2023 Nov Chile Global Trade Data Summary: Exports Dip, Imports Plunge

Chile 2023 Nov Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports down 1.05% YoY, imports plummet 15.96%, signaling weak global and domestic demand.
• Key Driver: Chile import export data reveals China dominates exports (41.2%), while imports diversify across China, U.S., and Brazil.
• Strategic Risk: Over-reliance on raw material exports (ores, copper) leaves economy exposed to commodity price swings.

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

Chile 2023 Nov Trade Data Trend Overview

• As a major commodity-driven economy, Chile's November 2023 Chile global trade data reflects its sensitivity to global demand cycles and price fluctuations for its key exports.
• The latest Chile import export data shows exports valued at $7.73B contracted 1.05% year-on-year, while imports of $6.89B saw a sharper 15.96% annual contraction, indicating a broad cooldown in both external and domestic demand.
• This resulted in a monthly trade surplus of $840 million, as the value of inbound shipments fell more precipitously than outbound goods.
• The pronounced slump in imports, particularly, points to weakened domestic economic activity and consumer demand, a trend consistent with the broader economic and political uncertainty noted as a primary market challenge for the country [Chile - Market Challenges].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 Nov Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, slag, and ash (HS 26) making up 35.5% of total exports, followed by copper (HS 74) at 20.8%. Other key exports include inorganic chemicals (HS 28), fish (HS 03), and edible fruits (HS 08), showing a reliance on raw materials and agriculture. Imports, however, are dominated by mineral fuels (HS 27) at 21.4%, machinery (HS 84), and electrical equipment (HS 85), indicating a need for industrial and energy inputs. The trade structure highlights Chile’s role as a supplier of raw materials while depending on foreign machinery and fuel.

Key Takeaways:

• Exports are concentrated in minerals and agriculture.
• High reliance on imported machinery and energy.
• Limited export diversification beyond raw materials.

Chile Export-Import Structural Gap

Chile’s trade gap shows a clear pattern: it exports raw materials (ores, copper, fish) and imports finished goods (machinery, vehicles, electronics). The lack of overlap in HS codes between exports and imports suggests minimal processing trade. This structure leaves Chile vulnerable to commodity price swings while relying on foreign technology. Opportunities exist to move up the value chain, such as refining copper domestically before export. The imbalance underscores the need for industrial upgrading to reduce import dependence.

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

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Chile 2023 Nov Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show heavy reliance on Mainland China, which accounts for 41.2% ($3.19B) of shipments, followed by the U.S. (12.8%, $989M) and Japan (8.5%, $658M). The top 10 destinations span Asia (China, Japan, South Korea, India), the Americas (U.S., Brazil, Peru, Bolivia), and Europe (Spain, Netherlands), indicating moderate diversification. Imports are more balanced, with China (23.8%, $1.64B), the U.S. (19.4%, $1.34B), and Brazil (11.5%, $791M) as key suppliers. Regional neighbors (Argentina, Paraguay, Peru) also feature prominently. Key asymmetries:

• Exports are China-centric, while imports are split between China, the U.S., and regional partners.
• Asia dominates exports, but imports are split across Asia, the Americas, and Europe.
• Brazil and Peru appear in both export and import lists, suggesting two-way trade flows.

Chile Export–Import Geographic Gap

Chile’s export geography leans heavily on China, while imports are more diversified across three major suppliers (China, U.S., Brazil). Exports target distant Asian and North American markets, whereas imports include strong regional sourcing from South America (Brazil, Argentina, Paraguay). Overlapping trade partners (Brazil, Peru, Japan, Spain) hint at processing trade or product-specific exchanges. The structure suggests downstream dependence on China for exports but upstream diversification for imports, reducing supply-chain risks.

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 Nov?

Chile's top exports in November 2023 were ores, slag, and ash (35.49%, $2.74B), copper and articles thereof (20.79%, $1.61B), and inorganic chemicals (8.04%, $621.60M), as per HS code data.

What are the main products Chile imports in 2023 Nov?

Chile primarily imported mineral fuels/oils (21.42%, $1.48B), nuclear machinery (11.11%, $765.74M), and electrical machinery (10.13%, $698.26M) in November 2023, based on HS code analysis.

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

The leading export destinations were Mainland China (23.76%, $1.64B), the United States (19.40%, $1.34B), and Brazil (11.48%, $791.23M), according to country trade data.

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

Mainland China (41.23%, $3.19B), the United States (12.80%, $989.17M), and Japan (8.51%, $657.73M) were Chile's top import sources in November 2023.

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

Chile recorded an $840M trade surplus in November 2023, with exports ($7.73B) declining 1.05% YoY and imports ($6.89B) contracting more sharply by 15.96%, reflecting weaker domestic and global demand.