2024 Mar Chile Trade Data Summary: Exports Plummet

Chile 2024 Mar Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports down 15.1% YoY, imports drop 10.6%, narrowing surplus to $1.31B in March 2024.
• Key Driver: Chile import export data reveals heavy reliance on copper (22% of exports) and China (38% of export share).
• Strategic Risk: Export concentration in raw materials and limited value-added processing heightens economic vulnerability.

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

Chile 2024 Mar Trade Data Trend Overview

• Chile's export-led economy, a key copper and lithium supplier, posted a mixed performance in March 2024, with its latest Chile global trade data reflecting global commodity price adjustments and demand shifts.
• Exports contracted 15.1% year-on-year to $7.95 billion, while imports fell 10.6% to $6.64 billion, indicating subdued domestic and external demand in the Chile import export data for the period.
• The trade surplus narrowed to $1.31 billion, pressured by the sharper decline in export earnings relative to import spending.
• This contraction aligns with broader 2024 trends where economic and political uncertainty weighed on trade, as companies and consumers remained cautious amid global strains [Chile - Market Challenges] (Chile - Market Challenges).

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2024 Mar Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, slag, and ash (HS 26) making up 33.56% of total exports, followed by copper (HS 74) at 22.07%. Other key exports include edible fruits (HS 08) and fish (HS 03), showing a reliance on raw materials and agriculture. Imports are dominated by mineral fuels (HS 27) at 19.95%, machinery (HS 84), and electrical equipment (HS 85), indicating a need for industrial inputs and energy. The trade structure highlights Chile’s role as a commodity exporter with high import dependence on manufactured goods.

Key Takeaways:

• Exports are concentrated in raw materials (ores, copper, fruits).
• Imports focus on energy, machinery, and consumer goods.
• High reliance on a few export commodities poses economic risks.
• Limited value-added processing in exports.
• Trade gap suggests potential for industrial diversification.

Chile Export-Import Structural Gap

Chile’s exports are mostly raw materials, while imports consist of machinery, fuel, and finished goods. This shows an economy built on resource extraction rather than manufacturing. The lack of overlap in HS codes between exports and imports confirms minimal domestic processing. The gap highlights Chile’s need to import technology and energy to support its resource sector. Moving toward higher-value exports, like processed copper or food products, could reduce import dependence.

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

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Chile 2024 Mar Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show strong concentration, with Mainland China alone accounting for 38% ($3.02B) of total exports. The top three destinations—China, the U.S. (13%, $1.05B), and Japan (10%, $763M)—make up over 60% of exports, indicating limited diversification. Imports are more balanced, with China (24%, $1.59B) and the U.S. (19%, $1.28B) as the largest suppliers, followed by Argentina (10%, $638M) and Brazil (7%, $479M). Key takeaways:

• Heavy reliance on China for exports, but imports are more evenly distributed.
• Top 3 export markets dominate; import sources are broader.
• Latin America (Brazil, Argentina) plays a bigger role in imports than exports.

Chile Export–Import Geographic Gap

Chile’s exports are heavily skewed toward a few major markets, while imports come from a wider range of suppliers. The U.S. and China appear in both top lists, suggesting some two-way trade. Exports lean global (Asia, Americas, Europe), while imports have a stronger regional focus (Latin America). The structure implies downstream dependence on key buyers but upstream flexibility in sourcing. This gap highlights Chile’s role as a resource exporter with diversified import needs.

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 Mar?

Chile's top exports in March 2024 were ores, slag, and ash (33.56% of total exports), copper and articles thereof (22.07%), and edible fruit and nuts (7.83%), based on the latest trade data.

What are the main products Chile imports in 2024 Mar?

Chile primarily imported mineral fuels and oils (19.95% of total imports), nuclear reactors and machinery (12.15%), and electrical machinery (10.09%) in March 2024.

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

The leading export destinations for Chile in March 2024 were Mainland China (24.00% of exports), the United States (19.25%), and Argentina (9.62%).

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

Chile's main import sources in March 2024 were Mainland China (37.93% of imports), the United States (13.26%), and Japan (9.60%).

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

Chile's trade surplus narrowed to $1.31 billion in March 2024, as exports fell 15.1% and imports declined 10.6%, reflecting subdued global demand.