Chile - Brazil Trade 2024 Q2: Volatile Growth & Deficit
Key Market Takeaways: Chile - Brazil Trade
The bilateral trade relationship between Chile and Brazil shows growth with high volatility in Q2 2024.
- Trade Deficit & Volume: Chile posted a $450M deficit ($1.86B imports vs. $1.41B exports), with exports surging YoY (+46.34% peak) but imports showing erratic demand (-27.54% YoY in June).
- Exchange Structure: Chile - Brazil trade statistics reveal a resource-for-energy model—Chile supplies copper (45.62% of exports) while relying on Brazilian mineral fuels (37.67% of imports).
- Strategic Fit: Highly complementary but lopsided, with Chile adding value via processed copper exports and Brazil dominating energy inputs.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Brazil Trade Trend in Q2 2024
Chile Export Performance: Shipments to Brazil
- Total Volume: $1.41B in Q2 2024.
- Growth Trend & Context:
- Strong YoY growth across all months (Apr: +46.34%, May: +57.1%, Jun: +36.32%), indicating sustained demand for Chilean exports in Brazil.
- Key Volatility:
- April saw the highest MoM surge (+35.6%), while June recorded a sharp MoM drop (-17.76%), suggesting potential month-end adjustments or demand fluctuations.
Chile Import Performance: Sourcing from Brazil
- Total Volume: $1.86B in Q2 2024.
- Growth Trend & Context:
- Mixed YoY performance (Apr: -9.83%, May: +2.5%, Jun: -27.54%), reflecting inconsistent import demand.
- Key Volatility:
- May posted the highest value ($797.12M) and MoM spike (+39.63%), while June collapsed (-38.31% MoM), likely due to inventory corrections or seasonal factors.
Chile - Brazil Trade Balance & Market Dynamics
- Net Position: Trade deficit of $450M (Imports $1.86B > Exports $1.41B).
- Relationship Status: Chile remains a net importer from Brazil, with volatile monthly flows but structurally higher reliance on Brazilian goods.
Chile Import Trend from Brazil 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 570.88M | 19.12% | -9.83% |
| May | 797.12M | 39.63% | 2.5% |
| Jun | 491.78M | -38.31% | -27.54% |
| Total | 1.86B | - | - |
Chile Export Trend to Brazil 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 497.10M | 35.6% | 46.34% |
| May | 498.92M | 0.37% | 57.1% |
| Jun | 410.32M | -17.76% | 36.32% |
| Total | 1.41B | - | - |
Get Historical Chile Brazil Trade Records
Chile-Brazil Top Trading Products in Q2 2024
Chile Export Profile: What Does Chile Sell to Brazil
- Top Commodity: Copper (HS Code 74) dominates exports, accounting for 45.62% of total value.
- Demand Driver: Brazil relies on Chilean copper for industrial processing, likely in construction and electronics manufacturing.
- Concentration: Trade is highly concentrated, with copper alone nearing half of total exports.
Chile Import Profile: What Does Chile Buy from Brazil
- Top Commodity: Mineral fuels (HS Code 27) lead imports, making up 37.67% of the total.
- Dependency Nature: Reflects energy security dependency, as Chile sources fuel oils and crude from Brazil.
Chile - Brazil Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Chile exports raw copper while importing energy products.
- Value Chain Position: Chile holds a higher value-add position with processed copper exports, whereas Brazil supplies lower-value energy inputs.
Import Analysis by Product: Brazil to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 700.66M | 37.67% |
| 02 | 263.59M | 14.17% |
| 87 | 189.66M | 10.20% |
| 84 | 107.33M | 5.77% |
| 39 | 67.57M | 3.63% |
| 21 | 49.92M | 2.68% |
| 85 | 35.83M | 1.93% |
| 48 | 34.87M | 1.87% |
| 23 | 33.81M | 1.82% |
| 76 | 31.18M | 1.68% |
Export Analysis by Product: Chile to Brazil (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 641.61M | 45.62% |
| 03 | 241.35M | 17.16% |
| 08 | 102.35M | 7.28% |
| 26 | 72.86M | 5.18% |
| 29 | 47.18M | 3.35% |
| 22 | 45.30M | 3.22% |
| 28 | 35.98M | 2.56% |
| 31 | 28.26M | 2.01% |
| 07 | 21.08M | 1.50% |
| 15 | 16.72M | 1.19% |
Check Detailed Chile-Brazil Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile-Brazil trade relationship is poised for continued growth in Q3 2024, driven by sustained demand for Chilean copper in Brazil’s industrial sector. However, volatility in energy imports and the persistent trade deficit signal potential headwinds, particularly if Brazil’s fuel supply chain faces disruptions. Exporters should capitalize on Brazil’s reliance on Chilean copper, while importers must prepare for fluctuations in mineral fuel prices. The structural complementarity of this trade—raw materials for energy—will keep volumes robust but requires strategic adjustments to mitigate risks.
Strategic Moves
- Lock in Copper Contracts: Chilean exporters should secure long-term agreements with Brazilian industrial buyers to stabilize revenue and hedge against price swings.
- Diversify Energy Sources: Importers must reduce dependency on Brazilian mineral fuels by exploring alternative suppliers in the region to buffer against supply shocks.
- Optimize Trade Financing: Traders on both sides should leverage trade credit and hedging instruments to manage currency and commodity price risks, especially given the deficit imbalance.
Frequently Asked Questions
How did Chile - Brazil trade perform in 2024 Q2?
Chile's exports to Brazil grew strongly YoY, reaching $1.41B, while imports from Brazil totaled $1.86B, showing mixed YoY performance.
What are the top exports from Chile to Brazil?
Copper (HS Code 74) dominates Chile's exports to Brazil, accounting for 45.62% of total export value.
What does Chile import from Brazil?
Mineral fuels (HS Code 27) lead Chile's imports from Brazil, making up 37.67% of total import value.
What is the trade balance between Chile and Brazil?
Chile recorded a trade deficit of $450M with Brazil in Q2 2024, driven by higher imports ($1.86B) than exports ($1.41B).
Chile - Brazil Trade 2024 Q1: Mixed Growth & Volatility
Chile's trade deficit with Brazil hits $650M in Q1 2024, driven by copper exports and energy imports. Explore Chile-Brazil trade trends and top products via yTrade data.
Chile - Brazil Trade 2024 Q4: Mixed Growth Trends
Chile's trade deficit with Brazil hit $720M in Q4 2024, driven by copper exports and energy imports. Explore Chile-Brazil trade trends and top trading products via yTrade data.
