2023 Jan Chile Global Trade Data Summary: Surplus Widens

Chile 2023 Jan Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports up 6.5% ($8.90B) while imports drop 19.4% ($6.84B), widening surplus to $2.06B.
• Key Driver: Chile import export data reveals copper (16.3% of exports) and China (48% share) as dominant forces.
• Strategic Risk: Over 40% of exports depend on ores/fruits, exposing economy to price volatility and China demand shocks.

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

Chile 2023 Jan Trade Data Trend Overview

• Chile, a major copper and resource exporter, opened 2023 with steady growth in its global trade data, maintaining its position as South America's leading open economy.
• January's Chile import export data showed exports of $8.90 billion, a 6.5% year-on-year gain, while imports contracted sharply to $6.84 billion, a 19.4% annual decline.
• The divergent flows produced a substantial trade surplus of $2.06 billion for the month.
• The export resilience was primarily driven by sustained demand for copper, Chile's principal commodity, while the import slump reflected domestic economic cooling and lower inward shipments of consumer goods and capital equipment.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 Jan Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, edible fruits, and copper making up over 58% of total exports. The top three categories—ores (21.3%), fruits (20.8%), and copper (16.3%)—highlight a reliance on raw materials and agriculture. Imports, however, are dominated by mineral fuels (21.9%) and manufactured goods like vehicles (11.5%) and machinery (10.7%). This shows Chile depends on foreign machinery and energy while exporting mostly unprocessed or semi-processed goods.

Key takeaways:

• Exports are concentrated in raw materials, posing risks from price volatility.
• High import reliance on machinery and fuel signals limited domestic manufacturing.
• Over 40% of exports come from just two categories (ores and fruits), indicating low diversification.

Chile Export-Import Structural Gap

Chile’s trade structure reveals a clear gap: it exports raw materials but imports finished goods. For example, copper (16.3% of exports) contrasts with imported machinery (10.7%) and vehicles (11.5%). The overlap in inorganic chemicals (exports: 12.9%, imports: 2.3%) suggests some processing but not enough to shift the balance. This pattern points to an economy built on resource extraction, with limited industrial upgrading. The heavy import of fuel (21.9%) also highlights energy dependence despite Chile’s own mineral exports.

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

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Chile 2023 Jan Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show heavy concentration, with Mainland China alone accounting for 48% of total exports ($4.27B). The US is a distant second at 14% ($1.23B), followed by Japan (6%) and South Korea (6%). Other destinations like Brazil, India, and Mexico each hold under 4% share. In contrast, imports are more diversified, with Mainland China (21%, $1.46B) and the US (16%, $1.10B) as top suppliers, followed by Brazil (10%) and Argentina (6%). Key takeaways:

• Exports rely heavily on China, with nearly half of total shipments.
• Imports are more balanced, with no single supplier exceeding 22%.
• Regional trade ties are strong, with Brazil, Argentina, and Peru appearing in both export and import lists.

Chile Export–Import Geographic Gap

Chile’s trade structure reveals a clear asymmetry: exports depend on a few key markets (China dominates), while imports are spread across multiple suppliers. Overlapping countries like Brazil, Peru, and China suggest some processing trade or regional supply chains. Exports are Asia-centric (China, Japan, South Korea), while imports draw more from the Americas (US, Brazil, Argentina). This points to upstream diversification (imports) but downstream concentration (exports), with China as the critical buyer. The US is the only major partner in both top export and import lists.

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 Jan?

Chile's top exports in January 2023 were ores, slag, and ash (21.26% of exports), edible fruit and nuts (20.77%), and copper articles (16.31%), collectively accounting for over half of total export value.

What are the main products Chile imports in 2023 Jan?

Mineral fuels and oils dominated Chile's imports (21.90%), followed by vehicles (11.49%) and machinery (10.65%). These three categories comprised nearly 45% of total import value.

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

Mainland China was the largest export destination (21.30%), followed by the United States (16.06%) and Brazil (10.21%). These three markets received nearly half of Chile's exports.

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

Mainland China supplied 47.96% of Chile's imports, far exceeding other sources like the United States (13.77%) and Japan (5.88%).

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

Chile recorded a $2.06 billion trade surplus in January 2023, with exports growing 6.5% to $8.90 billion while imports fell 19.4% to $6.84 billion, reflecting strong copper demand and weaker domestic consumption.