2023 Q4 Chile Global Trade Data Summary: China Reliance Risks

Chile 2023 Q4 Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports steady at $7.95B (-3.7% YoY) while imports plummet 10.6%, driven by tight monetary policy.
• Key Driver: Chile import export data reveals China dominates 42.3% of exports, with copper and ores as primary commodities.
• Strategic Risk: Over-reliance on raw material exports and China concentration exposes economy to commodity price shocks.

Analysis covers 2023 Q4 based on sanitized customs records from the yTrade database.

Chile 2023 Q4 Trade Data Trend Overview

• Chile's export-driven economy, a global copper and critical minerals supplier, showed resilience in Q4 2023 according to the latest Chile global trade data.
• Exports held steady at $7.95B in December, contracting 3.7% YoY, while imports slumped to $6.68B, a sharp 10.6% annual decline; the quarterly Chile import export data reflects a significant demand compression.
• This divergence culminated in a quarterly trade surplus of approximately $1.27B, reversing from the deficit position seen earlier in the year.
• The import collapse was primarily driven by monetary policy tightening, as the central bank held rates at peak levels through late 2023 to combat inflation, severely dampening domestic consumption and capital goods purchases [S&P Global].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Chile Trade Data

Chile 2023 Q4 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. Fish, fruits, and wood products add diversity but remain secondary. Imports are dominated by fuel, machinery, and vehicles, reflecting reliance on foreign technology and energy. The export structure shows high concentration in raw materials, posing risks if global commodity prices drop. Key takeaways:

• Resource dependence: Exports rely on mining and basic chemicals.
• Limited manufacturing: Few finished goods in top exports.
• Energy imports: Fuel is the largest import, highlighting energy needs.

Chile Export-Import Structural Gap

Chile exports raw materials like copper and ores but imports machinery, vehicles, and fuel—a classic resource economy pattern. The lack of high-value manufactured exports suggests limited industrial upgrading. Overlap in inorganic chemicals (HS 28) shows some processing capability, but it’s minor compared to the import of advanced machinery. This gap indicates Chile’s role as a supplier of raw materials rather than a producer of complex goods. The economy could benefit from diversifying into higher-value exports.

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

Check Detailed Chile Trade HS Code Breakdown

Chile 2023 Q4 Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show high concentration, with Mainland China alone accounting for 42.3% ($9.89B) of total shipments. The top three destinations—China, the U.S. (13.1%, $3.07B), and Japan (7.8%, $1.83B)—absorb over 63% of exports, while South Korea, Brazil, and smaller Latin American markets (Mexico, Peru, Bolivia) make up most of the remainder. Imports are more diversified, though China (24.3%, $5.14B) and the U.S. (19.2%, $4.06B) still dominate, followed by regional suppliers like Brazil (10.2%) and Argentina (7.2%). Key asymmetries include:

• Export reliance on China is double its import share.
• Latin America is a secondary export zone but a core import source.
• The U.S. balances both flows, ranking second in each.

Chile Export–Import Geographic Gap

Exports lean heavily on a few large markets (China, U.S., Japan), while imports draw more evenly from global and regional partners. Overlaps like China, the U.S., Brazil, and Peru suggest some processing trade, but exports skew toward Asia and imports toward the Americas. The structure shows upstream diversification (imports from 10+ countries) paired with downstream dependence (nearly half of exports to one buyer). This gap implies vulnerability to demand shifts in China but stable supply chains.

Table: Chile Top Destiantion & Origin Countries (Source: yTrade)

Get Complete Chile Trading Patner Countries Profile

Frequently Asked Questions

What are the major products exported by Chile in 2023 Q4?

Chile's top exports in Q4 2023 were ores, slag, and ash (33.94% of exports, $7.94B), copper and articles thereof (20.88%, $4.89B), and inorganic chemicals (8.10%, $1.90B), based on HS code data.

What are the main products Chile imports in 2023 Q4?

Chile's primary imports included mineral fuels and oils (20.96%, $4.45B), machinery (11.71%, $2.49B), and vehicles (10.00%, $2.12B), according to HS code classifications.

Which countries are the top destinations for Chile's exports in 2023 Q4?

The leading export destinations were Mainland China (24.25%, $5.14B), the United States (19.15%, $4.06B), and Brazil (10.16%, $2.16B), per country trade data.

Which countries supply most of Chile's imports in 2023 Q4?

Mainland China dominated Chile's imports (42.26%, $9.89B), followed by the United States (13.11%, $3.07B) and Japan (7.81%, $1.83B), as per origin country statistics.

How balanced are Chile's export and import markets in 2023 Q4?

Chile recorded a trade surplus of $1.27B in Q4 2023, with exports ($7.95B) exceeding imports ($6.68B) despite a 3.7% YoY export decline and a sharper 10.6% import contraction.

Detailed Monthly Report

Chile Trade Data Snapshot 2023 OCT

Chile Trade Data Snapshot 2023 NOV

Chile Trade Data Snapshot 2023 DEC