Chile - Mexico Trade 2023 Whole Year: Balanced Growth
Key Market Takeaways: Chile - Mexico Trade
The bilateral trade relationship between Chile and Mexico shows growth with high volatility but maintains a balanced trade dynamic in 2023.
- Economic Pulse: Chile holds a $70M trade surplus ($1.75B exports vs. $1.68B imports), though both sides face erratic monthly swings—exports surged 50.1% in December but dropped 28.5% in June.
- Exchange Structure: Chile - Mexico trade statistics reveal a resource-for-tech complementarity: Chile supplies wood, fish, and minerals (top 3 exports = 35.65% of total), while Mexico dominates with high-tech electrical machinery (HS 85 = 15.77% of imports).
- Strategic Interdependence: The partnership is structurally complementary but lacks deep integration—Chile remains a commodity exporter, while Mexico captures higher value-add in manufacturing.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Mexico Trade Trend in Whole Year 2023
Chile Export Performance: Shipments to Mexico
- Total Volume: $1.75B in 2023.
- Growth Trend & Context:
- Mixed YoY performance: Strong rebounds in Jan (+49.3%) and Dec (+50.1%) but contractions in May (-19.9%), Jun (-28.5%), and Nov (-18.4%).
- Key Volatility: August saw a 55.2% MoM surge, while September dropped 36.8% MoM.
Chile Import Performance: Sourcing from Mexico
- Total Volume: $1.68B in 2023.
- Growth Trend & Context:
- Persistent YoY declines, averaging -25.7% for the year, with only July breaking even (0% YoY).
- Key Volatility: March posted a 20.4% MoM jump, while November and December fell -15.1% and -12.1% MoM, respectively.
Chile - Mexico Trade Balance & Market Dynamics
- Net Position: Chile holds a $70M trade surplus with Mexico ($1.75B exports vs. $1.68B imports).
- Relationship Status: Balanced trade, with Chile maintaining a slight exporter edge despite volatile monthly flows.
Chile Import Trend from Mexico 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 128.46M | -17.43% | -38.41% |
| Feb | 128.90M | 0.34% | -25.16% |
| Mar | 155.18M | 20.39% | -27.82% |
| Apr | 152.03M | -2.03% | -29.3% |
| May | 167.83M | 10.39% | -21.47% |
| Jun | 144.53M | -13.88% | -34.3% |
| Jul | 150.94M | 4.44% | 0.0% |
| Aug | 135.31M | -10.36% | -19.95% |
| Sep | 148.70M | 9.9% | -11.12% |
| Oct | 143.53M | -3.48% | -31.8% |
| Nov | 121.87M | -15.09% | -28.47% |
| Dec | 107.11M | -12.11% | -31.15% |
| Total | 1.68B | - | - |
Chile Export Trend to Mexico 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 144.49M | 20.96% | 49.27% |
| Feb | 155.81M | 7.83% | 20.87% |
| Mar | 202.12M | 29.73% | 1.7% |
| Apr | 125.56M | -37.88% | -2.4% |
| May | 134.41M | 7.05% | -19.89% |
| Jun | 117.40M | -12.66% | -28.48% |
| Jul | 119.59M | 1.87% | 0.0% |
| Aug | 185.56M | 55.16% | -12.76% |
| Sep | 117.27M | -36.8% | -9.02% |
| Oct | 149.25M | 27.27% | 18.39% |
| Nov | 119.80M | -19.73% | -18.35% |
| Dec | 179.33M | 49.69% | 50.13% |
| Total | 1.75B | - | - |
Get Historical Chile Mexico Trade Records
Chile-Mexico Top Trading Products in Whole Year 2023
Chile Export Profile: What Does Chile Sell to Mexico
- Top Commodity: Rank #1 export is Wood and articles of wood (HS 44) at 14.03% of total exports.
- Demand Driver: Mexico uses these for industrial processing (e.g., construction, furniture manufacturing).
- Concentration: No single category dominates; the top 3 exports (HS 44, 03, 31) collectively make up 35.65%.
Chile Import Profile: What Does Chile Buy from Mexico
- Top Commodity: Rank #1 import is Electrical machinery and equipment (HS 85) at 15.77% of total imports.
- Dependency Nature: Critical technology dependency, as HS 85 (electrical machinery) and HS 84 (nuclear reactors/boilers) are high-tech imports.
Chile - Mexico Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (wood, fish, minerals) and imports high-value machinery and electronics.
- Value Chain Position: Mexico holds the higher value-add position, supplying advanced manufactured goods, while Chile provides commodities.
Import Analysis by Product: Mexico to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 265.62M | 15.77% |
| 87 | 257.68M | 15.30% |
| 84 | 241.56M | 14.34% |
| 33 | 184.01M | 10.92% |
| 30 | 77.11M | 4.58% |
| 39 | 60.88M | 3.61% |
| 26 | 46.08M | 2.74% |
| 90 | 45.84M | 2.72% |
| 82 | 43.40M | 2.58% |
| 19 | 38.92M | 2.31% |
Export Analysis by Product: Chile to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 44 | 245.61M | 14.03% |
| 03 | 216.46M | 12.36% |
| 31 | 162.15M | 9.26% |
| 20 | 149.30M | 8.53% |
| 74 | 147.33M | 8.42% |
| 08 | 113.52M | 6.48% |
| 02 | 100.75M | 5.76% |
| 48 | 100.49M | 5.74% |
| 26 | 94.55M | 5.40% |
| 22 | 60.65M | 3.46% |
Check Detailed Chile-Mexico Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with Mexico is expected to hold steady in 2024, supported by resilient demand for Chilean raw materials like wood and minerals. However, volatility in monthly flows—particularly in exports—calls for caution, as external shocks or shifts in Mexican industrial demand could disrupt growth. The resource-for-tech complementarity will likely persist, but Chile must address import dependency on high-value Mexican machinery to mitigate trade imbalances. Traders should prepare for asymmetric recovery, with exports outperforming imports in the near term.
Strategic Moves
- Lock in Long-Term Supply Contracts: Chilean wood and mineral exporters should secure multi-year agreements with Mexican buyers to stabilize revenue amid fluctuating demand.
- Diversify High-Tech Sourcing: Reduce reliance on Mexican electrical machinery (HS 85) by exploring alternative suppliers in Asia or Europe to improve bargaining power.
- Optimize Export Timing: Capitalize on seasonal demand spikes (e.g., year-end rebounds) by aligning shipments with Mexico’s industrial production cycles to maximize margins.
Frequently Asked Questions
How did Chile - Mexico trade perform in 2023 Whole Year?
Chile exported $1.75B to Mexico and imported $1.68B, with mixed YoY growth in exports and persistent declines in imports (-25.7% average).
What are the top exports from Chile to Mexico?
Chile's top exports to Mexico are Wood and articles of wood (HS 44), fish (HS 03), and minerals (HS 31), accounting for 35.65% of total exports.
What does Chile import from Mexico?
Chile primarily imports Electrical machinery and equipment (HS 85) and nuclear reactors/boilers (HS 84) from Mexico, reflecting a tech-dependent trade relationship.
What is the trade balance between Chile and Mexico?
Chile holds a $70M trade surplus with Mexico, maintaining a slight exporter edge despite volatile monthly trade flows.
Chile Methanol HS290511 Export Data 2025 September Overview
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Chile - Mexico Trade 2023 Q1: Surplus & Growth
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