Chile - Germany Trade 2024 Whole Year: Widening Deficit & Resource-Tech Exchange
Key Market Takeaways: Chile - Germany Trade
The bilateral trade relationship between Chile and Germany is marked by a widening trade deficit and volatile commodity-driven exchanges in 2024.
- Economic Pulse: Chile’s trade deficit with Germany hit $1.52B ($2.66B imports vs. $1.14B exports), driven by uneven export performance and steady demand for German machinery.
- Exchange Structure: Chile - Germany trade statistics reveal a resource-for-tech model: iron ores (47% of exports) flow to Germany, while machinery (26% of imports) dominates inbound shipments.
- Strategic Interdependence: Highly complementary but imbalanced—Chile relies on German industrial inputs, while Germany secures raw materials for manufacturing.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Germany Trade Trend in Whole Year 2024
Chile Export Performance: Shipments to Germany
- Total Volume: $1.14B in 2024.
- Growth Trend & Context:
- Exports showed mixed YoY performance, with sharp declines in March (-33.18%) and May (-40.02%) but strong rebounds in November (81.77%) and December (79.13%).
- No specific trade news or policy changes were reported to explain these fluctuations.
- Key Volatility: August saw the steepest MoM drop (-55.99%), while June (70.95% MoM) and July (30.19% MoM) posted significant gains.
Chile Import Performance: Sourcing from Germany
- Total Volume: $2.66B in 2024.
- Growth Trend & Context:
- Imports trended downward YoY for most months, with notable contractions in February (-19.49%), August (-18.32%), and September (-17.19%). October (9.58% YoY) and December (23.09% YoY) were exceptions.
- Key Volatility: January had the highest MoM surge (52.72%), while February (-33.8% MoM) and June (-10.8% MoM) saw sharp declines.
Chile - Germany Trade Balance & Market Dynamics
- Net Position: Chile ran a trade deficit of $1.52B (Imports $2.66B > Exports $1.14B).
- Relationship Status: Heavy reliance on German imports, with exports failing to offset the imbalance. The deficit widened compared to 2023, driven by weaker export performance in key months.
Chile Import Trend from Germany 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 279.36M | 52.72% | 16.18% |
| Feb | 184.95M | -33.8% | -19.49% |
| Mar | 210.85M | 14.0% | -18.25% |
| Apr | 233.25M | 10.63% | -3.11% |
| May | 230.15M | -1.33% | 2.04% |
| Jun | 205.29M | -10.8% | -15.71% |
| Jul | 229.57M | 11.83% | -6.65% |
| Aug | 209.07M | -8.93% | -18.32% |
| Sep | 209.22M | 0.07% | -17.19% |
| Oct | 234.36M | 12.02% | 9.58% |
| Nov | 207.49M | -11.47% | -6.53% |
| Dec | 225.15M | 8.51% | 23.09% |
| Total | 2.66B | - | - |
Chile Export Trend to Germany 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 106.78M | 53.55% | 95.75% |
| Feb | 105.74M | -0.97% | 47.05% |
| Mar | 63.29M | -40.14% | -33.18% |
| Apr | 71.22M | 12.53% | 19.52% |
| May | 59.69M | -16.19% | -40.02% |
| Jun | 102.04M | 70.95% | 2.38% |
| Jul | 132.84M | 30.19% | 39.61% |
| Aug | 58.46M | -55.99% | -53.7% |
| Sep | 79.53M | 36.04% | 22.16% |
| Oct | 114.50M | 43.96% | -0.67% |
| Nov | 119.27M | 4.16% | 81.77% |
| Dec | 124.56M | 4.44% | 79.13% |
| Total | 1.14B | - | - |
Get Historical Chile Germany Trade Records
Chile-Germany Top Trading Products in Whole Year 2024
Chile Export Profile: What Does Chile Sell to Germany
- Top Commodity: Rank #1 export is Iron Ores (HS 26), accounting for 46.80% of total exports to Germany.
- Demand Driver: Germany uses these raw materials for industrial processing, likely in steel production and manufacturing.
- Concentration: Trade is highly concentrated, with iron ores alone making up nearly half of exports.
Chile Import Profile: What Does Chile Buy from Germany
- Top Commodity: Rank #1 import is Machinery (HS 84), representing 26.05% of total imports from Germany.
- Dependency Nature: Critical technology dependency, as Chile relies on German machinery for industrial and manufacturing sectors.
Chile - Germany Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (iron ores, copper, agricultural products) and imports 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 | 692.62M | 26.05% |
| 87 | 411.70M | 15.48% |
| 30 | 290.16M | 10.91% |
| 85 | 210.47M | 7.92% |
| 90 | 166.96M | 6.28% |
| 38 | 106.31M | 4.00% |
| 39 | 88.78M | 3.34% |
| 73 | 61.30M | 2.31% |
| 04 | 55.46M | 2.09% |
| 40 | 49.99M | 1.88% |
Export Analysis by Product: Chile to Germany (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 532.51M | 46.80% |
| 08 | 200.92M | 17.66% |
| 74 | 144.33M | 12.68% |
| 47 | 49.74M | 4.37% |
| 22 | 39.59M | 3.48% |
| 03 | 31.23M | 2.74% |
| 28 | 27.59M | 2.42% |
| 20 | 22.04M | 1.94% |
| 02 | 17.41M | 1.53% |
| 10 | 11.96M | 1.05% |
Check Detailed Chile-Germany Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile-Germany trade relationship in 2025 is likely to remain volatile, with Chile’s export performance under pressure due to fluctuating commodity demand and Germany’s industrial slowdown. The persistent trade deficit ($1.52B in 2024) may widen further if Chile fails to diversify its export basket beyond iron ores (46.8% of exports). However, seasonal rebounds in late 2024 (November/December) suggest potential for recovery if exporters capitalize on year-end demand surges. Traders should brace for uneven growth, with German machinery imports (26.05% of Chile’s purchases) remaining critical but vulnerable to supply chain disruptions.
Strategic Moves
- Diversify Export Markets: Chilean exporters must reduce reliance on iron ores by promoting secondary commodities (e.g., copper, agriculture) to Germany, targeting niche sectors like renewable energy components.
- Lock in Long-Term Contracts: Importers of German machinery should negotiate fixed-price agreements to hedge against currency volatility and supply chain delays, given Germany’s dominant position (HS 84).
- Monitor German Industrial Policy: Traders must track Germany’s green energy transition and reshoring trends, which could alter demand for Chilean raw materials or create new export opportunities in critical minerals.
Frequently Asked Questions
How did Chile - Germany trade perform in 2024 Whole Year?
Chile's exports to Germany totaled $1.14B, while imports from Germany reached $2.66B, resulting in mixed growth trends with notable volatility in specific months.
What are the top exports from Chile to Germany?
The top export from Chile to Germany is Iron Ores (HS 26), accounting for 46.80% of total exports, reflecting a heavy reliance on raw materials.
What does Chile import from Germany?
Chile's top import from Germany is Machinery (HS 84), making up 26.05% of total imports, highlighting a dependency on advanced technology and industrial equipment.
What is the trade balance between Chile and Germany?
Chile recorded a trade deficit of $1.52B with Germany in 2024, as imports ($2.66B) significantly exceeded exports ($1.14B), widening the gap compared to 2023.
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.
Chile - Germany Trade 2024 Q4: Deficit & Growth
Chile's trade deficit with Germany hit $308.67M in Q4 2024, with exports surging 81.77% YoY. Explore Chile-Germany trade trends and top trading products like ores (HS 26) and machinery (HS 84) via yTrade data.
