Chile - Mainland China Trade 2024 Q3: Commodity Surplus Shrinks

Key Market Takeaways: Chile - Mainland China Trade

The bilateral trade relationship between Chile and Mainland China reflects sustained commodity-driven exports amid mixed demand signals in Q3 2024.

• $8.19B exports vs. $5.63B imports maintained Chile’s $2.56B surplus, though exports faced YoY declines while imports grew steadily.
• Resource-for-Tech exchange: Chile’s 67.55% ores exports fuel China’s industry, while 18.40% machinery imports reveal tech dependency in bilateral trade statistics.
• Asymmetric interdependence: Chile’s raw material reliance on China as a buyer contrasts with China’s value-add dominance in manufactured goods.

This bilateral trade snapshot is based on verified customs data from the yTrade database.

Chile-Mainland China Trade Trend in Q3 2024

Chile Export Performance: Shipments to Mainland China

• Total Volume: $8.19B in Q3 2024.
• Growth Trend & Context: YoY decline persisted across all months (-3.89% in Jul, -13.09% in Aug, -5.67% in Sep), reflecting sustained demand weakness or competitive shifts. No news to contextualize.
• Key Volatility: Sep saw a sharp 21.98% MoM rebound after Aug’s -8.6% drop, suggesting month-end inventory adjustments or price fluctuations.

Chile Import Performance: Sourcing from Mainland China

• Total Volume: $5.63B in Q3 2024.
• Growth Trend & Context: Mixed YoY growth (Jul +7.13%, Aug +4.16%, Sep +7.23%) indicates steady demand for Chinese goods despite global headwinds.
• Key Volatility: Aug’s 17.44% MoM surge followed by Sep’s -18.4% plunge points to potential order bunching or supply chain disruptions.

Chile - Mainland China Trade Balance & Market Dynamics

• Net Position: Chile held a $2.56B trade surplus (Exports $8.19B > Imports $5.63B).
• Relationship Status: Maintains net exporter role, driven by commodity shipments (e.g., copper, lithium), though import reliance on Chinese manufactured goods remains significant.

Chile Import Trend from Mainland China 2024 Q3 (Source: yTrade)**

Chile Export Trend to Mainland China 2024 Q3 (Source: yTrade)**

Get Historical Chile Mainland China Trade Records

Chile-Mainland China Top Trading Products in Q3 2024

Chile Export Profile: What Does Chile Sell to Mainland China

• Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) with a 67.55% share.
• Demand Driver: Mainland China uses these raw materials for industrial processing, likely in steel production.
• Concentration: Trade is highly 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) with an 18.40% share.
• Dependency Nature: Critical technology dependency, as these imports include high-tech components and electronics.

Chile - Mainland China Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores) and imports high-value machinery and electronics.
• Value Chain Position: Mainland China holds the higher value-add position, supplying advanced manufactured goods, while Chile provides primary commodities.

Import Analysis by Product: Mainland China to Chile (Source: yTrade)

Export Analysis by Product: Chile to Mainland China (Source: yTrade)

Check Detailed Chile-Mainland China Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Chile - Mainland China trade forecast suggests continued volatility in the near term, driven by fluctuating commodity demand and supply chain disruptions. While Chile’s export decline may persist due to weakening Chinese industrial demand, imports of high-tech machinery from Mainland China are likely to remain steady, sustaining the trade surplus. Traders should brace for price swings in ores and electronics, with potential recovery hinges on China’s stimulus measures and global supply chain stabilization.

Strategic Moves

• Lock in Commodity Prices: Chilean exporters of ores (HS 26) should secure long-term contracts to mitigate price volatility and stabilize revenue streams amid uncertain demand.
• Diversify Tech Suppliers: Chilean importers of electrical machinery (HS 85) must explore alternative sourcing markets, such as South Korea or Vietnam, to reduce overreliance on Mainland China.
• Monitor China’s Industrial Policy: Traders should track Beijing’s stimulus announcements and stockpile trends, as shifts in steel production or infrastructure spending could trigger sudden demand spikes for Chilean raw materials.

Frequently Asked Questions

How did Chile - Mainland China trade perform in 2024 Q3?

Chile exported $8.19B to Mainland China (YoY decline) and imported $5.63B (mixed YoY growth), reflecting sustained demand weakness for exports but steady imports of Chinese goods.

What are the top exports from Chile to Mainland China?

HS 26 (Ores, slag, and ash) dominates, accounting for 67.55% of Chile’s exports to Mainland China, driven by industrial demand for raw materials like copper and lithium.

What does Chile import from Mainland China?

HS 85 (Electrical machinery) is the top import, representing 18.40% of shipments, highlighting Chile’s reliance on Chinese high-tech components and electronics.

What is the trade balance between Chile and Mainland China?

Chile held a $2.56B trade surplus in Q3 2024, maintaining its net exporter role due to strong commodity shipments against imports of manufactured goods.