2023 Jul Chile Trade Data Summary: Flat Growth

Chile 2023 Jul Trade Data Key Takeaways

• Market Trend: Chile trade data shows flat growth (0.0% YoY) in July 2023, with a narrow $70M surplus.
• Key Driver: Chile import export data reveals copper and ores dominate exports (60%), while China absorbs 39% of shipments.
• Strategic Risk: Export concentration in raw materials and reliance on China exposes economy to commodity price swings.

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

Chile 2023 Jul Trade Data Trend Overview

• Chile, a major copper and resource export economy, posted stable Chile global trade data for July 2023, with total flows holding steady year-on-year despite global economic headwinds.
• The latest Chile import export data shows exports valued at $7.18B and imports at $7.11B, with both flows registering essentially flat growth of 0.0% compared to July 2022.
• This resulted in a narrow trade surplus of approximately $70M for the month, reflecting a finely balanced external account.
• The stability in trade values, particularly for exports, was likely supported by resilient demand for copper, a critical Chilean export, amid ongoing global industrial and energy transition needs.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 Jul Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, copper, and inorganic chemicals making up nearly 60% of total exports. Fish, edible fruits, and wood products add diversity but remain secondary. Imports are more varied, led by mineral fuels (19.6%) and machinery/equipment (23.3%), showing reliance on energy and industrial inputs. The export structure is concentrated, posing risks if commodity prices drop. Key takeaways:

• Exports depend on raw materials, especially metals.
• Imports focus on energy and machinery.
• Limited high-value exports suggest room for industrial growth.

Chile Export-Import Structural Gap

Chile exports raw materials but imports finished goods, highlighting a classic resource-based economy. The top exports (ores, copper) contrast with machinery and fuel imports, indicating reliance on foreign manufacturing. Overlap in mineral fuels (exported and imported) suggests some processing but not deep industrialization. The gap shows Chile could benefit from adding value to its raw materials before export. This would reduce import dependence and boost economic resilience.

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

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Chile 2023 Jul Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show high concentration, with Mainland China alone accounting for 39.15% ($2.81B) of total exports. The US (14.10%, $1.01B) and Japan (6.39%, $459.20M) are distant second and third markets, followed by regional partners like Brazil (5.26%) and South Korea (6.00%). Imports are more balanced, with Mainland China (23.59%, $1.68B) and the US (20.31%, $1.44B) as top suppliers, alongside Brazil (10.30%) and Argentina (6.63%). Key asymmetries include:

• Export reliance on China (nearly 40% share) vs. import diversification (top two suppliers under 25% combined).
• Regional trade ties in both flows, with Brazil, Peru, and Mexico appearing in both export and import lists.
• Limited EU presence, with only Germany and Spain as notable import sources.

Chile Export–Import Geographic Gap

Exports lean heavily on China, while imports draw more evenly from China, the US, and regional neighbors. The overlap of Brazil, Peru, and Mexico in both lists suggests processing trade or regional supply chains. Export markets are less diversified than import sources, creating upstream dependency risks (e.g., China demand shifts). However, import sourcing avoids overreliance on any single supplier. The structure points to export concentration in raw materials (likely minerals) and import needs spanning industrial goods and regional inputs.

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 Jul?

Chile's top exports in July 2023 were ores, slag, and ash (29.87% of total exports), copper and articles thereof (19.77%), and inorganic chemicals (10.09%), based on HS code data.

What are the main products Chile imports in 2023 Jul?

Chile's primary imports in July 2023 included mineral fuels and oils (19.59%), nuclear reactors and machinery (13.48%), and electrical machinery (9.77%), according to HS code classifications.

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

The leading export destinations for Chile in July 2023 were Mainland China (23.59%), the United States (20.31%), and Brazil (10.30%), as per trade data.

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

Chile's main import sources in July 2023 were Mainland China (39.15%), the United States (14.10%), and Japan (6.39%), based on country-level trade figures.

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

Chile maintained a stable trade balance in July 2023, with exports at $7.18B and imports at $7.11B, resulting in a narrow surplus of $70M, reflecting balanced external trade.