2023 May Chile Global Trade Data Summary: Demand Weakness

Chile 2023 May Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports down 11.7% and imports down 19.6% in May 2023, signaling broad demand weakness.
• Key Driver: Chile import export data reveals copper and ores dominate exports (60%), while machinery and fuels lead imports (44%).
• Strategic Risk: Over 68% of exports go to just 5 markets, heightening vulnerability to China-led demand shocks.

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

Chile 2023 May Trade Data Trend Overview

• Chile, a major copper and commodity export hub, saw its global trade flows contract in May 2023, with the latest Chile global trade data reflecting broad-based softening in external demand and internal consumption.
• Chile import export data for the month showed exports valued at $7.85 billion, down 11.7% year-on-year, while imports fell even more sharply to $7.50 billion, a 19.6% annual decline.
• The trade balance remained in surplus at $350 million, though significantly narrower than typical levels for the copper-dependent economy.
• The synchronized downturn in both export and import values points to cooling global industrial activity and softer domestic demand, with no specific trade policy shifts announced during the period to counter these cyclical trends.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 May 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 dominated by mineral fuels (21%) and machinery (23%), reflecting reliance on energy and industrial equipment. The export structure shows high concentration in raw materials, while imports lean toward manufactured goods. Key takeaways:

• Exports depend on mining and basic commodities.
• Imports focus on energy and machinery for industrial needs.
• Limited export diversification poses economic vulnerability.

Chile Export-Import Structural Gap

Chile’s trade gap highlights a classic resource-based economy: raw materials (ores, copper) are exported, while high-value machinery and fuels are imported. There’s minimal overlap in HS codes, indicating no significant processing trade. The import of advanced machinery (HS 84, 85) suggests potential for industrial upgrading, but exports remain tied to low-value extraction. This imbalance underscores Chile’s role as a supplier of raw materials rather than a manufacturer.

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

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Chile 2023 May Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show strong concentration, with Mainland China taking 34.2% ($2.68B) and the U.S. at 15.9% ($1.24B). The top 5 destinations account for 68.4% of exports, indicating limited diversification. Imports are more balanced, with Mainland China (22.9%, $1.71B) and the U.S. (19.7%, $1.47B) as primary suppliers, followed by Brazil (10.4%) and Argentina (7.0%). Key asymmetries: exports heavily rely on China, while imports draw more evenly from the Americas and Europe.

• Exports: Top-heavy, Asia-focused (China, South Korea, Japan).
• Imports: Broader sourcing, with strong regional (Brazil, Argentina) and global (U.S., Germany) links.
• Overlap: China, U.S., Brazil, Japan, Mexico appear in both lists, suggesting two-way trade.

Chile Export–Import Geographic Gap

Exports lean heavily on a few Asian and North American markets, while imports show wider sourcing from the Americas and Europe. The U.S. and China dominate both sides, but import origins are more regionally diverse (e.g., South America’s Brazil and Argentina). This suggests Chile depends on a narrow export base but secures inputs from multiple regions. The overlap in trade partners hints at integrated supply chains, particularly with China and the U.S.

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 May?

Chile's top exports in May 2023 were ores, slag, and ash (26.13% of exports, $2.05B), copper and articles thereof (22.58%, $1.77B), and inorganic chemicals (10.70%, $839.39M), based on HS code data.

What are the main products Chile imports in 2023 May?

Chile's primary imports included mineral fuels and oils (20.93%, $1.57B), nuclear reactors and machinery (12.08%, $905.61M), and electrical machinery (10.57%, $792.44M), per HS code analysis.

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

The leading export destinations were Mainland China (22.87%, $1.71B), the United States (19.65%, $1.47B), and Brazil (10.37%, $777.65M), according to country trade data.

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

Mainland China (34.22%, $2.68B), the United States (15.85%, $1.24B), and South Korea (7.36%, $577.67M) were Chile's largest import sources in May 2023.

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

Chile maintained a trade surplus of $350 million in May 2023, with exports ($7.85B) exceeding imports ($7.50B), though both declined year-on-year by 11.7% and 19.6%, respectively.