2023 Jun Chile Trade Data Summary: Surplus Widens

Chile 2023 Jun Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports fell 6% YoY in June 2023, while imports plunged 27%, widening the surplus to $1.03B.
• Key Driver: Chile import export data reveals copper and ores dominate exports (60% share), with China absorbing 37.6% of shipments.
• Strategic Risk: Overdependence on raw material exports and Chinese demand exposes Chile to commodity price swings and trade concentration risks.

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

Chile 2023 Jun Trade Data Trend Overview

• Chile, a major global copper and commodity exporter, saw its trade flows reflect global demand shifts in June 2023, according to the latest Chile global trade data.
• The June 2023 Chile import export data showed exports of $7.85 billion, a 6% contraction year-on-year, while imports fell more sharply to $6.82 billion, down 27.1% from the prior year.
• This resulted in a monthly trade surplus of $1.03 billion, as the value of inbound shipments declined at a significantly faster pace than outbound goods.
• The pronounced weakness in imports, which drove the surplus, was primarily a function of domestic economic cooling and lower global energy prices reducing the cost of key inputs [Banco Central de Chile].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 Jun 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 mineral fuels, machinery, and electrical equipment, reflecting reliance on foreign technology and energy. The export structure shows high concentration in raw materials, while imports focus on industrial and consumer goods.

Key takeaways:

• Exports depend on mining and natural resources, posing price volatility risks.
• Imports reveal gaps in industrial capacity, especially in machinery and energy.
• Limited high-value exports highlight a need for diversification.

Chile Export-Import Structural Gap

Chile exports raw materials like copper and ores but imports finished goods like machinery, vehicles, and pharmaceuticals. This gap shows an economy built on resource extraction rather than advanced manufacturing. Overlap is minimal, with no major HS codes appearing in both top exports and imports. The import-heavy focus on machinery and energy suggests reliance on foreign technology for resource processing. Opportunities exist to move up the value chain by developing domestic industrial capabilities.

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

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Chile 2023 Jun Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show strong concentration, with Mainland China alone accounting for 37.6% ($2.96B) of total shipments. The U.S. (15.1%) and Japan (7.4%) are secondary hubs, while South Korea, Brazil, and India form smaller but notable markets. Imports are more balanced, though still led by China (24.9%, $1.70B) and the U.S. (20.6%, $1.41B), with Brazil (10.0%) and Argentina (6.3%) as key regional suppliers. Overlapping trade partners like China, the U.S., Brazil, and Japan suggest integrated supply chains.

Key takeaways:

• Heavy export reliance on China (37.6%) vs. diversified import sources.
• U.S. is a top-2 partner for both exports and imports.
• Latin American neighbors (Brazil, Argentina, Peru) feature prominently in both flows.

Chile Export–Import Geographic Gap

Exports lean heavily on Asia (China, Japan, South Korea) and North America (U.S.), while imports draw more broadly from the Americas (U.S., Brazil, Argentina, Mexico) and Europe (Germany, Spain). The overlap in trade partners indicates processing trade, particularly with China and the U.S. Export markets are more concentrated (top 3 destinations = 60% share) compared to imports (top 3 = 55%). This suggests Chile depends on fewer buyers but sources inputs from a wider range of suppliers.

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 Jun?

Chile's top exports in June 2023 were ores, slag, and ash (31.73% of exports, $2.49B), copper and articles thereof (22.16%, $1.74B), and inorganic chemicals (10.98%, $862.56M), based on HS code data.

What are the main products Chile imports in 2023 Jun?

Chile's primary imports included mineral fuels and oils (19.48%, $1.33B), nuclear reactors and machinery (12.34%, $841.98M), and electrical machinery (9.63%, $657.30M), per HS code analysis.

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

The leading export destinations were Mainland China (24.93%, $1.70B), the United States (20.59%, $1.41B), and Brazil (9.95%, $678.71M), according to country trade data.

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

Mainland China (37.64%, $2.96B), the United States (15.11%, $1.19B), and Japan (7.42%, $582.73M) were Chile's largest import sources, per country trade statistics.

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

Chile recorded a $1.03B trade surplus in June 2023, with exports ($7.85B) declining 6% year-on-year and imports ($6.82B) falling more sharply by 27.1%, reflecting domestic economic cooling and lower energy costs.