Chile - Japan Trade 2024 Q1: Strong Growth, High Volatility
Key Market Takeaways: Chile - Japan Trade
The bilateral trade relationship between Chile and Japan shows strong growth with high volatility in Q1 2024.
- Chile maintains a $1.57B trade surplus, with exports ($2.17B) far outpacing imports ($597.31M), despite mixed monthly performance.
- Chile - Japan trade statistics reveal a classic resource-for-tech exchange: Chile supplies ores (70% of exports) while Japan delivers refined fuels (36% of imports).
- Highly complementary economies, with Japan holding the higher value-add position in the supply chain.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Japan Trade Trend in Q1 2024
Chile Export Performance: Shipments to Japan
- Total Volume: $2.17B in Q1 2024.
- Growth Trend & Context:
- Strong YoY growth in January (+53.39%) and March (+49.71%), offset by a February contraction (-19.78%).
- No specific trade news to explain volatility.
- Key Volatility: February saw a -25.22% MoM drop, while March rebounded with +27.11% growth.
Chile Import Performance: Sourcing from Japan
- Total Volume: $597.31M in Q1 2024.
- Growth Trend & Context:
- Mixed YoY performance: February surged (+29.46%), but January and March declined (-33.26% and -35.71%, respectively).
- Key Volatility: February spiked +46.52% MoM, while March plunged -42.16%.
Chile - Japan Trade Balance & Market Dynamics
- Net Position: Trade surplus of $1.57B (Exports $2.17B > Imports $597.31M).
- Relationship Status: Chile maintains a dominant net exporter role, with exports 3.6x imports.
Chile Import Trend from Japan 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 180.31M | -10.74% | -33.26% |
| Feb | 264.19M | 46.52% | 29.46% |
| Mar | 152.81M | -42.16% | -35.71% |
| Total | 597.31M | - | - |
Chile Export Trend to Japan 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 802.79M | 21.18% | 53.39% |
| Feb | 600.34M | -25.22% | -19.78% |
| Mar | 763.07M | 27.11% | 49.71% |
| Total | 2.17B | - | - |
Get Historical Chile Japan Trade Records
Chile-Japan Top Trading Products in Q1 2024
Chile Export Profile: What Does Chile Sell to Japan
- Top Commodity: Rank #1 export is HS Code 26 (Ores, slag, and ash) with 69.88% share.
- Demand Driver: Japan buys these for industrial processing, likely for steel production or other manufacturing needs.
- Concentration: Trade is highly concentrated, with ores alone accounting for nearly 70% of exports.
Chile Import Profile: What Does Chile Buy from Japan
- Top Commodity: Rank #1 import is HS Code 27 (Mineral fuels, oils, and distillation products) with 35.86% share.
- Dependency Nature: Reflects energy security dependency, as Japan supplies refined petroleum products critical for Chile’s energy needs.
Chile - Japan Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Chile exports raw materials (ores, seafood) while importing high-value refined fuels and machinery from Japan.
- Value Chain Position: Japan holds the higher value-add position, supplying processed goods (fuels, vehicles) versus Chile’s raw material exports.
Import Analysis by Product: Japan to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 214.20M | 35.86% |
| 87 | 180.56M | 30.23% |
| 84 | 58.20M | 9.74% |
| 40 | 38.04M | 6.37% |
| 72 | 32.40M | 5.42% |
| 28 | 15.20M | 2.54% |
| 15 | 13.74M | 2.30% |
| 90 | 12.08M | 2.02% |
| 85 | 8.67M | 1.45% |
| 73 | 7.71M | 1.29% |
Export Analysis by Product: Chile to Japan (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 1.51B | 69.88% |
| 03 | 357.75M | 16.52% |
| 28 | 67.72M | 3.13% |
| 44 | 43.85M | 2.02% |
| 02 | 38.83M | 1.79% |
| 22 | 33.39M | 1.54% |
| 08 | 26.76M | 1.24% |
| 20 | 18.08M | 0.83% |
| 47 | 13.36M | 0.62% |
| 16 | 10.06M | 0.46% |
Check Detailed Chile-Japan Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with Japan is expected to widen in Q2 2024, driven by sustained demand for ores (HS Code 26) and potential recovery in seafood exports. However, import volatility—particularly in refined fuels (HS Code 27)—may persist due to Japan’s refining capacity constraints and fluctuating energy prices. Traders should anticipate tighter margins on processed imports, while exporters can capitalize on Japan’s reliance on Chilean raw materials. The Chile-Japan trade forecast remains bullish, but supply chain disruptions or commodity price swings could trigger short-term instability.
Strategic Moves
- Lock in Long-Term Ore Contracts: Chilean mining firms should negotiate multi-year agreements with Japanese steel producers to stabilize revenue amid volatile monthly shipments.
- Diversify Fuel Suppliers: Reduce reliance on Japanese refined petroleum by securing alternative sources (e.g., South Korea or Singapore) to mitigate import cost spikes.
- Upgrade Export Mix: Chilean exporters must invest in minimal processing (e.g., purified copper concentrates) to capture higher value-add margins before shipping to Japan.
Frequently Asked Questions
How did Chile - Japan trade perform in 2024 Q1?
Chile's exports to Japan totaled $2.17B in Q1 2024, with strong YoY growth in January and March but a February contraction. Imports from Japan were $597.31M, showing mixed YoY performance.
What are the top exports from Chile to Japan?
The top export from Chile to Japan is HS Code 26 (Ores, slag, and ash), accounting for 69.88% of total exports, primarily for industrial processing like steel production.
What does Chile import from Japan?
Chile's top import from Japan is HS Code 27 (Mineral fuels, oils, and distillation products), representing 35.86% of imports, reflecting energy security dependency.
What is the trade balance between Chile and Japan?
Chile recorded a trade surplus of $1.57B with Japan in Q1 2024, with exports 3.6x higher than imports, maintaining its dominant net exporter role.
Chile - Japan Trade 2023 Q4: Declining Trade Volumes
Chile Japan trade trend shows a $1.11B surplus but declining volumes in Q4 2023. Chile Japan top trading product remains ores vs. refined fuels. Data via yTrade.
Chile - Japan Trade 2024 Q2: Resource-for-Tech Surplus
Chile's $1.28B trade surplus with Japan highlights a resource-for-tech exchange, with ores dominating exports and vehicles leading imports. Explore Chile Japan trade trends and top trading products via yTrade data.
