Chile - Italy Trade 2024 Q3: Deficit & Tech Exchange
Key Market Takeaways: Chile - Italy Trade
The bilateral trade relationship between Chile and Italy shows growth with high volatility in 2024 Q3, marked by a persistent deficit for Chile.
- Deficit-Driven Trade: Chile’s imports from Italy ($419.87M) far exceeded exports ($203.80M), resulting in a $216.07M deficit. While exports saw mixed YoY growth, imports rebounded sharply by September.
- Resource-for-Tech Exchange: Chile - Italy trade statistics reveal a complementary structure: Chile supplies edible fruits and metals (HS 08, 74), while Italy dominates with machinery and tech (HS 84, 85), capturing higher value-add.
- Asymmetric Interdependence: Italy holds strategic leverage as a critical supplier of industrial equipment, while Chile’s export growth remains uneven, highlighting reliance on commodity demand.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Italy Trade Trend in Q3 2024
Chile Export Performance: Shipments to Italy
- Total Volume: $203.80M in Q3 2024.
- Growth Trend & Context:
- Mixed YoY performance: July surged 45.08%, but growth slowed to 4.36% by September.
- Key Volatility: July saw a sharp 19.77% MoM drop, followed by a 24.48% rebound in September.
Chile Import Performance: Sourcing from Italy
- Total Volume: $419.87M in Q3 2024.
- Growth Trend & Context:
- YoY recovery: September imports grew 9.81% after an 11.46% contraction in July.
- Key Volatility: September dominated with a 20.67% MoM surge, offsetting earlier declines.
Chile - Italy Trade Balance & Market Dynamics
- Net Position: Deficit of $216.07M (Imports exceeded exports).
- Relationship Status: Chile remains heavily dependent on Italian imports, with exports failing to bridge the gap despite July’s export spike.
Chile Import Trend from Italy 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 119.92M | -0.1% | -11.46% |
| Aug | 135.93M | 13.35% | -3.36% |
| Sep | 164.03M | 20.67% | 9.81% |
| Total | 419.87M | - | - |
Chile Export Trend to Italy 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 66.39M | -19.77% | 45.08% |
| Aug | 61.21M | -7.8% | 4.48% |
| Sep | 76.20M | 24.48% | 4.36% |
| Total | 203.80M | - | - |
Get Historical Chile Italy Trade Records
Chile-Italy Top Trading Products in Q3 2024
Chile Export Profile: What Does Chile Sell to Italy
- Top Commodity: Rank #1 export is HS 08 (Edible fruit and nuts) at 37.96% of total exports to Italy.
- Demand Driver: Italy buys these primarily for consumer market needs, likely for food processing or direct retail.
- Concentration: The trade is moderately concentrated, with the top 3 exports (HS 08, 74, 47) accounting for 70.44% of total exports.
Chile Import Profile: What Does Chile Buy from Italy
- Top Commodity: Rank #1 import is HS 84 (Nuclear reactors, boilers, machinery) at 44.81% of total imports from Italy.
- Dependency Nature: Chile relies on Italy for critical technology, particularly industrial machinery and equipment, indicating a high-tech dependency.
Chile - Italy Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Chile exports raw materials (fruits, metals) while importing high-value machinery and manufactured goods from Italy.
- Value Chain Position: Italy holds the higher value-add position, supplying advanced machinery (HS 84, 85) while Chile provides commodities (HS 08, 74).
Import Analysis by Product: Italy to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 188.15M | 44.81% |
| 85 | 28.87M | 6.88% |
| 87 | 27.52M | 6.55% |
| 73 | 20.41M | 4.86% |
| 39 | 18.29M | 4.35% |
| 30 | 17.44M | 4.15% |
| 33 | 14.22M | 3.39% |
| 90 | 13.64M | 3.25% |
| 48 | 6.22M | 1.48% |
| 94 | 5.74M | 1.37% |
Export Analysis by Product: Chile to Italy (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 08 | 77.36M | 37.96% |
| 74 | 48.41M | 23.76% |
| 47 | 17.78M | 8.72% |
| 15 | 13.27M | 6.51% |
| 26 | 8.58M | 4.21% |
| 16 | 7.19M | 3.53% |
| 44 | 6.43M | 3.15% |
| 03 | 5.00M | 2.45% |
| 20 | 3.46M | 1.70% |
| 28 | 3.06M | 1.50% |
Check Detailed Chile-Italy Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile-Italy trade relationship is poised for moderate growth in Q4 2024, driven by Italy’s steady demand for Chilean agricultural exports (HS 08) and Chile’s reliance on Italian high-tech machinery (HS 84). However, the persistent trade deficit ($216.07M in Q3) signals vulnerability to price volatility in commodities and supply chain disruptions. Exporters should anticipate tighter margins, while importers must prepare for potential delays in machinery shipments due to global logistics bottlenecks. The Chile-Italy trade forecast hinges on stabilizing export growth and diversifying beyond raw materials to reduce dependency.
Strategic Moves
- Secure Long-term Contracts for Agri-Exports: Chilean fruit and nut exporters must lock in multi-year agreements with Italian buyers to mitigate price swings and ensure stable revenue streams.
- Diversify Import Sources for Critical Machinery: Reduce over-reliance on Italian HS 84 imports by exploring alternative suppliers in Germany or Japan to hedge against supply chain risks.
- Invest in Value-Add Processing for Metals (HS 74): Chilean copper exporters should partner with Italian manufacturers to develop semi-finished products, capturing more value before export and narrowing the trade deficit.
Traders who act now will capitalize on Italy’s tech demand while shielding against commodity market turbulence.
Frequently Asked Questions
How did Chile - Italy trade perform in 2024 Q3?
Chile exported $203.80M to Italy, with mixed YoY growth, while imports totaled $419.87M, showing a recovery by September.
What are the top exports from Chile to Italy?
HS 08 (Edible fruit and nuts) led Chile’s exports to Italy, followed by HS 74 and HS 47, accounting for 70.44% of total exports.
What does Chile import from Italy?
HS 84 (Nuclear reactors, boilers, machinery) was Chile’s top import from Italy, reflecting a high-tech dependency, alongside other advanced machinery and manufactured goods.
What is the trade balance between Chile and Italy?
Chile recorded a trade deficit of $216.07M with Italy, as imports significantly outweighed exports despite July’s export surge.
Chile - Italy Trade 2024 Q2: Copper for Machinery
Chile's trade deficit with Italy highlights a lopsided exchange—copper dominates exports while machinery leads imports. Explore Chile Italy trade trends & top trading products via yTrade data.
Chile - Japan Trade 2023 Q2: Resource-for-Tech Boom
Chile's trade surplus with Japan hit $1.30B in Q2 2023, fueled by ores (73.55% of exports) and vehicle imports (35.64%). Track Chile Japan trade trends & top products via yTrade data.
