2023 Mar Chile Global Trade Data Summary: Surplus & Risks

Chile 2023 Mar Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports up 5.9% while imports drop 18.9%, creating a $1.93B surplus.
• Key Driver: Chile import export data reveals China (36.4% of exports) and mining (HS 26, 74) dominate trade flows.
• Strategic Risk: Overdependence on raw material exports and China exposes Chile to commodity shocks.

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

Chile 2023 Mar Trade Data Trend Overview

• Chile, a major commodity exporter and open market economy, saw its March 2023 Chile global trade data reflect its dependence on resource shipments and capital goods imports.
• The latest Chile import export data shows overseas shipments grew 5.9% year-on-year to $9.36B, while imports contracted sharply by 18.9% to $7.43B.
• This divergent performance generated a substantial trade surplus of $1.93B for the month.
• The import slump, a key driver of the surplus, was likely influenced by a combination of eased global supply chain pressures and domestic economic cooling following a period of aggressive monetary tightening.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 Mar 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. Key sectors include mining (HS 26, 74) and agriculture (HS 03, 08), while manufactured goods play a minor role. Imports are dominated by energy (HS 27) and machinery (HS 84, 85), reflecting reliance on foreign technology and fuel. The export structure shows high concentration in raw materials, posing risks from commodity price swings.

• Top exports: Ores (30%), copper (21%), chemicals (12%)
• Top imports: Fuel (27%), machinery (10%), electrical equipment (9%)
• Key risks: Overdependence on mining, limited export diversification
• Opportunities: Value-added processing in mining and agriculture
• Supply chain note: Heavy machinery imports suggest industrial reliance

Chile Export-Import Structural Gap

Chile exports raw materials but imports high-value machinery and fuel, highlighting a classic resource-based economy. The lack of overlap between top exports and imports signals limited industrial upgrading—most exports are unprocessed. The country depends on foreign technology (HS 84, 85) to support its mining sector, while also importing basic needs like pharmaceuticals and cereals. This gap shows Chile’s potential to move into mid-stream processing, especially in copper and ores. The trade pattern fits a developing economy with strong natural resources but weaker manufacturing.

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

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Chile 2023 Mar Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show strong concentration, with Mainland China accounting for 36.35% ($3.40B) and the U.S. at 18.92% ($1.77B). The top two destinations make up over half of total exports, while other markets like South Korea (8.94%), Japan (5.44%), and Brazil (4.03%) are secondary. Imports are more balanced, led by the U.S. (20.45%, $1.52B), Mainland China (18.00%, $1.34B), and Brazil (14.38%, $1.07B). Key takeaways:

• Export reliance: Heavy dependence on China and the U.S.
• Import diversity: Top three suppliers hold 52.83% share, less concentrated than exports.
• Regional ties: Strong trade with Americas (Brazil, Argentina, Mexico) and Asia (China, Japan, South Korea).

Chile Export–Import Geographic Gap

Exports are heavily skewed toward China and the U.S., while imports draw more evenly from multiple partners. Overlap exists with China, Brazil, the U.S., Japan, and Mexico appearing in both lists, suggesting processing trade or bidirectional product flows. The structure indicates upstream diversification (imports) but downstream dependence (exports). Imports are more regionally distributed across the Americas and Europe, while exports lean heavily on Asian and North American demand. This asymmetry highlights Chile’s role as a resource exporter to major economies.

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 Mar?

Chile's top exports in March 2023 were ores, slag, and ash (29.92% of total exports), copper and articles thereof (21.27%), and inorganic chemicals (11.92%). Fish and edible fruits/nuts were also significant, contributing 7.58% and 7.17% respectively.

What are the main products Chile imports in 2023 Mar?

Chile's primary imports included mineral fuels/oils (26.68% of total imports), nuclear reactors/machinery (10.87%), and electrical machinery (9.38%). Vehicles and pharmaceuticals accounted for 6.54% and 2.89% respectively.

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

The United States was the largest export destination (20.45% of total exports), followed by Mainland China (18.00%) and Brazil (14.38%). Argentina and Germany also featured prominently at 6.49% and 3.47% respectively.

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

Mainland China was the leading import source (36.35% of total imports), with the United States (18.92%) and South Korea (8.94%) as other key suppliers. Japan and Brazil contributed 5.44% and 4.03% respectively.

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

Chile recorded a $1.93B trade surplus in March 2023, driven by a 5.9% rise in exports ($9.36B) and an 18.9% import contraction ($7.43B). The import slump reflected eased supply chain pressures and domestic economic cooling.