Chile - India Trade 2024 Q1: Strong Growth & Volatility
Key Market Takeaways: Chile - India Trade
The bilateral trade relationship between Chile and India shows strong growth and volatility in Q1 2024.
- Economic Pulse: Chile holds a $343.48M trade surplus with India, exporting $638.27M (up sharply YoY) while importing $294.79M (mixed performance).
- Exchange Structure: Chile - India trade statistics reveal a resource-for-tech complementarity: Chile supplies ores (48.5% of exports) and copper, while India exports machinery (27.4% of imports) and pharmaceuticals.
- Strategic Interdependence: Highly complementary economies, with Chile’s raw materials fueling India’s industry and India’s high-value goods supporting Chile’s infrastructure.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-India Trade Trend in Q1 2024
Chile Export Performance: Shipments to India
- Total Volume: $638.27M in Q1 2024.
- Growth Trend & Context:
- Strong YoY growth in February (+364.42%) and March (+13.51%), offsetting a moderate January rise (+15.24%).
- No specific trade news to explain the surge.
- Key Volatility: February saw a 21.27% MoM jump, followed by a sharper 32.72% rise in March.
Chile Import Performance: Sourcing from India
- Total Volume: $294.79M in Q1 2024.
- Growth Trend & Context:
- Mixed YoY performance: January (+6.71%) and March (+28.28%) growth contrasted with February’s sharp decline (-39.7%).
- Key Volatility: February imports plummeted 40.61% MoM, rebounding 77.98% in March.
Chile - India Trade Balance & Market Dynamics
- Net Position: Chile holds a $343.48M trade surplus with India (Exports: $638.27M; Imports: $294.79M).
- Relationship Status: Chile is a net exporter, with exports more than double imports, indicating strong demand for Chilean goods in India.
Chile Import Trend from India 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 111.20M | -3.32% | 6.71% |
| Feb | 66.04M | -40.61% | -39.7% |
| Mar | 117.54M | 77.98% | 28.28% |
| Total | 294.79M | - | - |
Chile Export Trend to India 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 166.99M | 12.45% | 15.24% |
| Feb | 202.51M | 21.27% | 364.42% |
| Mar | 268.78M | 32.72% | 13.51% |
| Total | 638.27M | - | - |
Get Historical Chile India Trade Records
Chile-India Top Trading Products in Q1 2024
Chile Export Profile: What Does Chile Sell to India
- Top Commodity: Rank #1 export is HS Code 26 (Ores, slag, and ash) with a 48.53% share.
- Demand Driver: India uses these raw materials for industrial processing, likely in steel and metal production.
- Concentration: Trade is highly concentrated, with HS Code 26 and HS Code 74 (Copper and articles thereof) together accounting for 83.1% of exports.
Chile Import Profile: What Does Chile Buy from India
- Top Commodity: Rank #1 import is HS Code 84 (Nuclear reactors, boilers, machinery) with a 27.41% share.
- Dependency Nature: Critical technology dependency, as machinery and equipment dominate imports, supporting Chile's industrial and infrastructure needs.
Chile - India Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, copper) to India, while importing high-value machinery and pharmaceuticals.
- Value Chain Position: India holds the higher value-add position, supplying advanced manufactured goods, while Chile primarily provides commodities.
Import Analysis by Product: India to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 80.80M | 27.41% |
| 87 | 63.80M | 21.64% |
| 30 | 47.95M | 16.27% |
| 29 | 14.25M | 4.83% |
| 85 | 10.42M | 3.54% |
| 63 | 7.18M | 2.44% |
| 42 | 6.95M | 2.36% |
| 64 | 6.14M | 2.08% |
| 39 | 5.03M | 1.71% |
| 23 | 4.53M | 1.54% |
Export Analysis by Product: Chile to India (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 309.77M | 48.53% |
| 74 | 220.64M | 34.57% |
| 28 | 46.65M | 7.31% |
| 47 | 18.68M | 2.93% |
| 72 | 12.22M | 1.92% |
| 08 | 8.53M | 1.34% |
| 78 | 5.36M | 0.84% |
| 27 | 5.24M | 0.82% |
| 48 | 4.39M | 0.69% |
| 76 | 2.32M | 0.36% |
Check Detailed Chile-India Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with India is expected to widen further in Q2 2024, driven by sustained demand for ores and copper amid India’s industrial expansion. The volatility in imports, particularly machinery, suggests potential supply chain adjustments, but the overall growth trajectory remains robust. With no major trade disruptions on the horizon, Chile-India trade is poised to exceed $1 billion in bilateral volume by year-end, reinforcing the resource-for-tech exchange model.
Strategic Moves
- Lock in Long-Term Contracts: Chilean exporters should secure multi-year agreements for ores and copper to capitalize on India’s rising industrial demand, mitigating price fluctuations.
- Diversify Import Sources: Chilean buyers must reduce dependency on Indian machinery by exploring alternative suppliers in Southeast Asia or Europe to hedge against sudden supply drops.
- Invest in Value-Add Processing: Chile should prioritize domestic refining of raw materials like copper to capture higher margins before export, shifting toward semi-finished goods.
Frequently Asked Questions
How did Chile - India trade perform in 2024 Q1?
Chile's exports to India grew significantly in Q1 2024, reaching $638.27M, while imports from India totaled $294.79M, resulting in a strong trade surplus for Chile.
What are the top exports from Chile to India?
The top exports are HS Code 26 (Ores, slag, and ash) and HS Code 74 (Copper and articles thereof), together accounting for 83.1% of Chile's exports to India.
What does Chile import from India?
Chile's top import from India is HS Code 84 (Nuclear reactors, boilers, machinery), making up 27.41% of total imports, reflecting a reliance on Indian machinery and technology.
What is the trade balance between Chile and India?
Chile holds a $343.48M trade surplus with India, as exports more than double imports, indicating strong demand for Chilean raw materials in India.
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.
Chile - India Trade 2024 Q4: Resource-for-Tech Exchange
Chile's $242.55M trade surplus with India highlights a resource-for-tech exchange, with ores dominating exports and vehicles topping imports. Explore Chile-India trade trends on yTrade.
