Chile - Japan Trade 2024 Q3: Robust Trade Surplus
Key Market Takeaways: Chile - Japan Trade
The bilateral trade relationship between Chile and Japan remains robust, with Chile maintaining a dominant net exporter role in Q3 2024.
- Economic Pulse: Chile posted a $1.71B trade surplus ($2.14B exports vs. $430.13M imports), driven by strong YoY export growth despite volatile monthly swings.
- Exchange Structure: The trade statistics reveal a resource-for-tech complementarity—Chile supplies ores (75.99% of exports) while Japan dominates with vehicles (44.05% of imports).
- Strategic Interdependence: Highly complementary economies, with Japan relying on Chilean raw materials for industry and Chile dependent on Japanese high-tech goods.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Japan Trade Trend in Q3 2024
Chile Export Performance: Shipments to Japan
- Total Volume: $2.14B in Q3 2024.
- Growth Trend & Context:
- YoY growth remained strong (+60.3% in July, +66.1% in September), though August saw a moderation (+39.67%).
- No specific trade news to explain the fluctuations.
- Key Volatility: September recorded a -9.71% MoM drop after near-stable growth in July (+13.35%) and August (+0.23%).
Chile Import Performance: Sourcing from Japan
- Total Volume: $430.13M in Q3 2024.
- Growth Trend & Context:
- YoY declines persisted (-36.04% in August, -8.05% in September), except July (-10.34%).
- Key Volatility: September rebounded with a +27.76% MoM surge after a -3.44% dip in August. July had the sharpest MoM contraction (-19.91%).
Chile - Japan Trade Balance & Market Dynamics
- Net Position: Chile holds a trade surplus of $1.71B ($2.14B exports - $430.13M imports).
- Relationship Status: Dominant net exporter role, with exports nearly 5x imports. Demand for Chilean goods in Japan remains robust despite import pullback.
Chile Import Trend from Japan 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 134.45M | -19.91% | -10.34% |
| Aug | 129.82M | -3.44% | -36.04% |
| Sep | 165.86M | 27.76% | -8.05% |
| Total | 430.13M | - | - |
Chile Export Trend to Japan 2024 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 736.07M | 13.35% | 60.3% |
| Aug | 737.74M | 0.23% | 39.67% |
| Sep | 666.09M | -9.71% | 66.1% |
| Total | 2.14B | - | - |
Get Historical Chile Japan Trade Records
Chile-Japan Top Trading Products in Q3 2024
Chile Export Profile: What Does Chile Sell to Japan
- Top Commodity: Rank #1 export is HS Code 26 (Ores, slag, and ash) with 75.99% share.
- Demand Driver: Japan buys these for industrial processing, likely for steel production and manufacturing.
- Concentration: Trade is heavily concentrated, with ores alone accounting for over 75% of exports.
Chile Import Profile: What Does Chile Buy from Japan
- Top Commodity: Rank #1 import is HS Code 87 (Vehicles) with 44.05% share.
- Dependency Nature: Critical technology dependency, as Japan supplies high-value machinery and transport equipment.
Chile - Japan Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, seafood) and imports high-tech goods (vehicles, machinery).
- Value Chain Position: Japan holds the higher value-add position, supplying advanced manufactured goods, while Chile provides industrial inputs.
Import Analysis by Product: Japan to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 189.49M | 44.05% |
| 72 | 69.96M | 16.27% |
| 84 | 67.75M | 15.75% |
| 40 | 40.10M | 9.32% |
| 28 | 14.89M | 3.46% |
| 90 | 14.42M | 3.35% |
| 85 | 9.75M | 2.27% |
| 38 | 7.17M | 1.67% |
| 15 | 3.08M | 0.72% |
| 29 | 1.78M | 0.41% |
Export Analysis by Product: Chile to Japan (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 1.63B | 75.99% |
| 03 | 239.96M | 11.21% |
| 02 | 51.49M | 2.41% |
| 22 | 36.52M | 1.71% |
| 44 | 30.09M | 1.41% |
| 20 | 27.40M | 1.28% |
| 08 | 27.24M | 1.27% |
| 47 | 20.16M | 0.94% |
| 12 | 15.71M | 0.73% |
| 16 | 12.21M | 0.57% |
Check Detailed Chile-Japan Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with Japan is expected to widen further in Q4 2024, driven by sustained demand for industrial ores (HS Code 26) and Japan’s reliance on raw material imports. However, exporters should prepare for potential volatility in monthly shipments, given the recent MoM fluctuations in September. On the import side, Japan’s vehicle exports (HS Code 87) may rebound modestly, but structural declines in high-tech machinery purchases suggest a prolonged adjustment period. The Chile-Japan trade forecast remains bullish for resource-driven exports but cautious on import recovery.
Strategic Moves
- Lock in Long-Term Ore Contracts: Chilean miners should secure multi-year supply agreements with Japanese steelmakers to stabilize revenue streams amid global commodity price swings.
- Diversify Export Mix: Reduce reliance on ores by promoting secondary exports like seafood (HS Code 03) or lithium products (HS Code 28) to mitigate concentration risk.
- Optimize Vehicle Import Financing: Chilean auto dealers importing Japanese vehicles (HS Code 87) should negotiate flexible payment terms to hedge against yen volatility and softening domestic demand.
Frequently Asked Questions
How did Chile - Japan trade perform in 2024 Q3?
Chile's exports to Japan grew strongly YoY (+60.3% in July, +66.1% in September), totaling $2.14B, while imports from Japan declined (-36.04% in August, -8.05% in September), totaling $430.13M.
What are the top exports from Chile to Japan?
Chile's top export to Japan is HS Code 26 (Ores, slag, and ash), accounting for 75.99% of total exports, driven by demand for industrial processing and steel production.
What does Chile import from Japan?
Chile's top import from Japan is HS Code 87 (Vehicles), making up 44.05% of total imports, reflecting a dependency on high-tech machinery and transport equipment.
What is the trade balance between Chile and Japan?
Chile holds a trade surplus of $1.71B with Japan, driven by exports nearly 5x higher than imports, maintaining its dominant net exporter role.
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.
Chile - Japan Trade 2024 Q4: $1.84B Surplus
Chile's trade surplus with Japan hit $1.84B in Q4 2024, driven by ores exports. Explore Chile Japan trade trends and top trading products via yTrade data.
