Chile - India Trade 2023 Q1: Resource-for-Tech Boom
Key Market Takeaways: Chile - India Trade
The bilateral trade relationship between Chile and India shows growth with high volatility in Q1 2023.
- Economic Pulse: Chile maintains a $119.91M trade surplus (exports: $425.28M, imports: $305.37M), with exports outpacing imports by 39.3%. Volatility in both flows suggests uneven demand or supply adjustments.
- Exchange Structure: Chile - India trade statistics reveal a resource-for-tech complementarity—Chile exports raw materials (60% ores/slag) while India supplies manufactured goods (32% vehicles).
- Strategic Interdependence: Highly complementary economies, with Chile as a commodity supplier and India capturing higher value-add in finished goods.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-India Trade Trend in Q1 2023
Chile Export Performance: Shipments to India
- Total Volume: $425.28M in Q1 2023.
- Growth Trend & Context:
- Volatile YoY performance: January (-11.24%) contracted, but February (+95.58%) and March (+32.71%) rebounded sharply.
- No specific news to explain fluctuations.
- Key Volatility: March saw a 443% MoM surge, while February dropped -69.91% MoM.
Chile Import Performance: Sourcing from India
- Total Volume: $305.37M in Q1 2023.
- Growth Trend & Context:
- Mixed YoY trends: January (+1.63%) and February (+5.3%) grew, but March (-26.05%) declined sharply.
- Key Volatility: March imports fell -16.35% MoM, the lowest in the quarter.
Chile - India Trade Balance & Market Dynamics
- Net Position: Chile holds a trade surplus of $119.91M (Exports $425.28M > Imports $305.37M).
- Relationship Status: Chile maintains a net exporter role, with exports outpacing imports by 39.3%. Volatility in both flows suggests uneven demand or supply adjustments.
Chile Import Trend from India 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 104.21M | -21.26% | 1.63% |
| Feb | 109.53M | 5.1% | 5.3% |
| Mar | 91.63M | -16.35% | -26.05% |
| Total | 305.37M | - | - |
Chile Export Trend to India 2023 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 144.90M | 95.37% | -11.24% |
| Feb | 43.60M | -69.91% | 95.58% |
| Mar | 236.78M | 443.02% | 32.71% |
| Total | 425.28M | - | - |
Get Historical Chile India Trade Records
Chile-India Top Trading Products in Q1 2023
Chile Export Profile: What Does Chile Sell to India
- Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) at 60.04% of total exports to India.
- Demand Driver: India uses these raw materials for industrial processing, likely in steel production or other manufacturing sectors.
- Concentration: Trade is highly concentrated, with HS 26 alone accounting for over 60% of exports.
Chile Import Profile: What Does Chile Buy from India
- Top Commodity: Rank #1 import is HS 87 (Vehicles) at 31.57% of total imports from India.
- Dependency Nature: Reflects a mix of consumer market demand (vehicles) and industrial inputs (machinery, chemicals).
Chile - India Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, copper) while importing manufactured goods (vehicles, machinery) from India.
- Value Chain Position: India holds the higher value-add position, supplying finished products, while Chile provides commodities.
Import Analysis by Product: India to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 96.42M | 31.57% |
| 30 | 32.09M | 10.51% |
| 85 | 30.91M | 10.12% |
| 15 | 27.65M | 9.06% |
| 84 | 16.92M | 5.54% |
| 29 | 12.00M | 3.93% |
| 63 | 9.77M | 3.20% |
| 42 | 7.06M | 2.31% |
| 64 | 6.11M | 2.00% |
| 56 | 5.39M | 1.76% |
Export Analysis by Product: Chile to India (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 255.33M | 60.04% |
| 74 | 96.64M | 22.72% |
| 28 | 23.32M | 5.48% |
| 27 | 16.28M | 3.83% |
| 47 | 11.14M | 2.62% |
| 08 | 9.54M | 2.24% |
| 72 | 5.11M | 1.20% |
| 76 | 2.46M | 0.58% |
| 11 | 1.21M | 0.28% |
| 48 | 772.10K | 0.18% |
Check Detailed Chile-India Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with India is likely to persist in Q2 2023, driven by sustained Indian demand for raw materials like ores (HS 26), despite recent volatility. However, the sharp March decline in Indian vehicle imports (HS 87) signals potential softening in consumer demand, which could pressure Chile’s import volumes. Traders should anticipate uneven monthly swings but expect overall growth in bilateral trade, anchored by Chile’s commodity exports and India’s manufacturing needs. The Chile-India trade forecast remains cautiously optimistic, with raw material flows acting as the stabilizing pillar.
Strategic Moves
- Lock in Long-Term Ore Contracts: Chilean exporters must secure multi-year agreements with Indian steel producers to mitigate price volatility and ensure stable revenue streams.
- Diversify Import Sources for Vehicles: Chilean importers should explore alternative suppliers in Southeast Asia or Europe to reduce dependency on Indian automotive shipments amid demand fluctuations.
- Expand Trade Promotion for Non-Ore Exports: Chile’s trade offices in India should aggressively market secondary exports like fruits, wine, and seafood to reduce overreliance on HS 26 and tap into India’s growing consumer class.
Frequently Asked Questions
How did Chile - India trade perform in 2023 Q1?
Chile's exports to India totaled $425.28M, with volatile YoY growth (sharp rebounds in February and March). Imports from India reached $305.37M, showing mixed trends (growth in January-February but a March decline).
What are the top exports from Chile to India?
HS 26 (Ores, slag, and ash) dominated Chile's exports to India, accounting for 60.04% of total shipments, driven by demand for industrial processing.
What does Chile import from India?
HS 87 (Vehicles) was the top import, representing 31.57% of Chile's imports from India, reflecting consumer and industrial demand.
What is the trade balance between Chile and India?
Chile maintained a trade surplus of $119.91M (exports > imports by 39.3%), though both flows showed significant volatility.
Chile - India Trade 2023 Whole Year: $170M Surplus
Chile's $170M trade surplus with India in 2023 highlights a resource-for-tech exchange, with ores and vehicles as Chile India top trading products. Explore trends via yTrade.
Chile - India Trade 2024 Whole Year: Explosive Growth & Surplus
Chile's $1.28B trade surplus with India highlights 2024's explosive growth. Chile India trade trend shows ores for vehicles exchange, per yTrade data on top trading products.
