Chile - Mexico Trade 2023 Q4: Surplus & Volatility
Key Market Takeaways: Chile - Mexico Trade
The bilateral trade relationship between Chile and Mexico showed mixed growth with volatile swings but maintained a net surplus for Chile in Q4 2023.
- Economic Pulse: Chile held a $75.87M trade surplus ($448.38M exports vs. $372.51M imports), though exports saw sharp monthly volatility while imports consistently declined YoY.
- Exchange Structure: Chile - Mexico trade statistics reveal a resource-for-tech complementarity—Chile supplies raw materials (ores, wood, seafood) while Mexico dominates with high-value machinery and electronics.
- Strategic Interdependence: Mexico holds the higher value-add position, but Chile’s export diversification (top 3 categories = 40.06% share) mitigates overreliance.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Mexico Trade Trend in Q4 2023
Chile Export Performance: Shipments to Mexico
- Total Volume: $448.38M in Q4 2023.
- Growth Trend & Context:
- YoY growth was mixed, with October up 18.39% but November down -18.35%, rebounding sharply in December (+50.13%).
- No specific trade news to explain volatility.
- Key Volatility: December saw a 49.69% MoM surge, offsetting November's -19.73% drop.
Chile Import Performance: Sourcing from Mexico
- Total Volume: $372.51M in Q4 2023.
- Growth Trend & Context:
- Consistent YoY declines: -31.8% (Oct), -28.47% (Nov), -31.15% (Dec).
- Key Volatility: November recorded the steepest MoM drop (-15.09%), with declines accelerating into December (-12.11%).
Chile - Mexico Trade Balance & Market Dynamics
- Net Position: Chile held a $75.87M trade surplus with Mexico (Exports: $448.38M > Imports: $372.51M).
- Relationship Status: Chile maintained a net exporter role, with exports outpacing imports despite volatile monthly swings.
Chile Import Trend from Mexico 2023 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 143.53M | -3.48% | -31.8% |
| Nov | 121.87M | -15.09% | -28.47% |
| Dec | 107.11M | -12.11% | -31.15% |
| Total | 372.51M | - | - |
Chile Export Trend to Mexico 2023 Q4 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Oct | 149.25M | 27.27% | 18.39% |
| Nov | 119.80M | -19.73% | -18.35% |
| Dec | 179.33M | 49.69% | 50.13% |
| Total | 448.38M | - | - |
Get Historical Chile Mexico Trade Records
Chile-Mexico Top Trading Products in Q4 2023
Chile Export Profile: What Does Chile Sell to Mexico
- Top Commodity: Rank #1 export is HS Code 26 (Ores, slag, and ash) with a 15.55% share.
- Demand Driver: Mexico uses these raw materials for industrial processing, likely in manufacturing or construction.
- Concentration: No single category dominates; the top 3 exports (HS 26, 44, 03) collectively account for 40.06% of total exports, indicating moderate diversification.
Chile Import Profile: What Does Chile Buy from Mexico
- Top Commodity: Rank #1 import is HS Code 85 (Electrical machinery and equipment) with a 15.23% share.
- Dependency Nature: Critical technology dependency, as Mexico supplies high-value machinery and electronics.
Chile - Mexico Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, wood, seafood) to Mexico, while importing high-tech machinery and manufactured goods.
- Value Chain Position: Mexico holds the higher value-add position, given its exports of complex machinery (HS 85, 84) and vehicles (HS 87). Chile’s exports are primarily low-value raw materials.
Import Analysis by Product: Mexico to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 56.72M | 15.23% |
| 84 | 56.42M | 15.15% |
| 33 | 45.59M | 12.24% |
| 87 | 44.28M | 11.89% |
| 39 | 14.19M | 3.81% |
| 28 | 11.22M | 3.01% |
| 30 | 10.78M | 2.89% |
| 90 | 10.63M | 2.85% |
| 82 | 10.26M | 2.75% |
| 19 | 8.53M | 2.29% |
Export Analysis by Product: Chile to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 69.72M | 15.55% |
| 44 | 57.35M | 12.79% |
| 03 | 52.55M | 11.72% |
| 31 | 38.64M | 8.62% |
| 74 | 34.80M | 7.76% |
| 20 | 29.71M | 6.63% |
| 48 | 23.39M | 5.22% |
| 02 | 22.24M | 4.96% |
| 08 | 19.48M | 4.34% |
| 22 | 15.76M | 3.52% |
Check Detailed Chile-Mexico Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile-Mexico trade relationship is poised for moderate growth in 2024, driven by Chile’s resilient export performance in raw materials (HS 26, 44) and Mexico’s steady demand for industrial inputs. However, the sharp volatility in monthly shipments—particularly the December surge—suggests potential supply chain disruptions or pricing adjustments ahead. Mexico’s declining imports from Chile (-30% YoY in Q4) signal a shift in sourcing patterns, possibly due to local substitution or global supply chain realignments. Traders should anticipate continued asymmetry: Chile’s resource-for-tech trade model will persist, but with tighter margins as Mexico prioritizes higher-value exports.
Strategic Moves
- Lock in Long-Term Ore Contracts: Chilean exporters of ores (HS 26) and wood (HS 44) should secure multi-year agreements with Mexican buyers to stabilize revenue amid volatile monthly swings.
- Diversify Tech Imports: Chilean manufacturers reliant on Mexican machinery (HS 85) must explore alternative suppliers in Asia or Europe to reduce dependency and mitigate price shocks.
- Accelerate Trade Diplomacy: The Chilean government should push for faster ratification of pending trade agreements (e.g., CPTPP) to secure preferential access for high-potential exports like seafood (HS 03) and processed minerals.
Frequently Asked Questions
How did Chile - Mexico trade perform in 2023 Q4?
Chile's exports to Mexico totaled $448.38M, with mixed YoY growth (October +18.39%, November -18.35%, December +50.13%). Imports from Mexico fell consistently (-31.8% YoY in October) to $372.51M.
What are the top exports from Chile to Mexico?
Top exports: HS Code 26 (Ores, slag, ash – 15.55%), HS Code 44 (Wood), and HS Code 03 (Seafood), collectively accounting for 40.06% of total exports.
What does Chile import from Mexico?
Top import: HS Code 85 (Electrical machinery – 15.23% share), reflecting Chile’s dependency on Mexico for high-tech equipment.
What is the trade balance between Chile and Mexico?
Chile held a $75.87M trade surplus (exports > imports), maintaining its net exporter role despite volatile monthly swings.
Chile - Mexico Trade 2023 Q3: Deficit & Resource-Tech Exchange
Chile's trade deficit with Mexico in Q3 2023 highlights a resource-for-tech exchange, with yTrade data showing wood and ores vs. vehicles and electronics.
Chile - Mexico Trade 2024 Whole Year: Deficit & Tech Exchange
Chile's trade deficit with Mexico hits $210M in 2024, driven by resource-for-tech exchange. Explore Chile Mexico trade trends and top trading products via yTrade data.
