2024 Oct Chile Trade Data Summary: Exports Surge

Chile 2024 Oct Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports surged 11.2% YoY to $8.59B, outpacing import growth (1.2%) for an $860M surplus.
• Key Driver: Chile import export data reveals mining (ores, copper) dominates exports (58.9% share), while fuel and machinery lead imports.
• Strategic Risk: Heavy export reliance on China (36%) and commodity prices exposes Chile to demand shocks.

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

Chile 2024 Oct Trade Data Trend Overview

• Chile, a diversified commodity exporter and open trade economy, saw its October 2024 Chile global trade data reflect robust external demand for its key shipments.
• The nation's Chile import export data for the period shows exports surged 11.2% year-on-year to $8.59B, while imports grew a modest 1.2% to $7.73B, indicating stronger external sales than domestic purchase growth.
• This performance generated a monthly trade surplus of $860 million, reinforcing the country's positive trade balance.
• The export strength aligns with Chile's extensive network of trade agreements, which cover nearly 98% of its international trade and support resilient access to key markets like China and the U.S. [Chile - Trade Agreements].

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Chile Trade Data

Chile 2024 Oct Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, slag, and ash (HS 26) making up 40.1% of total exports, followed by copper (HS 74) at 18.8%. Fish, fruits, and wood products add diversity but remain low-value compared to mining. Imports are dominated by fuel (HS 27, 17%) and machinery (HS 84, 13%), with vehicles and electronics also significant. This shows a reliance on raw material exports and high-value manufactured imports.

Key takeaways:

• Mining dominates exports, creating commodity price risk.
• Limited high-value export diversification beyond resources.
• Heavy machinery and fuel imports indicate industrial dependency.

Chile Export-Import Structural Gap

Chile exports raw materials but imports finished goods, highlighting a classic resource economy gap. Copper and ores are shipped out, while machinery, vehicles, and fuel are brought in. The overlap in inorganic chemicals (HS 28) suggests some processing, but the overall trade is lopsided. This structure leaves Chile vulnerable to price swings in both commodities and manufactured goods. Industrial upgrading could reduce import reliance.

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

Check Detailed Chile Trade HS Code Breakdown

Chile 2024 Oct Top Trading Countries

Chile Global Trade Key Patterns

Chile's exports show strong concentration, with Mainland China accounting for 36% ($3.10B) of total exports, followed by the US (14%, $1.22B) and Japan (12%, $999.98M). The top three destinations make up over 60% of exports, indicating limited diversification. Imports are more balanced, with Mainland China (26%, $1.98B), the US (17%, $1.31B), and Brazil (9%, $717.98M) as key suppliers. Regional trade is notable, with Brazil, Argentina, and Mexico appearing in both import and export top 10 lists. Key takeaways:

• Heavy export reliance on Mainland China and the US.
• Imports are more evenly distributed among suppliers.
• Latin American neighbors (Brazil, Argentina, Mexico) play a dual role in trade.

Chile Export–Import Geographic Gap

Chile’s exports are highly concentrated in a few markets, while imports come from a broader set of suppliers. Overlapping trade partners like Brazil, Mexico, and Mainland China suggest processing or re-export activity. The US is a critical partner for both exports and imports, but Chile depends more on Chinese demand than vice versa. The structure shows upstream diversification (imports) and downstream reliance (exports), with Asia and North America as dominant trade hubs. Latin America remains a secondary but stable trade region.

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

Get Complete Chile Trading Patner Countries Profile

Frequently Asked Questions

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

Chile's top exports in October 2024 were ores, slag, and ash (40.12% of total exports, $3.44B), followed by copper and articles thereof (18.79%, $1.61B), and fish/crustaceans (8.10%, $695.29M).

What are the main products Chile imports in 2024 Oct?

Chile primarily imported mineral fuels/oils (17.04%, $1.32B), machinery (12.95%, $1.00B), and vehicles (10.62%, $820.15M) in October 2024.

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

Mainland China was the largest export destination (25.59%, $1.98B), followed by the U.S. (17.01%, $1.31B) and Brazil (9.29%, $717.98M).

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

Mainland China was the leading import source (36.06%, $3.10B), with the U.S. (14.24%, $1.22B) and Japan (11.65%, $999.98M) as other key suppliers.

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

Chile recorded a trade surplus of $860M in October 2024, with exports growing 11.2% YoY to $8.59B and imports rising modestly by 1.2% to $7.73B.