Chile - Germany Trade 2024 Q4: Deficit & Growth

Key Market Takeaways: Chile - Germany Trade

The bilateral trade relationship between Chile and Germany shows strong growth with notable volatility in Q4 2024.

• Trade Deficit & Volume: Chile posted a $308.67M deficit with Germany, importing $667M (nearly double its $358M exports), but export growth surged YoY in Nov (+81.77%) and Dec (+79.13%).
• Resource-for-Tech Exchange: Chile - Germany trade statistics reveal a lopsided exchange: 57.88% of Chile’s exports are ores (HS 26), while 25% of imports are German machinery (HS 84), highlighting a raw-materials-for-technology dynamic.
• Strategic Fit: The partnership is structurally complementary but imbalanced—Chile depends on German industrial inputs, while Germany secures critical raw materials.

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

Chile-Germany Trade Trend in Q4 2024

Chile Export Performance: Shipments to Germany

• Total Volume: $358.33M in Q4 2024.
• Growth Trend & Context:
  • Strong YoY growth in Nov (+81.77%) and Dec (+79.13%), offsetting a marginal YoY dip in Oct (-0.67%).
  • No specific trade news to explain the surge, but consistent MoM growth (4.16% in Nov, 4.44% in Dec) suggests sustained demand.
• Key Volatility: October saw a sharp MoM spike (+43.96%), likely marking a seasonal ramp-up.

Chile Import Performance: Sourcing from Germany

• Total Volume: $667.00M in Q4 2024.
• Growth Trend & Context:
  • Mixed YoY performance: +23.09% growth in Dec contrasted with -6.53% in Nov.
  • MoM volatility included an 11.47% drop in Nov, followed by an 8.51% recovery in December.
• Key Volatility: November’s double-digit MoM decline stands out, though no news context is available to explain the swing.

Chile - Germany Trade Balance & Market Dynamics

• Net Position: Trade deficit of $308.67M (Imports exceeded exports).
• Relationship Status: Chile remains a net importer of German goods, with imports nearly double exports. The imbalance suggests structural reliance on German industrial or capital goods.

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

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

Get Historical Chile Germany Trade Records

Chile-Germany Top Trading Products in Q4 2024

Chile Export Profile: What Does Chile Sell to Germany

• Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) at 57.88% of total exports to Germany.
• Demand Driver: Germany uses these raw materials for industrial processing, likely in metal production or manufacturing.
• Concentration: Trade is highly concentrated, with ores alone accounting for over half of exports.

Chile Import Profile: What Does Chile Buy from Germany

• Top Commodity: Rank #1 import is HS 84 (Nuclear reactors, boilers, machinery) at 24.96% of total imports from Germany.
• Dependency Nature: Reflects critical technology dependency, as Chile relies on German machinery for industrial or energy infrastructure.

Chile - Germany Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Chile supplies raw materials (ores) while Germany provides high-value machinery and equipment.
• Value Chain Position: Germany holds the higher value-add position, exporting complex machinery (HS 84, 85, 90) against Chile’s commodity-driven exports.

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

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

Check Detailed Chile-Germany Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Chile’s trade with Germany is poised for steady growth in 2025, driven by sustained German demand for raw materials (HS 26) and Chile’s reliance on high-value German machinery (HS 84). The strong YoY export rebound in late 2024 suggests resilient commodity demand, while import volatility indicates potential supply chain adjustments. However, the persistent trade deficit underscores Chile’s need to diversify exports beyond ores to rebalance the exchange.

Strategic Moves

• Lock in Long-Term Ore Contracts: Chilean exporters should secure multi-year agreements with German industrial buyers to stabilize revenue and hedge against price fluctuations in the global commodities market.
• Diversify Export Basket: Chile must accelerate value-added processing of raw materials (e.g., refined metals) to reduce dependency on low-margin ore shipments and capture higher export revenues.
• Optimize Machinery Imports: German machinery importers in Chile should consolidate orders to mitigate MoM volatility and negotiate bulk purchase discounts, leveraging Germany’s reliance on Chilean ores as a bargaining chip.

Frequently Asked Questions

How did Chile - Germany trade perform in 2024 Q4?

Chile's exports to Germany totaled $358.33M, showing strong YoY growth in November and December. Imports from Germany reached $667.00M, with mixed YoY performance but a recovery in December.

What are the top exports from Chile to Germany?

The top export from Chile to Germany is HS 26 (Ores, slag, and ash), accounting for 57.88% of total exports, reflecting Chile's role as a supplier of raw materials.

What does Chile import from Germany?

Chile's top import from Germany is HS 84 (Nuclear reactors, boilers, machinery), making up 24.96% of total imports, highlighting reliance on German industrial technology.

What is the trade balance between Chile and Germany?

Chile recorded a trade deficit of $308.67M with Germany in Q4 2024, as imports nearly doubled exports, indicating structural reliance on German goods.