Chile - Mainland China Trade 2024 Q2: Surplus & Volatility
Key Market Takeaways: Chile - Mainland China Trade
The bilateral trade relationship between Chile and Mainland China showed mixed growth with a sharp June downturn in 2024 Q2.
- Chile posted a $4.24B surplus, driven by $8.84B in exports (led by ores) outweighing $4.60B in imports. Volatility spiked with a 21.8% MoM export drop in June.
- Trade statistics reveal a resource-for-tech exchange: Chile supplies 68.55% of its exports as ores (HS 26) to China, while relying on Chinese electrical machinery (HS 85, 23.38% of imports).
- Highly complementary but asymmetric: China dominates value-added tech flows, while Chile remains a critical raw material supplier—a stable but exposed dynamic.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Mainland China Trade Trend in Q2 2024
Chile Export Performance: Shipments to Mainland China
- Total Volume: $8.84B in Q2 2024.
- Growth Trend & Context:
- YoY growth was mixed: +15.57% in April and +20.57% in May, but a sharp -14.36% decline in June. No relevant news to explain the volatility.
- Key Volatility: June saw a -21.8% MoM drop, the steepest monthly decline in the quarter.
Chile Import Performance: Sourcing from Mainland China
- Total Volume: $4.60B in Q2 2024.
- Growth Trend & Context:
- YoY declines persisted throughout the quarter: -9.85% (April), -7.95% (May), -8.74% (June). No news to contextualize the downturn.
- Key Volatility: May posted a 7.7% MoM rebound, the only positive monthly growth.
Chile - Mainland China Trade Balance & Market Dynamics
- Net Position: Chile recorded a $4.24B trade surplus (Exports $8.84B > Imports $4.60B).
- Relationship Status: Strong net exporter role, with exports nearly double imports. The June export slump warrants monitoring for potential demand shifts.
Chile Import Trend from Mainland China 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 1.47B | -7.97% | -9.85% |
| May | 1.58B | 7.7% | -7.95% |
| Jun | 1.55B | -1.63% | -8.74% |
| Total | 4.60B | - | - |
Chile Export Trend to Mainland China 2024 Q2 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Apr | 3.07B | 1.71% | 15.57% |
| May | 3.24B | 5.53% | 20.57% |
| Jun | 2.53B | -21.8% | -14.36% |
| Total | 8.84B | - | - |
Get Historical Chile Mainland China Trade Records
Chile-Mainland China Top Trading Products in Q2 2024
Chile Export Profile: What Does Chile Sell to Mainland China
- Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) at 68.55% of total exports to Mainland China.
- Demand Driver: Mainland China uses these raw materials for industrial processing, particularly in steel and metal production.
- Concentration: Trade is heavily concentrated, with HS 26 alone accounting for over two-thirds of exports.
Chile Import Profile: What Does Chile Buy from Mainland China
- Top Commodity: Rank #1 import is HS 85 (Electrical machinery and equipment) at 23.38% of total imports from Mainland China.
- Dependency Nature: Critical technology dependency, as these imports likely include high-value electronics and industrial components.
Chile - Mainland China Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, copper) and imports high-tech machinery and consumer goods.
- Value Chain Position: Mainland China holds the higher value-add position, supplying finished or advanced goods, while Chile provides upstream inputs.
Import Analysis by Product: Mainland China to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 1.07B | 23.38% |
| 84 | 657.37M | 14.30% |
| 87 | 359.16M | 7.81% |
| 39 | 211.91M | 4.61% |
| 61 | 204.72M | 4.45% |
| 73 | 202.03M | 4.40% |
| 62 | 198.70M | 4.32% |
| 72 | 191.18M | 4.16% |
| 94 | 115.08M | 2.50% |
| 64 | 103.95M | 2.26% |
Export Analysis by Product: Chile to Mainland China (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 6.06B | 68.55% |
| 74 | 1.02B | 11.52% |
| 28 | 821.19M | 9.29% |
| 47 | 436.04M | 4.93% |
| 23 | 105.56M | 1.19% |
| 03 | 90.57M | 1.03% |
| 08 | 82.11M | 0.93% |
| 02 | 63.55M | 0.72% |
| 22 | 44.63M | 0.51% |
| 44 | 35.85M | 0.41% |
Check Detailed Chile-Mainland China Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile - Mainland China trade relationship is expected to stabilize in Q3 2024, with exports likely recovering from June’s sharp decline as Chinese industrial demand for raw materials remains structurally strong. However, import volumes may continue their downward trend unless Chile’s domestic demand for high-tech machinery rebounds. The trade surplus will persist, but volatility in commodity prices and potential shifts in Chinese industrial policy pose risks. Traders should monitor Mainland China’s steel production data and stimulus measures for early signals of demand shifts.
Strategic Moves
- Lock in Long-Term Supply Contracts: Chilean exporters of ores (HS 26) should negotiate fixed-price agreements with Chinese buyers to mitigate price volatility and secure stable revenue streams.
- Diversify Import Sources for Critical Tech: Chilean importers reliant on Chinese electronics (HS 85) must explore alternative suppliers in Southeast Asia or Europe to reduce dependency and hedge against geopolitical disruptions.
- Expand Export Basket Beyond Raw Materials: Chile should incentivize value-added processing of minerals domestically to capture higher margins and reduce over-reliance on unprocessed commodity exports.
Frequently Asked Questions
How did Chile - Mainland China trade perform in 2024 Q2?
Chile exported $8.84B to Mainland China with mixed YoY growth (+15.57% in April, -14.36% in June), while imports fell 9.85% YoY to $4.60B.
What are the top exports from Chile to Mainland China?
HS 26 (Ores, slag, and ash) dominated, accounting for 68.55% of Chile’s exports to Mainland China, driven by demand for industrial raw materials.
What does Chile import from Mainland China?
HS 85 (Electrical machinery and equipment) was the top import at 23.38%, reflecting Chile’s reliance on high-tech goods from Mainland China.
What is the trade balance between Chile and Mainland China?
Chile recorded a $4.24B trade surplus in Q2 2024, with exports nearly double imports, though June’s export slump warrants monitoring.
Chile - Mainland China Trade 2024 Whole Year: Resource-for-Tech Surge
Chile's Mainland China trade trend shows a $16.84B surplus, driven by ores (59% of exports) and electrical machinery (21% of imports). Explore insights with yTrade data.
Chile - Mainland China Trade 2024 Q3: Commodity Surplus Shrinks
Chile's Mainland China trade trend shows a $2.56B surplus despite export declines. Ores dominate Chile's exports, while machinery tops imports, per yTrade data.
