2024 Q3 Chile Global Trade Data Summary: Cooling Demand

Chile 2024 Q3 Trade Data Key Takeaways

• Market Trend: Chile trade data shows exports up 8.65% YoY, imports down 1.13%, signaling cooling domestic demand.
• Key Driver: Chile import export data reveals copper (20.59% of exports) and China (33.8% share) as dominant forces.
• Strategic Risk: Heavy reliance on raw-material exports and top partners (China, U.S.) exposes economy to price swings.

Analysis covers 2024 Q3 based on sanitized customs records from the yTrade database.

Chile 2024 Q3 Trade Data Trend Overview

• Chile, a major copper and mining export economy, saw its third-quarter Chile global trade data reflect a gradual cooling from a strong start to the year.
• The latest Chile import export data shows exports totaled $24.2B for the quarter, up 8.65% year-on-year by September, while imports fell 1.13% YoY to $21.66B, indicating softening domestic demand.
• This flow resulted in a solid quarterly trade surplus of $2.54B, bolstered by resilient external sales and a sharp import contraction.
• The export resilience was likely supported by elevated copper prices and new trade pact momentum [The EU-Chile Interim Trade Agreement (ITA) explained], while the import slump aligns with the central bank’s observation of moderating economic growth.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

Get Historical Chile Trade Data

Chile 2024 Q3 Top Trading Products

Chile Global Trade Core Summary

Chile's exports are heavily resource-driven, with ores, slag, and ash (37.76%) and copper (20.59%) dominating, followed by fish, fruits, and wood products. These top categories show a reliance on raw materials and low-processed goods. Imports, however, lean toward machinery (12.63%), vehicles (9.38%), and electrical equipment (8.49%), alongside mineral fuels (18.14%), indicating a need for industrial inputs and energy. The trade structure highlights Chile’s role as a commodity exporter with high-value manufacturing dependencies.

Key takeaways:

• Exports are concentrated in raw materials, posing vulnerability to price swings.
• Imports focus on machinery, vehicles, and energy, reflecting industrial and infrastructure needs.
• Limited overlap in HS codes suggests minimal processing trade.

Chile Export-Import Structural Gap

Chile exports raw materials (ores, copper, fish) but imports machinery, vehicles, and fuel, showing a clear gap between low-value exports and high-value imports. This suggests an economy reliant on resource extraction without strong domestic manufacturing. The lack of HS code overlap (except for meat) points to limited industrial upgrading. Opportunities exist in adding value to exports, like processing copper or wood, to reduce dependence on imports for finished goods. Energy imports also highlight a need for diversification.

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

Check Detailed Chile Trade HS Code Breakdown

Chile 2024 Q3 Top Trading Countries

Chile Global Trade Key Patterns

Chile's trade flows show strong concentration in both exports and imports, with Mainland China and the United States as top partners. Exports are heavily reliant on China (33.8% share, $8.19B) and the U.S. (17.1%, $4.15B), followed by Japan (8.8%) and Brazil (5.6%). Imports also depend heavily on China (26.0%, $5.63B) and the U.S. (19.1%, $4.13B), with Argentina (9.3%) and Brazil (8.6%) as secondary suppliers. Regional trade is notable, with Brazil, Peru, and Mexico appearing in both export and import lists. Key takeaways:

• High dependence on China and the U.S. for both exports and imports.
• Latin America plays a secondary role, with Brazil, Peru, and Mexico as key regional partners.
• Limited diversification in trade partners, with top 5 countries dominating flows.

Chile Export–Import Geographic Gap

Chile’s exports and imports share similar geographic patterns, with China and the U.S. leading both lists. However, exports are slightly more concentrated (top 2 partners account for 50.9% vs. 45.1% for imports). Overlapping countries like Brazil, Peru, Mexico, and Spain suggest processing trade or regional supply chains. The structure indicates upstream dependency (reliance on a few key suppliers) without strong downstream diversification (exports also lean on a few buyers). Trade remains global but lacks balance, with Asia and North America dominating.

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 Q3?

Chile's top exports in Q3 2024 were ores, slag, and ash (37.76% of exports, $9.14B), copper and articles thereof (20.59%, $4.98B), and fish/crustaceans (6.98%, $1.69B).

What are the main products Chile imports in 2024 Q3?

Chile primarily imported mineral fuels/oils (18.14%, $3.93B), machinery (12.63%, $2.73B), and vehicles (9.38%, $2.03B) in Q3 2024.

Which countries are the top destinations for Chile's exports in 2024 Q3?

Mainland China was the top export destination (26.01%, $5.63B), followed by the United States (19.07%, $4.13B) and Argentina (9.34%, $2.02B).

Which countries supply most of Chile's imports in 2024 Q3?

Mainland China supplied 33.82% ($8.19B) of Chile's imports, with the United States (17.13%, $4.15B) and Japan (8.84%, $2.14B) as other key sources.

How balanced are Chile's export and import markets in 2024 Q3?

Chile achieved a $2.54B trade surplus in Q3 2024, with exports rising 8.65% YoY to $24.2B while imports fell 1.13% to $21.66B, reflecting resilient external demand and softer domestic consumption.

Detailed Monthly Report

Chile Trade Data Snapshot 2024 JUL

Chile Trade Data Snapshot 2024 AUG

Chile Trade Data Snapshot 2024 SEP