2024 Feb Chile Global Trade Data Summary: Surplus Amid Decline

Chile 2024 Feb Trade Data Key Takeaways

• Market Trend: Chile trade data shows a $1.06B surplus as imports (-5.4% YoY) fell faster than exports (-3.2% YoY).
• Key Driver: Chile import export data reveals China’s 42.5% export share vs. diversified imports, exposing demand risk.
• Strategic Gap: Raw material exports (60% share) lack value-add, leaving untapped industrial potential.

Analysis covers 2024 Feb based on sanitized customs records from the yTrade database.

Chile 2024 Feb Trade Data Trend Overview

• Chile, a major copper and lithium exporter, posted a trade surplus in February 2024 as its commodity-dependent economy navigated global demand shifts.
• The latest Chile import export data shows exports at $7.55B (down 3.2% YoY) while imports fell more sharply to $6.49B (down 5.4% YoY), reflecting broad-based softness in both external and domestic demand.
• This resulted in a monthly trade surplus of $1.06B, a significant expansion from year-earlier levels as import compression outpaced the decline in export receipts.
• The downturn aligns with OECD reports of global economic strains and Chile's own central bank assessment of limited but present trade tension impacts on the economy [OECD].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2024 Feb Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, copper, and edible fruits making up over 60% of total exports. The top three export categories—ores (30.1%), copper (19.9%), and fruits (13.2%)—highlight a reliance on raw materials and agriculture. Imports, however, are dominated by mineral fuels (25.6%) and machinery (10.9%), reflecting a need for energy and industrial equipment. The trade structure shows a clear pattern: Chile exports low-processed goods while importing high-value manufactured and energy products.

Key takeaways:

• Exports are concentrated in raw materials, posing risks from price volatility.
• High dependence on mineral fuel imports signals energy security concerns.
• Limited processing of export goods suggests untapped value-addition opportunities.

Chile Export-Import Structural Gap

Chile’s trade gap reveals an economy built on exporting raw materials (ores, copper, fruits) while importing finished goods (machinery, vehicles, pharmaceuticals). The lack of overlap between top exports and imports indicates minimal processing trade. This structure suggests Chile could benefit from industrial upgrades to add value to its resource exports. For example, refining copper domestically before export could reduce reliance on imported machinery. The imbalance also highlights vulnerability to global commodity price swings, especially for ores and fuels.

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

Check Detailed Chile Trade HS Code Breakdown

Chile 2024 Feb Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show high concentration, with Mainland China alone accounting for 42.5% ($3.21B) of total shipments. The U.S. (14%) and Japan (8%) are distant second and third markets, followed by Brazil, South Korea, and India—each below 5% share. Imports are more balanced, with Mainland China (23.9%, $1.55B) and the U.S. (20.3%, $1.32B) as top suppliers, while Brazil (9.2%) and Argentina (7.3%) provide regional inputs. Key asymmetries:

• Exports rely heavily on China, while imports diversify across North/South America and Asia.
• Regional trade matters: Brazil, Argentina, and Peru appear in both import and export top 10s.
• No single dominant import source, unlike the export market.

Chile Export–Import Geographic Gap

Exports depend on a few large buyers (China dominates), while imports spread risk across multiple suppliers. The U.S. and China are pivotal in both flows, suggesting two-way trade. Overlaps with Brazil, Peru, and Japan hint at regional supply chains or processing trade. The structure shows upstream diversification (imports) but downstream reliance on China (exports). This gap could expose Chile to demand shocks from its top export market.

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

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Frequently Asked Questions

What are the major products exported by Chile in 2024 Feb?

Chile's top exports in February 2024 were ores, slag, and ash (30.11% of exports, $2.27B), copper and articles thereof (19.91%, $1.50B), and edible fruit and nuts (13.15%, $993.57M), as per HS code data.

What are the main products Chile imports in 2024 Feb?

Chile primarily imported mineral fuels and oils (25.64%, $1.66B), nuclear reactors and machinery (10.86%, $704.11M), and electrical machinery (8.82%, $571.90M) in February 2024, based on HS code analysis.

Which countries are the top destinations for Chile's exports in 2024 Feb?

The leading export destinations for Chile in February 2024 were Mainland China (23.89%, $1.55B), the United States (20.30%, $1.32B), and Brazil (9.20%, $596.60M), according to country trade data.

Which countries supply most of Chile's imports in 2024 Feb?

Chile's largest import sources in February 2024 were Mainland China (42.47%, $3.21B), the United States (14.01%, $1.06B), and Japan (7.95%, $600.34M), as shown in the country trade breakdown.

How balanced are Chile's export and import markets in 2024 Feb?

Chile recorded a trade surplus of $1.06B in February 2024, with exports at $7.55B (down 3.2% YoY) and imports at $6.49B (down 5.4% YoY), reflecting import compression outpacing export declines.