Chile - Italy Trade 2023 Q3: Widening Deficit
Key Market Takeaways: Chile - Italy Trade
The bilateral trade relationship between Chile and Italy reflects a widening deficit driven by sustained Italian import demand in Q3 2023.
- Economic Pulse: Chile’s trade deficit with Italy hit $248.11M (imports $425.47M > exports $177.36M), with imports growing consistently (+16.92% MoM peak) while exports rebounded after volatility.
- Exchange Structure: Chile - Italy trade statistics reveal a resource-for-tech model—Chile supplies copper (40.25% of exports) and fruits, while Italy dominates with machinery (50.95% of imports).
- Strategic Interdependence: Highly complementary but imbalanced: Italy holds the high-value position in industrial tech, while Chile remains a critical commodity supplier.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Italy Trade Trend in Q3 2023
Chile Export Performance: Shipments to Italy
- Total Volume: Chile exported $177.36M worth of goods to Italy in Q3 2023.
- Growth Trend & Context:
- Exports rebounded sharply in August (+28.04% MoM) and September (+24.62% MoM), offsetting July's steep drop (-37.61% MoM).
- YoY performance was mixed: August saw a -5.35% decline, while September surged +18.38%.
- Key Volatility: July's 37.61% MoM contraction was the most extreme monthly swing, followed by a strong recovery.
Chile Import Performance: Sourcing from Italy
- Total Volume: Chile imported $425.47M from Italy in Q3 2023.
- Growth Trend & Context:
- Imports grew consistently MoM (+3.86% in August, +6.2% in September), with a strong +16.92% jump in July.
- YoY growth was positive in August (+6.88%) but slowed to +2.51% in September.
- Key Volatility: July's 16.92% MoM surge marked the highest monthly growth, signaling robust early-quarter demand.
Chile - Italy Trade Balance & Market Dynamics
- Net Position: Chile ran a trade deficit of $248.11M with Italy (Imports $425.47M > Exports $177.36M).
- Relationship Status: Chile remains heavily dependent on Italian imports, with Q3 imports 2.4x larger than exports. The deficit widened due to sustained import growth outpacing export recovery.
Chile Import Trend from Italy 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 135.44M | 16.92% | 0.0% |
| Aug | 140.66M | 3.86% | 6.88% |
| Sep | 149.38M | 6.2% | 2.51% |
| Total | 425.47M | - | - |
Chile Export Trend to Italy 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 45.76M | -37.61% | 0.0% |
| Aug | 58.59M | 28.04% | -5.35% |
| Sep | 73.01M | 24.62% | 18.38% |
| Total | 177.36M | - | - |
Get Historical Chile Italy Trade Records
Chile-Italy Top Trading Products in Q3 2023
Chile Export Profile: What Does Chile Sell to Italy
- Top Commodity: Copper (HS Code 74) dominates at 40.25% of total exports.
- Demand Driver: Italy uses these raw materials for industrial processing, likely in manufacturing and construction.
- Concentration: The top two exports (copper and edible fruit, HS Code 08) account for 69.01%, indicating high trade concentration.
Chile Import Profile: What Does Chile Buy from Italy
- Top Commodity: Machinery (HS Code 84) makes up 50.95% of imports.
- Dependency Nature: Critical technology dependency, as Italy supplies high-value industrial equipment.
Chile - Italy Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (copper, fruits) and imports machinery and industrial goods.
- Value Chain Position: Italy holds the higher value-add position, supplying advanced technology while Chile provides commodities.
Import Analysis by Product: Italy to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 216.79M | 50.95% |
| 85 | 27.18M | 6.39% |
| 30 | 17.12M | 4.02% |
| 39 | 15.27M | 3.59% |
| 33 | 13.34M | 3.14% |
| 90 | 13.34M | 3.13% |
| 87 | 11.80M | 2.77% |
| 73 | 10.78M | 2.53% |
| 38 | 8.55M | 2.01% |
| 22 | 6.55M | 1.54% |
Export Analysis by Product: Chile to Italy (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 71.38M | 40.25% |
| 08 | 51.01M | 28.76% |
| 47 | 9.50M | 5.35% |
| 15 | 6.91M | 3.90% |
| 16 | 6.62M | 3.73% |
| 26 | 5.20M | 2.93% |
| 28 | 5.16M | 2.91% |
| 48 | 5.02M | 2.83% |
| 03 | 3.80M | 2.14% |
| 44 | 2.75M | 1.55% |
Check Detailed Chile-Italy Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade with Italy is poised for moderate growth in Q4 2023, driven by sustained Italian demand for Chilean copper and edible fruits, coupled with Chile’s reliance on Italian machinery. However, the widening trade deficit signals vulnerability to price volatility in commodity markets. Exporters should capitalize on September’s 18.38% YoY surge by securing forward contracts, while importers must prepare for potential supply chain bottlenecks as Italy’s industrial output faces global headwinds. The Chile-Italy trade forecast hinges on balancing raw material exports with strategic diversification to reduce dependency on high-value tech imports.
Strategic Moves
- Lock in Copper Contracts: Chilean miners should negotiate long-term agreements with Italian buyers to stabilize revenue amid fluctuating commodity prices, leveraging Italy’s steady industrial demand.
- Diversify Import Sources: Reduce overreliance on Italian machinery by exploring competitive suppliers in Germany or Japan to mitigate trade deficit risks and enhance bargaining power.
- Boost Non-Commodity Exports: Chilean agribusinesses must target Italy’s premium food market with value-added products (e.g., processed fruits, wines) to counterbalance the export concentration in raw materials.
Frequently Asked Questions
How did Chile - Italy trade perform in 2023 Q3?
Chile exported $177.36M to Italy and imported $425.47M, with exports rebounding sharply in August and September after a steep July drop, while imports grew consistently.
What are the top exports from Chile to Italy?
Copper (HS Code 74) and edible fruit (HS Code 08) dominate, accounting for 69.01% of Chile’s exports to Italy.
What does Chile import from Italy?
Machinery (HS Code 84) is the top import, making up 50.95% of Chile’s purchases from Italy.
What is the trade balance between Chile and Italy?
Chile had a trade deficit of $248.11M with Italy, as imports were 2.4x larger than exports, widening due to sustained import growth.
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