Chile - Mexico Trade 2023 Q1: Surplus & Growth

Key Market Takeaways: Chile - Mexico Trade

The bilateral trade relationship between Chile and Mexico shows growth in exports but declining imports in Q1 2023.

• Economic Pulse: Chile posted a $89.88M trade surplus with Mexico ($502.42M exports vs. $412.54M imports), driven by strong YoY export growth early in the quarter.
• Exchange Structure: Chile - Mexico trade statistics reveal a resource-for-tech complementarity—Chile supplies seafood, wood, and minerals, while Mexico exports vehicles, machinery, and pharmaceuticals.
• Strategic Interdependence: The partnership is asymmetric but mutually beneficial, with Mexico holding higher value-add in manufactured goods and Chile leveraging raw material strengths.

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

Chile-Mexico Trade Trend in Q1 2023

Chile Export Performance: Shipments to Mexico

• Total Volume: $502.42M in Q1 2023.
• Growth Trend & Context:
  • Strong YoY growth in January (+49.27%) and February (+20.87%), but March saw a sharp slowdown (+1.7%).
  • No specific trade news to explain the volatility.
• Key Volatility: March recorded the highest MoM surge (+29.73%), likely signaling seasonal demand or inventory restocking.

Chile Import Performance: Sourcing from Mexico

• Total Volume: $412.54M in Q1 2023.
• Growth Trend & Context:
  • Persistent YoY declines across all months (January: -38.41%, February: -25.16%, March: -27.82%).
  • No news context provided, but the consistent contraction suggests reduced demand or supply-chain adjustments.
• Key Volatility: March imports rebounded MoM (+20.39%) after a steep January drop (-17.43%).

Chile - Mexico Trade Balance & Market Dynamics

• Net Position: Chile holds a trade surplus of $89.88M (Exports: $502.42M > Imports: $412.54M).
• Relationship Status: Chile maintains a net exporter role, though import declines hint at shifting procurement strategies or weaker domestic demand for Mexican goods.

Chile Import Trend from Mexico 2023 Q1 (Source: yTrade)**

Chile Export Trend to Mexico 2023 Q1 (Source: yTrade)**

Get Historical Chile Mexico Trade Records

Chile-Mexico Top Trading Products in Q1 2023

Chile Export Profile: What Does Chile Sell to Mexico

• Top Commodity: Rank #1 export is Fish & Crustaceans (HS 03) at 13.29% of total exports to Mexico.
• Demand Driver: Mexico uses these for food processing and consumer markets, reflecting Chile's strength in seafood exports.
• Concentration: No single category dominates (>50% share). Exports are diversified across agriculture (HS 02, 07, 08, 20, 31), wood (HS 44), and metals (HS 74, 26).

Chile Import Profile: What Does Chile Buy from Mexico

• Top Commodity: Rank #1 import is Vehicles (HS 87) at 20.81% of total imports from Mexico.
• Dependency Nature: Critical technology dependency on Mexican auto manufacturing, supplemented by machinery (HS 84, 85) and pharmaceuticals (HS 30).

Chile - Mexico Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Chile supplies raw materials (fish, wood, minerals) while Mexico exports manufactured goods (vehicles, machinery, electronics).
• Value Chain Position: Mexico holds the higher value-add position, exporting complex goods (autos, tech) versus Chile’s resource-heavy exports. Trade is asymmetric but mutually beneficial.

Import Analysis by Product: Mexico to Chile (Source: yTrade)

Export Analysis by Product: Chile to Mexico (Source: yTrade)

Check Detailed Chile-Mexico Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

Chile’s trade surplus with Mexico is likely to hold in Q2 2023, but exporters should brace for softening demand. The sharp slowdown in March’s export growth (+1.7% YoY) signals potential cooling, while Mexico’s persistent import declines (-27.82% YoY in March) suggest structural shifts in procurement. However, Chile’s diversified export base—spanning seafood, agriculture, and metals—provides resilience. The Chile-Mexico trade forecast hinges on whether Mexico’s auto sector (HS 87) rebounds, as it drives nearly 21% of Chile’s imports from the country.

Strategic Moves

• Lock in seafood contracts: With fish (HS 03) as Chile’s top export to Mexico (13.29% share), exporters should secure long-term agreements to stabilize revenue amid volatile demand.
• Diversify auto part sourcing: Chile’s heavy reliance on Mexican vehicles (HS 87) is a vulnerability. Importers must scout alternative suppliers in the US or Asia to mitigate supply chain risks.
• Push mineral exports: Mexico’s manufacturing sector depends on raw materials. Chilean copper (HS 74) and wood (HS 44) exporters should target Mexican industrial buyers aggressively to capitalize on this asymmetry.

Frequently Asked Questions

How did Chile - Mexico trade perform in 2023 Q1?

Chile exported $502.42M to Mexico with strong YoY growth in January and February, while imports from Mexico fell to $412.54M, showing persistent YoY declines across all months.

What are the top exports from Chile to Mexico?

Fish & Crustaceans (HS 03) led Chile’s exports to Mexico, accounting for 13.29% of total shipments, followed by diversified agriculture, wood, and metals.

What does Chile import from Mexico?

Vehicles (HS 87) were the top import, making up 20.81% of Chile’s purchases from Mexico, alongside machinery (HS 84, 85) and pharmaceuticals (HS 30).

What is the trade balance between Chile and Mexico?

Chile held a trade surplus of $89.88M with Mexico in Q1 2023, driven by higher exports and declining imports from Mexico.