2024 May Chile Global Trade Data Summary: Surplus Widens

Chile 2024 May Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports up 4.0% while imports fell 7.7%, widening the surplus to $1.24B.
• Key Driver: Chile import export data reveals copper and ores dominate exports (58% combined), with China absorbing 39.7% of shipments.
• Strategic Risk: Heavy export reliance on raw materials and China exposes Chile to commodity cycles and demand shocks.

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

Chile 2024 May Trade Data Trend Overview

• Chile, a major global copper exporter and open market economy, saw its May 2024 Chile global trade data reflect its commodity-driven nature and stable demand for its key resources.
• The latest Chile import export data shows exports of $8.16B rose 4.0% year-on-year, while imports of $6.92B contracted 7.7%, indicating divergent domestic and external demand pressures.
• This divergence produced a substantial trade surplus of $1.24B for the month, reinforcing the nation's strong external position.
• The export resilience was likely supported by sustained demand from key FTA partners like China and the US, while import contraction may signal subdued domestic investment or consumer spending amid economic uncertainty [Chile - Trade Agreements].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Chile 2024 May Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, slag, and ash (37.11%) and copper (20.92%) dominating. Fish, fruit, and wood products add diversity but remain secondary. Imports focus on energy (mineral fuels, 20.96%) and industrial goods like machinery (12.24%) and vehicles (8.77%). The country relies on raw material exports while importing high-value manufactured goods.

Key takeaways:

• High dependence on mining exports (over 58% combined).
• Limited export diversification beyond primary resources.
• Import structure reveals reliance on foreign machinery and energy.
• Food exports (fish, fruit) show competitive agriculture.
• Minimal overlap in HS codes suggests low processing trade.

Chile Export-Import Structural Gap

Chile exports raw materials but imports finished goods, indicating a classic resource-based economy. Copper and ores dominate exports, while machinery, vehicles, and fuels lead imports. This gap highlights Chile’s role as a supplier of unprocessed commodities and a buyer of advanced industrial products. The lack of HS code overlap (except for minor chemical trade) suggests limited local manufacturing upgrades. Energy imports (20.96%) reveal a vulnerability despite Chile’s own fuel exports (1.44%).

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

Check Detailed Chile Trade HS Code Breakdown

Chile 2024 May Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show high concentration, with Mainland China alone accounting for 39.7% ($3.24B) of total shipments. The US (15.9%, $1.30B) and Brazil (6.1%, $498.9M) are secondary markets, while other top destinations like Japan, South Korea, and European nations have shares below 6%. Imports are more balanced, though still reliant on China (22.8%, $1.58B) and the US (18.7%, $1.29B), with Brazil (11.5%, $797.1M) and Argentina (9.0%, $622.1M) as key regional suppliers. The trade flow reveals three asymmetries: (1) exports depend heavily on China, while imports are more diversified; (2) Latin America is a major import source but a minor export destination; (3) the US is a top partner for both flows.

Chile Export–Import Geographic Gap

Exports target a few large markets (China, US, Brazil), while imports draw from a broader set of suppliers across the Americas, Europe, and Asia. The overlap of China, US, Brazil, and Mexico in both lists suggests some processing trade. The structure indicates downstream dependence on China for exports but upstream diversification for imports, with regional neighbors like Argentina and Peru playing import roles. This gap leaves Chile exposed to demand shifts in its top export markets but mitigates supply risks through import variety.

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 May?

Chile's top exports in May 2024 were ores, slag, and ash (37.11% of total exports, $3.03B), followed by copper and articles thereof (20.92%, $1.71B), and inorganic chemicals (6.53%, $532.37M).

What are the main products Chile imports in 2024 May?

Chile's primary imports included mineral fuels and oils (20.96%, $1.45B), nuclear reactors and machinery (12.24%, $846.68M), and electrical machinery (9.67%, $669.22M).

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

The leading export destinations were Mainland China (22.81%, $1.58B), the United States (18.71%, $1.29B), and Brazil (11.52%, $797.12M).

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

Chile's main import sources were Mainland China (39.69%, $3.24B), the United States (15.89%, $1.30B), and Brazil (6.12%, $498.92M).

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

Chile recorded a $1.24B trade surplus in May 2024, with exports rising 4.0% to $8.16B while imports fell 7.7% to $6.92B, reflecting strong external demand and weaker domestic consumption.