America (U.S., Canada, Mexico).
• Imports diversify slightly more, adding Latin America (Brazil, Argentina, Mexico) and Europe (Germany, Spain).
• China is both the top export destination and import source, suggesting processing trade links.

Chile Export–Import Geographic Gap

Exports lean heavily on two markets (China + U.S. = 54% share), while imports split more evenly between China, the U.S., and regional partners. Overlapping trade partners (China, U.S., Brazil, Japan, South Korea, Mexico) hint at integrated supply chains. The structure shows downstream export concentration but midstream import diversification, with Europe and Latin America supplementing core Asian/North American flows.

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 Feb?

Chile's top exports in February 2023 were ores, slag, and ash (27.56% of exports, $2.15B), copper and articles thereof (21.02%, $1.64B), and edible fruit and nuts (11.74%, $916.31M), based on HS code data.

What are the main products Chile imports in 2023 Feb?

Chile primarily imported mineral fuels and oils (20.78% of imports, $1.42B), nuclear reactors and machinery (11.86%, $813.04M), and vehicles (11.13%, $763.45M) in February 2023, per HS code analysis.

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

The leading export destinations were Mainland China (22.44%, $1.54B), the United States (22.21%, $1.52B), and Brazil (9.49%, $650.92M), according to country trade data.

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

Mainland China (35.11%, $2.74B), the United States (18.98%, $1.48B), and Japan (9.59%, $748.34M) were Chile's largest import sources in February 2023.

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

Chile recorded a $940M trade surplus in February 2023, with exports rising 5.6% YoY to $7.80B while imports fell 17.0% to $6.86B, reflecting weaker domestic demand and resilient commodity exports.