2023 Whole Year Chile Global Trade Data Summary: Copper-Driven Surplus

Chile 2023 Trade Data Key Takeaways

• Market Trend: Chile trade data shows a $7.28B surplus in 2023, driven by resilient copper demand despite global slowdown.
• Key Driver: Chile import export data reveals China dominates exports (39.5% share), while imports are more diversified across the U.S. and Latin America.
• Strategic Risk: Over-reliance on raw material exports (60% from mining) exposes economy to commodity price swings.

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

Chile 2023 Trade Data Overview

• Chile, a resource-exporting economy and one of the world's most open trading nations, saw its annual trade performance shaped by global commodity demand and domestic consumption patterns, according to the latest Chile global trade data.
• Full-year 2023 Chile import export data shows exports reached $90.56 billion while imports totaled $83.28 billion, with December exports posting a 5.98% YoY gain as imports fell 10.51% in the same month.
• This resulted in a significant annual trade surplus of $7.28 billion, reinforcing the country's structural position as a net exporter.
• The surplus was primarily driven by sustained external demand for key commodities like copper, with the IMF noting Chile's economy remained relatively insulated from global trade tensions as of mid-2025, though slower global growth posed a headwind [IMF].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2023 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 like fish, edible fruits, and wood products add diversity but remain tied to raw materials. Imports are dominated by energy (mineral fuels), machinery, and vehicles, reflecting reliance on foreign manufacturing and technology. The export structure shows high concentration in mining and agriculture, posing risks from commodity price swings. Key takeaways:

• Mining (ores, copper) is the backbone of exports.
• Limited high-value manufacturing in exports.
• Heavy dependence on imported machinery and fuel.
• Food exports (fish, fruits) are a stable secondary sector.
• Low diversification increases vulnerability to global demand shifts.

Chile Export-Import Structural Gap

Chile exports raw materials but imports finished goods, highlighting a classic resource-based economy. The gap between mining exports and machinery imports suggests limited industrial upgrading. Overlap in inorganic chemicals (HS 28) shows some processing capability, but it’s minor compared to the dominance of unprocessed ores and copper. The reliance on imported fuel (21% of imports) contrasts with minimal fuel exports, exposing energy dependence. This structure points to opportunities in value-added processing, especially in mining and agriculture, to reduce import needs.

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

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Chile 2023 Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show high concentration, with Mainland China alone accounting for 39.5% ($37.5B) of total exports. The top 3 destinations—China, the U.S. (15.1%, $14.3B), and Japan (7.2%, $6.8B)—absorb over 60% of exports, indicating limited diversification. Imports are more balanced, with China (23.2%, $19.8B) and the U.S. (20.1%, $17.2B) as primary suppliers, followed by Brazil (10.3%, $8.8B). Regional trade is notable, with Brazil, Argentina (6.7%, $5.7B), and Peru (2.1%, $1.8B) appearing in both export and import lists.

Key takeaways:

• Heavy export reliance on China (near 40% share).
• Imports more evenly split between China, U.S., and regional partners.
• Latin America plays a dual role as buyer (Brazil, Peru) and supplier (Brazil, Argentina).

Chile Export–Import Geographic Gap

Exports lean heavily on a few large markets (China, U.S., Japan), while imports draw from a broader mix, including regional neighbors. The overlap of Brazil and Peru in both lists suggests processing trade or intra-industry exchanges. The structure reveals upstream diversification (multiple import sources) paired with downstream concentration (few major export buyers). No single import supplier dominates as sharply as China does for exports, reducing supply-chain risks. This gap highlights Chile’s role as a resource exporter to concentrated markets while sourcing inputs more widely.

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 Whole Year?

Chile's top exports in 2023 were ores/slag/ash (30.07% of exports, $28.55B), copper articles (20.77%, $19.72B), and inorganic chemicals (10.06%, $9.55B), followed by fish/seafood (7.70%) and edible fruits/nuts (7.45%).

What are the main products Chile imports in 2023 Whole Year?

Chile primarily imported mineral fuels/oils (21.00%, $17.96B), machinery/mechanical equipment (12.17%, $10.40B), and vehicles (9.45%, $8.08B), with electrical machinery (9.40%) and plastics (2.96%) as other key imports.

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

Mainland China was Chile's largest export destination (23.19%, $19.83B), followed by the United States (20.07%, $17.16B) and Brazil (10.26%, $8.77B). Argentina (6.70%) and Germany (3.29%) rounded out the top five.

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

Mainland China dominated Chile's imports (39.45%, $37.45B), with the United States (15.07%, $14.31B), Japan (7.17%), South Korea (6.34%), and Brazil (4.51%) as other major suppliers.

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

Chile recorded a $7.28B trade surplus in 2023, with exports ($90.56B) exceeding imports ($83.28B). December saw exports grow 5.98% YoY while imports fell 10.51%, reinforcing Chile's net exporter position.