2023 Q2 Chile Global Trade Data Summary: Widening Surplus

Chile 2023 Q2 Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports steady at $23.18B in Q2 2023, with imports dropping 9.01% in June, widening the trade surplus.
• Key Driver: Chile import export data reveals copper and ores (HS 26, 74) dominate exports, while machinery (HS 84) tops imports, highlighting a resource-to-manufactured goods gap.
• Strategic Risk: Heavy export reliance on China (35.8% share) and concentrated import sources expose Chile to global commodity and supply chain volatility.

Analysis covers 2023 Q2 based on sanitized customs records from the yTrade database.

Chile 2023 Q2 Trade Data Trend Overview

• Chile's export-driven economy, a leading global copper supplier, saw its Q2 2023 Chile global trade data reflect stable performance amid shifting commodity demand and pricing pressures.
• Exports held firm at a $23.18 billion quarterly total, with May's 4.89% monthly gain offsetting June's flat volume; Chile import export data showed imports retreating 9.01% month-on-month in June to $6.82 billion, indicating softened domestic demand.
• The trade surplus expanded sharply to $1.03 billion in June, culminating in a robust quarterly surplus as export values consistently outpaced imports.
• The import contraction likely reflects moderating domestic consumption and inventory adjustments, while export resilience was supported by sustained, though volatile, mineral shipments—a trend consistent with Chile's role as a commodities exporter.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 Q2 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), showing a reliance on raw materials. Imports are dominated by industrial goods like machinery (HS 84), electrical equipment (HS 85), and vehicles (HS 87), reflecting a need for manufactured products. The trade structure highlights Chile’s role as a resource supplier while depending on foreign machinery and technology.

Key takeaways:

• Mining and agriculture dominate exports.
• High import dependence on industrial machinery.
• Limited export diversification beyond raw materials.

Chile Export-Import Structural Gap

Chile exports raw materials but imports finished goods, creating a clear trade gap. The top exports (ores, copper) contrast with imports (machinery, vehicles), showing a lack of local manufacturing depth. Overlap in mineral fuels (HS 27) suggests some processing, but most exports are unrefined. This gap points to opportunities for industrial upgrading, especially in value-added mining or agro-processing. The trade data confirms Chile’s position as a resource economy with high import needs for advanced goods.

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

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Chile 2023 Q2 Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show strong concentration in Asia and the Americas, with Mainland China as the top destination (35.8% share, $8.29B). The US (15.5%, $3.60B), Japan (7.8%), and South Korea (7.3%) are other major markets, while Brazil (4.1%) and Canada (2.1%) lead in the Americas. Imports are more balanced but still rely heavily on Mainland China (23.7%, $5.04B) and the US (21.1%, $4.49B), with Brazil (9.8%) and Argentina (6.6%) as key regional suppliers. Overlapping trade partners like China, the US, Brazil, Japan, Peru, and Mexico suggest processing or re-export ties.

Key takeaways:

• Exports lean heavily on China and the US, with secondary Asian and American markets.
• Imports are split between China, the US, and regional South American suppliers.
• Trade with Brazil, Peru, and Mexico flows both ways, indicating integrated supply chains.

Chile Export–Import Geographic Gap

Chile’s exports are more concentrated (top 3 destinations account for 59.1%) compared to imports (top 3 origins at 54.6%). While exports target distant markets in Asia and North America, imports include closer regional partners like Brazil, Argentina, and Peru. The overlap in trade partners points to two-way trade relationships, particularly in raw materials or semi-processed goods. This structure suggests Chile diversifies import sources slightly more than export destinations but remains dependent on a few major economies for both. The gap highlights Chile’s role as a resource exporter to global markets while sourcing manufactured goods and regional inputs.

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 Q2?

Chile's top exports in Q2 2023 were ores, slag, and ash (29.54% of exports, $6.85B), copper and articles thereof (21.78%, $5.05B), and inorganic chemicals (10.95%, $2.54B), as per HS code data.

What are the main products Chile imports in 2023 Q2?

Chile primarily imported mineral fuels and oils (20.20%, $4.30B), nuclear reactors and machinery (12.73%, $2.71B), and electrical machinery (10.21%, $2.17B) in Q2 2023, based on HS code analysis.

Which countries are the top destinations for Chile's exports in 2023 Q2?

Mainland China (23.71%, $5.04B), the United States (21.11%, $4.49B), and Brazil (9.83%, $2.09B) were Chile’s leading export destinations in Q2 2023, according to country trade data.

Which countries supply most of Chile's imports in 2023 Q2?

Mainland China (35.79%, $8.29B), the United States (15.54%, $3.60B), and Japan (7.78%, $1.80B) were the top origins for Chile’s imports in Q2 2023.

How balanced are Chile's export and import markets in 2023 Q2?

Chile’s trade surplus expanded sharply to $1.03B in June 2023, with exports ($23.18B quarterly) consistently outpacing imports, reflecting resilient mineral shipments and softened domestic demand.

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