Chile - Argentina Trade 2024 Q4: Deficit & Energy Dependence

Key Market Takeaways: Chile - Argentina Trade

The bilateral trade relationship between Chile and Argentina shows strong YoY growth but heightened volatility in Q4 2024.

• Deficit-Driven Trade: Chile’s imports from Argentina ($1.96B) far exceeded exports ($293.07M), resulting in a $1.67B deficit, despite robust YoY export growth (+93.14% peak).
• Resource-for-Resource Exchange: Chile - Argentina trade statistics reveal a complementary structure: Chile supplies edible fruits (HS 08) and minerals (HS 27, 74), while Argentina dominates with energy exports (HS 27, 44.57% share).
• Strategic Energy Dependence: Chile’s heavy reliance on Argentine mineral fuels underscores a critical interdependence, with both nations trading mid-to-low value-add goods.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Chile-Argentina Trade Trend in Q4 2024

Chile Export Performance: Shipments to Argentina

• Total Volume: $293.07M in Q4 2024.
• Growth Trend & Context:
  • YoY growth remained strong, peaking at +93.14% in November, though December saw a sharp MoM drop (-28.81%).
• Key Volatility: November exports surged 22.71% MoM, while December’s decline marked the steepest monthly contraction.

Chile Import Performance: Sourcing from Argentina

• Total Volume: $1.96B in Q4 2024.
• Growth Trend & Context:
  • YoY growth was robust (+37.36% in October), but MoM trends weakened, with November and December showing declines (-9.95% and -1.8%, respectively).
• Key Volatility: October imports spiked 18.07% MoM before tapering off.

Chile - Argentina Trade Balance & Market Dynamics

• Net Position: Chile ran a trade deficit of $1.67B (Imports exceeded exports).
• Relationship Status: Heavy reliance on Argentine imports, with exports failing to offset the imbalance despite strong YoY growth.

Chile Import Trend from Argentina 2024 Q4 (Source: yTrade)**

Chile Export Trend to Argentina 2024 Q4 (Source: yTrade)**

Get Historical Chile Argentina Trade Records

Chile-Argentina Top Trading Products in Q4 2024

Chile Export Profile: What Does Chile Sell to Argentina

• Top Commodity: Rank #1 export is HS 08 (Edible fruit and nuts) with a 14.70% share.
• Demand Driver: Argentina likely imports these for direct consumption or food processing, serving its domestic consumer market.
• Concentration: No single category dominates; the top 3 exports (HS 08, 27, 74) collectively account for 39.08%, indicating moderate diversification.

Chile Import Profile: What Does Chile Buy from Argentina

• Top Commodity: Rank #1 import is HS 27 (Mineral fuels, oils) with a 44.57% share.
• Dependency Nature: Chile relies heavily on Argentina for energy security, given the dominance of mineral fuels in imports.

Chile - Argentina Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Complementarity. Chile exports agricultural products (HS 08) and minerals (HS 27, 74) while importing energy (HS 27) and agricultural byproducts (HS 10, 15) from Argentina.
• Value Chain Position: Both countries trade primarily in raw or semi-processed goods, suggesting a similar mid-to-low value-add position. Argentina’s energy exports (HS 27) may hold slightly higher strategic value due to Chile’s dependency.

Import Analysis by Product: Argentina to Chile (Source: yTrade)

Export Analysis by Product: Chile to Argentina (Source: yTrade)

Check Detailed Chile-Argentina Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Chile’s trade with Argentina is expected to remain volatile in the near term, driven by fluctuating energy demand and agricultural cycles. While the strong YoY growth in exports signals potential for further expansion, the sharp MoM declines in December highlight susceptibility to seasonal and logistical disruptions. Argentina’s dominance in mineral fuels (HS 27) will likely sustain Chile’s trade deficit, but diversification in Chile’s export basket could mitigate risks. Traders should prepare for uneven growth, with energy imports remaining critical and agricultural exports facing periodic swings.

Strategic Moves

• Diversify Export Markets for HS 08 (Edible Fruit and Nuts): Chile’s exporters should target alternative markets to reduce overreliance on Argentina, especially given the latter’s economic volatility. Expanding to Asia or Europe could stabilize revenue streams.
• Secure Long-term Energy Contracts with Argentina: Given Chile’s heavy dependence on Argentine mineral fuels (HS 27), negotiators must lock in stable pricing and supply terms to hedge against future price spikes or export restrictions.
• Invest in Value-Added Processing for Key Exports: Chile should shift from raw commodity exports (e.g., HS 08, 27, 74) to semi-processed or branded products, capturing higher margins and reducing vulnerability to price swings in primary goods.

Frequently Asked Questions

How did Chile - Argentina trade perform in 2024 Q4?

Chile's exports to Argentina totaled $293.07M, with strong YoY growth (+93.14% in November), while imports from Argentina reached $1.96B, showing robust YoY growth but declining MoM trends.

What are the top exports from Chile to Argentina?

The top exports from Chile to Argentina are HS 08 (Edible fruit and nuts), HS 27 (Mineral fuels, oils), and HS 74 (Copper and articles), collectively accounting for 39.08% of exports.

What does Chile import from Argentina?

Chile's top import from Argentina is HS 27 (Mineral fuels, oils), which dominates with a 44.57% share, reflecting Chile's reliance on Argentina for energy security.

What is the trade balance between Chile and Argentina?

Chile recorded a trade deficit of $1.67B with Argentina in Q4 2024, as imports significantly exceeded exports, highlighting a heavy reliance on Argentine goods.