Chile - Germany Trade 2023 Q2: Deficit & Resource-Tech Dynamic
Key Market Takeaways: Chile - Germany Trade
The bilateral trade relationship between Chile and Germany showed volatile growth with a significant trade deficit in Q2 2023.
- Economic Pulse: Chile’s imports from Germany ($709.84M) dwarfed exports ($258.78M), resulting in a $451.06M deficit, reflecting heavy reliance on German machinery and industrial goods.
- Exchange Structure: Chile - Germany trade statistics reveal a resource-for-tech dynamic—Chile supplies ores and raw materials (30.4% of exports) while importing high-value machinery (24.4% of imports).
- Strategic Interdependence: The partnership is highly complementary, with Germany holding the advanced manufacturing edge and Chile serving as a critical supplier of primary commodities.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Germany Trade Trend in Q2 2023
Chile Export Performance: Shipments to Germany
- Total Volume: Chile exported goods worth $258.78M to Germany in Q2 2023.
- Growth Trend & Context:
- Exports showed mixed YoY performance: a sharp -36.26% drop in April, followed by a +31.15% rebound in May, then a -15.55% decline in June.
- No specific trade news or policies were cited to explain these fluctuations.
- Key Volatility: May saw a 67.02% MoM surge, the highest monthly growth, while April recorded the steepest decline at -37.09% MoM.
Chile Import Performance: Sourcing from Germany
- Total Volume: Imports from Germany totaled $709.84M in Q2 2023.
- Growth Trend & Context:
- YoY trends were volatile: -4.79% in April, -18.02% in May, then +5.42% in June.
- Key Volatility: June posted the highest import value ($243.56M) and a 7.99% MoM rise, while May marked the lowest at $225.55M.
Chile - Germany Trade Balance & Market Dynamics
- Net Position: Chile ran a trade deficit of $451.06M (Imports exceeded exports by this margin).
- Relationship Status: Chile remains heavily dependent on German imports, with Q2 imports nearly 2.7x higher than exports. The deficit underscores reliance on foreign machinery, chemicals, or other key German exports.
Chile Import Trend from Germany 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 240.74M | -6.66% | -4.79% |
| May | 225.55M | -6.31% | -18.02% |
| Jun | 243.56M | 7.99% | 5.42% |
| Total | 709.84M | - | - |
Chile Export Trend to Germany 2023 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 59.59M | -37.09% | -36.26% |
| May | 99.52M | 67.02% | 31.15% |
| Jun | 99.66M | 0.14% | -15.55% |
| Total | 258.78M | - | - |
Get Historical Chile Germany Trade Records
Chile-Germany Top Trading Products in Q2 2023
Chile Export Profile: What Does Chile Sell to Germany
- Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) at 30.40% of total exports to Germany.
- Demand Driver: Germany uses these raw materials for industrial processing, likely in metal production or manufacturing.
- Concentration: The top 3 exports (HS 26, 08, 74) account for 63% of total exports, indicating moderate concentration.
Chile Import Profile: What Does Chile Buy from Germany
- Top Commodity: Rank #1 import is HS 84 (Nuclear reactors, boilers, machinery) at 24.37% of total imports from Germany.
- Dependency Nature: Critical technology dependency, as machinery and equipment dominate imports, supporting Chile's industrial and infrastructure development.
Chile - Germany Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, copper, fruits) while importing high-value machinery and pharmaceuticals from Germany.
- Value Chain Position: Germany holds the higher value-add position, supplying advanced manufactured goods, while Chile provides primary commodities.
Import Analysis by Product: Germany to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 173.00M | 24.37% |
| 87 | 112.39M | 15.83% |
| 85 | 82.78M | 11.66% |
| 30 | 73.34M | 10.33% |
| 90 | 46.57M | 6.56% |
| 38 | 29.13M | 4.10% |
| 39 | 21.79M | 3.07% |
| 04 | 17.40M | 2.45% |
| 73 | 15.00M | 2.11% |
| 48 | 8.85M | 1.25% |
Export Analysis by Product: Chile to Germany (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 78.67M | 30.40% |
| 08 | 49.09M | 18.97% |
| 74 | 35.26M | 13.63% |
| 28 | 23.58M | 9.11% |
| 20 | 15.65M | 6.05% |
| 22 | 10.48M | 4.05% |
| 03 | 9.68M | 3.74% |
| 23 | 8.16M | 3.15% |
| 47 | 6.85M | 2.65% |
| 10 | 5.07M | 1.96% |
Check Detailed Chile-Germany Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile-Germany trade is likely to remain volatile in Q3 2023, with Chile’s export rebound in May unlikely to sustain without stronger demand for ores and copper. Germany’s industrial slowdown may further suppress commodity imports, while Chile’s reliance on German machinery and pharmaceuticals will keep the deficit wide. However, if raw material prices stabilize, Chile could narrow the gap by securing higher-value contracts for processed minerals. Traders should prepare for uneven demand, with a potential year-end recovery if German manufacturing picks up.
Strategic Moves
- Lock in Long-Term Ore Contracts: Chilean exporters must negotiate fixed-price agreements for HS 26 (ores) to mitigate price swings and secure stable revenue streams amid Germany’s fluctuating industrial demand.
- Diversify Import Sources: Reduce dependency on German machinery (HS 84) by exploring alternative suppliers in South Korea or Japan to lower costs and improve bargaining power.
- Push Processed Exports: Chile should incentivize local refining of copper (HS 74) to export higher-value semi-finished goods, capturing more margin and reducing reliance on raw material sales.
Frequently Asked Questions
How did Chile - Germany trade perform in 2023 Q2?
Chile exported $258.78M to Germany and imported $709.84M, with mixed YoY growth trends in both exports and imports.
What are the top exports from Chile to Germany?
The top exports are HS 26 (Ores, slag, and ash), HS 08 (Edible fruits), and HS 74 (Copper), accounting for 63% of total exports.
What does Chile import from Germany?
The top import is HS 84 (Nuclear reactors, boilers, machinery), representing 24.37% of total imports, highlighting Chile's reliance on German technology.
What is the trade balance between Chile and Germany?
Chile recorded a trade deficit of $451.06M in Q2 2023, with imports exceeding exports by nearly 2.7x.
Chile - Germany Trade 2023 Q1: Rapid Export Growth
Chile's trade deficit with Germany hits $506.92M in Q1 2023, driven by surging exports. Explore Chile Germany trade trends and top trading products with yTrade data.
Chile - Germany Trade 2023 Q3: Deficit & Tech Dependency
Chile's trade deficit with Germany hit $468M in Q3 2023, with 44.79% of exports being ores. Explore Chile-Germany trade trends and top trading products via yTrade data.
