Chile - Mexico Trade 2023 Q3: Deficit & Resource-Tech Exchange

Key Market Takeaways: Chile - Mexico Trade

The bilateral trade relationship between Chile and Mexico showed mixed performance with volatility in Q3 2023.

• Trade Deficit: Chile posted a $12.54M deficit ($434.96M imports vs. $422.42M exports), with YoY declines in both flows.
• Resource-for-Tech Exchange: Chile - Mexico trade statistics reveal a clear split—Chile supplies raw materials (wood, ores) while Mexico dominates with vehicles, machinery, and electronics.
• Balanced Complementarity: The partnership reflects moderate interdependence, with Mexico holding higher value-add in manufacturing.

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

Chile-Mexico Trade Trend in Q3 2023

Chile Export Performance: Shipments to Mexico

• Total Volume: Chile exported $422.42M worth of goods to Mexico in Q3 2023.
• Growth Trend & Context:
  • YoY growth was negative across all months, with August showing the steepest decline (-12.76%).
  • No specific trade news or policy changes were reported to explain this trend.
• Key Volatility: August saw a sharp 55.16% MoM surge, followed by a -36.8% drop in September.

Chile Import Performance: Sourcing from Mexico

• Total Volume: Chile imported $434.96M worth of goods from Mexico in Q3 2023.
• Growth Trend & Context:
  • YoY growth was negative in August (-19.95%) and September (-11.12%), with July flat (0.0%).
• Key Volatility: August recorded the lowest monthly value ($135.31M, -10.36% MoM), while September rebounded with a 9.9% MoM increase.

Chile - Mexico Trade Balance & Market Dynamics

• Net Position: Chile ran a trade deficit of $12.54M (Imports $434.96M > Exports $422.42M).
• Relationship Status: Slight import dependency, with trade flows remaining relatively balanced.

Chile Import Trend from Mexico 2023 Q3 (Source: yTrade)**

Chile Export Trend to Mexico 2023 Q3 (Source: yTrade)**

Get Historical Chile Mexico Trade Records

Chile-Mexico Top Trading Products in Q3 2023

Chile Export Profile: What Does Chile Sell to Mexico

• Top Commodity: Rank #1 export is HS Code 44 (Wood and articles of wood) with a 14.44% share.
• Demand Driver: Mexico likely uses these for industrial processing, given the raw material nature of wood products.
• Concentration: No single category dominates; the top 5 exports account for 54.99% of total exports, indicating moderate diversification.

Chile Import Profile: What Does Chile Buy from Mexico

• Top Commodity: Rank #1 import is HS Code 87 (Vehicles and parts) with a 15.84% share.
• Dependency Nature: Critical technology dependency, as vehicles and machinery (HS Codes 84, 85) dominate imports, suggesting reliance on Mexican manufacturing.

Chile - Mexico Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (wood, ores, agricultural goods) while importing high-value manufactured goods (vehicles, machinery, electronics).
• Value Chain Position: Mexico holds the higher value-add position, supplying complex manufactured products, while Chile primarily provides commodities.

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

The Chile-Mexico trade relationship is likely to face continued volatility in the near term, given the persistent YoY declines in both exports and imports during Q3 2023. The sharp MoM fluctuations, particularly in Chile’s exports, suggest underlying demand instability or supply chain disruptions. However, the complementary nature of the trade—Chile’s raw materials for Mexico’s high-value manufactured goods—provides a stable foundation for recovery. Traders should prepare for a period of consolidation, with potential upside if Mexico’s industrial demand for Chilean commodities rebounds.

Strategic Moves

• Diversify Export Markets: Chilean exporters should reduce reliance on Mexico by targeting other Latin American or Asian markets for wood (HS 44) and agricultural goods, mitigating the impact of demand swings.
• Lock in Long-Term Contracts: Importers of Mexican vehicles (HS 87) and machinery should negotiate fixed-price agreements to hedge against potential cost spikes due to supply chain bottlenecks.
• Invest in Value-Added Processing: Chilean producers must shift from raw material exports to semi-processed or finished goods (e.g., engineered wood products) to capture higher margins and reduce trade deficit risks.

Frequently Asked Questions

How did Chile - Mexico trade perform in 2023 Q3?

Chile exported $422.42M to Mexico and imported $434.96M, with negative YoY growth in both exports and imports.

What are the top exports from Chile to Mexico?

Wood and articles of wood (HS Code 44) is the top export, accounting for 14.44% of Chile's shipments to Mexico.

What does Chile import from Mexico?

Vehicles and parts (HS Code 87) dominate Chile's imports from Mexico, with a 15.84% share.

What is the trade balance between Chile and Mexico?

Chile recorded a trade deficit of $12.54M in Q3 2023, with imports slightly exceeding exports.