2024 Jul Chile Global Trade Data Summary: Copper & Lithium Boom

Chile 2024 Jul Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports surged 16.1% YoY to $8.34B, driven by copper and lithium demand.
• Key Driver: Chile import export data reveals mining dominates (55% of exports), with China and U.S. as top partners (49.9% share).
• Structural Gap: Raw material exports vs. high-value imports (machinery, energy) highlight need for industrial upgrading.

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

Chile 2024 Jul Trade Data Trend Overview

• Chile's export-driven economy, a global leader in copper and lithium, posted robust Chile global trade data for July 2024, reflecting its resilience as a key commodities supplier.
• July's Chile import export data showed exports surging 16.1% year-on-year to $8.34B, while imports grew at a more moderate 7.5% to $7.65B, indicating strong external demand for its resources.
• The widening trade surplus reached $690M, underscoring the positive contribution of net exports to the national accounts.
• The export strength was primarily driven by elevated copper prices and solid global demand for critical minerals, with the IMF noting Chile's economy remained largely insulated from global trade tensions through mid-2025 [IMF].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2024 Jul Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, copper, and fish making up over 60% of total exports. The top two categories—ores (36.5%) and copper (18.6%)—highlight a strong reliance on mining. Imports, however, are dominated by energy (mineral fuels at 21%) and machinery (nuclear reactors at 11.6%), reflecting a need for industrial inputs and technology. The trade structure shows a clear split: raw materials exported, high-value goods imported. Key takeaways:

• High dependence on mining exports (55% from ores and copper).
• Limited export diversification, with minimal manufacturing presence.
• Energy imports signal reliance on external fuel supplies.

Chile Export-Import Structural Gap

Chile’s exports are mostly raw materials, while imports focus on machinery, vehicles, and energy—a classic resource-based economy pattern. The lack of overlap in HS codes (e.g., no machinery exports) suggests limited industrial upgrading. The country sells low-value ores and metals but buys high-value equipment, creating a structural trade gap. Opportunities lie in adding value to raw materials (e.g., processing copper domestically) to reduce reliance on imported machinery. The data shows Chile’s economy remains tied to commodity cycles.

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

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Chile 2024 Jul Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show strong concentration, with Mainland China (32.4%, $2.7B) and the U.S. (17.5%, $1.46B) dominating, followed by Japan (8.8%) and South Korea (5.6%). Imports also rely heavily on China (23.5%, $1.8B) and the U.S. (21.4%, $1.64B), with Argentina (9.9%) and Brazil (8.3%) as secondary suppliers. Key asymmetries:

• Exports are more concentrated (top 2 buyers = 49.9% share) than imports (top 2 suppliers = 44.9%).
• Brazil and Mexico appear in both top 10 lists, suggesting processing trade links.
• No regional dominance; trade spans Asia (China, Japan, Korea), Americas (U.S., Brazil, Mexico), and Europe (Spain, Germany).

Chile Export–Import Geographic Gap

Exports and imports share similar top partners (China, U.S.), but exports show slightly higher dependence on fewer markets. Overlap with Brazil and Mexico hints at two-way trade in specific goods. The structure suggests balanced upstream (import) and downstream (export) diversification, though both flows remain anchored by China and the U.S. No clear regional bias exists—trade is globally distributed with no single bloc dominating.

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 Jul?

Chile's top exports in July 2024 were ores, slag, and ash (36.51% of total exports, $3.05B), followed by copper and articles thereof (18.63%, $1.55B), and fish/crustaceans (7.30%, $608.73M).

What are the main products Chile imports in 2024 Jul?

Chile primarily imported mineral fuels/oils (20.96%, $1.60B), machinery (11.59%, $886.38M), and vehicles (9.13%, $698.23M) in July 2024.

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

Mainland China (23.50%, $1.80B), the United States (21.40%, $1.64B), and Argentina (9.89%, $756.63M) were Chile’s leading export markets in July 2024.

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

Chile’s imports were dominated by Mainland China (32.39%, $2.70B), the United States (17.51%, $1.46B), and Japan (8.82%, $736.07M) in July 2024.

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

Chile recorded a $690M trade surplus in July 2024, with exports ($8.34B) growing 16.1% YoY, outpacing import growth (7.5%, $7.65B), driven by strong copper demand.