2023 Oct Chile Global Trade Data Summary: Copper Dominance & China Risk

Chile 2023 Oct Trade Data Key Takeaways

• Market Trend: Chile trade data shows modest 1.7% export growth in Oct 2023, with imports down 2.5%, yielding a $90M surplus.
• Key Driver: Chile import export data reveals copper and ores dominate exports (51.4%), while China absorbs 41.4% of shipments.
• Strategic Risk: Overdependence on raw material exports and China concentration exposes economy to price volatility and demand shocks.

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

Chile 2023 Oct Trade Data Trend Overview

• Chile, a major copper and resource exporter, posted stable October 2023 Chile global trade data, with exports rising modestly against a backdrop of global economic uncertainty.
• The latest Chile import export data shows exports of $7.73B, a 1.7% YoY increase, while imports contracted 2.5% to $7.64B, reflecting subdued domestic demand.
• The marginal export growth and sharper import decline resulted in a monthly trade surplus of $90 million, a slight positive shift from recent trends.
• The modest export performance was primarily driven by stable copper shipments, though growth was tempered by ongoing global trade tensions and softer demand from key partners like China.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 Oct Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, slag, and ash (32.1%) and copper (19.3%) dominating. Inorganic chemicals, fish, and edible fruits add diversity, but raw materials make up over 60% of total exports. Imports are led by mineral fuels (24.4%) and machinery (12%), reflecting reliance on energy and industrial equipment. The trade structure shows a clear split: Chile exports raw materials and imports manufactured goods. Key takeaways:

• High dependence on mining exports (copper, ores) poses price volatility risks.
• Limited export diversification beyond natural resources.
• Heavy reliance on imported machinery and fuels for industrial needs.

Chile Export-Import Structural Gap

Chile’s trade gap highlights a classic resource economy: it exports raw materials (copper, ores, fish) and imports finished goods (machinery, vehicles, pharmaceuticals). The lack of overlap in HS codes suggests minimal processing trade—most exports leave unrefined. This gap points to untapped potential in local value addition, especially in mining and agriculture. Upgrading to intermediate or finished goods could reduce import dependence and boost economic resilience. The data confirms Chile’s role as a global supplier of raw inputs, not manufactured products.

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

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Chile 2023 Oct Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show high concentration, with Mainland China taking 41.4% ($3.2B) of total shipments. The U.S. (13.8%, $1.06B) and Japan (6.6%, $509M) follow, while Latin American markets like Brazil (5.5%, $424M) and Mexico (1.9%, $149M) play smaller roles. Imports are more balanced: China leads (23.5%, $1.79B) but faces competition from the U.S. (19.6%, $1.5B) and regional suppliers like Brazil (10.6%, $809M) and Argentina (6.7%, $512M). Key asymmetries:

• Exports rely heavily on China, with limited diversification beyond top 3 partners.
• Imports show broader sourcing, reducing single-supplier risks.
• Overlapping trade partners (China, U.S., Brazil, Japan) suggest two-way commodity flows.

Chile Export–Import Geographic Gap

Exports lean heavily on Asia (China, Japan, South Korea) and the U.S., while imports draw more evenly from Asia, the Americas, and Europe. The structure reveals upstream diversification (imports from 10+ countries) paired with downstream dependence (41% exports to China). Overlaps in Brazil and Japan hint at processing trade, but China’s dominance as both top buyer and supplier creates a strategic exposure. Trade flows are global but uneven—exports hinge on fewer markets than imports.

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 Oct?

Chile's top exports in October 2023 were ores, slag, and ash (32.13% of exports, $2.48B), copper and articles thereof (19.28%, $1.49B), and inorganic chemicals (10.33%, $798.44M). Fish and edible fruits were also significant export categories.

What are the main products Chile imports in 2023 Oct?

Chile's primary imports included mineral fuels and oils (24.37%, $1.86B), nuclear reactors and machinery (12.01%, $916.82M), and vehicles (9.43%, $719.92M). Electrical machinery and plastics were also notable imports.

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

The leading export destinations for Chile were Mainland China (23.47%, $1.79B), the United States (19.61%, $1.50B), and Brazil (10.59%, $808.92M). Argentina and Japan were also key markets.

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

Mainland China was the largest import source (41.39%, $3.20B), followed by the United States (13.77%, $1.06B) and Japan (6.59%, $509.16M). Brazil and South Korea were other major suppliers.

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

Chile recorded a trade surplus of $90 million in October 2023, with exports rising 1.7% YoY to $7.73B and imports declining 2.5% to $7.64B. Copper shipments drove export growth, while import contraction reflected subdued domestic demand.