Chile - Brazil Trade 2024 Q1: Mixed Growth & Volatility
Key Market Takeaways: Chile - Brazil Trade
The bilateral trade relationship between Chile and Brazil shows mixed growth with heightened volatility in Q1 2024.
- Economic Pulse: Chile posted a $650M trade deficit with Brazil, driven by $1.74B in imports (sharp YoY declines) against $1.09B in exports (volatile monthly swings).
- Exchange Structure: Chile - Brazil trade statistics reveal a resource-for-tech complementarity—Chile supplies copper (40% of exports) while relying on Brazilian energy (35% of imports) and machinery.
- Strategic Interdependence: The partnership remains asymmetrically balanced, with Brazil capturing higher value-add in processed goods and Chile providing raw materials.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Brazil Trade Trend in Q1 2024
Chile Export Performance: Shipments to Brazil
- Total Volume: $1.09B in Q1 2024.
- Growth Trend & Context:
- Mixed YoY performance: +26.31% in January, but -0.67% in February and -2.9% in March.
- No significant news to explain fluctuations.
- Key Volatility: March saw a 3.78% MoM rebound after consecutive declines in January (-3.27%) and February (-4.74%).
Chile Import Performance: Sourcing from Brazil
- Total Volume: $1.74B in Q1 2024.
- Growth Trend & Context:
- Steep YoY declines: -4.25% (Jan), -8.35% (Feb), and -55.12% (March).
- No news to contextualize the sharp contraction.
- Key Volatility: March imports plummeted 19.67% MoM, the lowest in the quarter.
Chile - Brazil Trade Balance & Market Dynamics
- Net Position: Trade deficit of $650M (Imports exceeded exports).
- Relationship Status: Chile remains a net importer from Brazil, with import reliance intensifying despite export gains in January.
Chile Import Trend from Brazil 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 668.80M | 20.34% | -4.25% |
| Feb | 596.60M | -10.8% | -8.35% |
| Mar | 479.24M | -19.67% | -55.12% |
| Total | 1.74B | - | - |
Chile Export Trend to Brazil 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 370.80M | -3.27% | 26.31% |
| Feb | 353.24M | -4.74% | -0.67% |
| Mar | 366.58M | 3.78% | -2.9% |
| Total | 1.09B | - | - |
Get Historical Chile Brazil Trade Records
Chile-Brazil Top Trading Products in Q1 2024
Chile Export Profile: What Does Chile Sell to Brazil
- Top Commodity: Copper (HS 74) dominates with 40.37% share.
- Demand Driver: Brazil uses these for industrial processing, likely in construction and electronics manufacturing.
- Concentration: High—top 3 exports (copper, fish, ores) account for 72.93% of total exports to Brazil.
Chile Import Profile: What Does Chile Buy from Brazil
- Top Commodity: Mineral fuels (HS 27) lead at 34.86% share.
- Dependency Nature: Energy security dependency, supplemented by agricultural imports (HS 02, 23) for food supply.
Chile - Brazil Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Chile exports raw materials (copper, fish) while importing energy and machinery from Brazil.
- Value Chain Position: Brazil holds higher value-add, supplying processed fuels (HS 27) and vehicles (HS 87), while Chile provides base commodities.
Import Analysis by Product: Brazil to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 608.25M | 34.86% |
| 02 | 211.76M | 12.14% |
| 87 | 204.42M | 11.72% |
| 84 | 93.71M | 5.37% |
| 39 | 79.60M | 4.56% |
| 21 | 47.29M | 2.71% |
| 48 | 45.77M | 2.62% |
| 23 | 41.59M | 2.38% |
| 26 | 35.91M | 2.06% |
| 85 | 32.60M | 1.87% |
Export Analysis by Product: Chile to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 440.29M | 40.37% |
| 03 | 246.81M | 22.63% |
| 26 | 108.28M | 9.93% |
| 08 | 45.74M | 4.19% |
| 29 | 39.43M | 3.62% |
| 22 | 38.29M | 3.51% |
| 28 | 18.63M | 1.71% |
| 15 | 16.17M | 1.48% |
| 25 | 15.79M | 1.45% |
| 39 | 11.50M | 1.05% |
Check Detailed Chile-Brazil Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade with Brazil is likely to face continued volatility in Q2 2024, with exports under pressure from fluctuating copper demand and imports constrained by Brazil’s sharp decline in mineral fuel shipments. However, the rebound in March exports suggests potential stabilization if industrial demand in Brazil holds steady. The persistent trade deficit underscores Chile’s reliance on Brazilian energy, a vulnerability that may worsen if import trends do not recover. Traders should prepare for a period of consolidation, with growth hinging on Brazil’s economic resilience and Chile’s ability to diversify export markets.
Strategic Moves
- Lock in Copper Contracts: Chilean exporters must secure long-term agreements with Brazilian industrial buyers to mitigate price volatility and stabilize revenue streams.
- Diversify Energy Suppliers: Reduce dependency on Brazilian mineral fuels by accelerating partnerships with alternative suppliers in North America or Asia.
- Push Agri-Exports: Capitalize on Brazil’s food import needs by expanding shipments of Chilean seafood (HS 03) and fresh fruit (HS 08), leveraging existing trade agreements for tariff advantages.
Frequently Asked Questions
How did Chile - Brazil trade perform in 2024 Q1?
Chile exported $1.09B to Brazil, with mixed YoY growth (+26.31% in January but declines in February/March). Imports from Brazil totaled $1.74B, showing steep YoY drops (-55.12% in March).
What are the top exports from Chile to Brazil?
Copper (HS 74) dominates (40.37% share), followed by fish and ores—top 3 products account for 72.93% of total exports.
What does Chile import from Brazil?
Mineral fuels (HS 27) lead (34.86% share), supplemented by agricultural goods (HS 02, 23) for energy and food security.
What is the trade balance between Chile and Brazil?
Chile had a trade deficit of $650M in Q1 2024, with imports exceeding exports. The deficit intensified despite export gains in January.
Chile - Brazil Trade 2023 Q4: Persistent Deficit, Copper Demand
Chile's trade deficit with Brazil hit $970M in Q4 2023, driven by copper exports and fuel imports. Explore Chile-Brazil trade trends and top products via yTrade data.
Chile - Brazil Trade 2024 Q2: Volatile Growth & Deficit
Chile's trade deficit with Brazil hit $450M in Q2 2024, fueled by copper exports and energy imports. Explore Chile-Brazil trade trends and top products via yTrade data.
