Chile - Mexico Trade 2024 Whole Year: Deficit & Tech Exchange
Key Market Takeaways: Chile - Mexico Trade
The bilateral trade relationship between Chile and Mexico shows growth with high volatility in 2024.
- Trade Deficit & Volume: Chile runs a $210M deficit with Mexico ($1.95B imports vs. $1.74B exports), driven by H2 import surges.
- Resource-for-Tech Exchange: Chile - Mexico trade statistics reveal a complementary flow: raw materials (wood, copper) for Mexican machinery (HS 84 dominates at 24.44% of imports).
- Strategic Fit: Mexico holds the higher value-add position, while Chile’s diversified exports support industrial demand.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Mexico Trade Trend in Whole Year 2024
Chile Export Performance: Shipments to Mexico
- Total Volume: $1.74B in 2024.
- Growth Trend & Context:
- Mixed YoY performance: Notable declines in Q1 (-39.08% in March) offset by strong rebounds in Q2 (11.69% in June) and Q3 (31.94% in July).
- No specific trade news or policy changes to contextualize trends.
- Key Volatility:
- Sharp MoM drops: March (-18.69%) and September (-25.78%).
- Peak export month: December ($190.45M, +26.36% MoM).
Chile Import Performance: Sourcing from Mexico
- Total Volume: $1.95B in 2024.
- Growth Trend & Context:
- YoY growth dominated by H2 surges: October (+63.92%) and December (+66.14%).
- No external events to explain fluctuations.
- Key Volatility:
- Extreme MoM swings: October (+49.55%) followed by November (-35.54%).
- Peak import month: October ($235.27M).
Chile - Mexico Trade Balance & Market Dynamics
- Net Position: Trade deficit of $210M (Imports $1.95B > Exports $1.74B).
- Relationship Status: Chile remains a net importer from Mexico, with heightened import reliance in H2 2024.
Chile Import Trend from Mexico 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 112.37M | 4.91% | -12.52% |
| Feb | 110.48M | -1.68% | -14.29% |
| Mar | 158.33M | 43.3% | 2.03% |
| Apr | 158.15M | -0.11% | 4.03% |
| May | 161.60M | 2.18% | -3.71% |
| Jun | 159.37M | -1.38% | 10.27% |
| Jul | 215.51M | 35.23% | 42.78% |
| Aug | 155.14M | -28.01% | 14.65% |
| Sep | 157.33M | 1.41% | 5.8% |
| Oct | 235.27M | 49.55% | 63.92% |
| Nov | 151.65M | -35.54% | 24.43% |
| Dec | 177.95M | 17.35% | 66.14% |
| Total | 1.95B | - | - |
Chile Export Trend to Mexico 2024 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 138.50M | -22.77% | -4.15% |
| Feb | 151.44M | 9.34% | -2.81% |
| Mar | 123.13M | -18.69% | -39.08% |
| Apr | 134.96M | 9.61% | 7.48% |
| May | 129.55M | -4.01% | -3.62% |
| Jun | 131.13M | 1.22% | 11.69% |
| Jul | 157.79M | 20.33% | 31.94% |
| Aug | 161.29M | 2.22% | -13.08% |
| Sep | 119.71M | -25.78% | 2.08% |
| Oct | 151.35M | 26.43% | 1.41% |
| Nov | 150.72M | -0.42% | 25.81% |
| Dec | 190.45M | 26.36% | 6.2% |
| Total | 1.74B | - | - |
Get Historical Chile Mexico Trade Records
Chile-Mexico Top Trading Products in Whole Year 2024
Chile Export Profile: What Does Chile Sell to Mexico
- Top Commodity: Rank #1 export is Wood and articles of wood (HS 44) at 14.87% of total exports to Mexico.
- Demand Driver: Mexico uses these for industrial processing (construction, furniture).
- Concentration: No single category dominates; top 10 exports are relatively diversified.
Chile Import Profile: What Does Chile Buy from Mexico
- Top Commodity: Rank #1 import is Nuclear reactors, boilers, and machinery (HS 84) at 24.44% of total imports from Mexico.
- Dependency Nature: Critical technology dependency (industrial machinery, electrical equipment).
Chile - Mexico Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile supplies raw materials (wood, copper, food) while Mexico exports high-value machinery and manufactured goods.
- Value Chain Position: Mexico holds the higher value-add position, with advanced exports (HS 84, 85, 87) dominating Chile’s imports.
Import Analysis by Product: Mexico to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 84 | 477.30M | 24.44% |
| 85 | 287.59M | 14.72% |
| 87 | 218.28M | 11.18% |
| 33 | 181.39M | 9.29% |
| 30 | 104.22M | 5.34% |
| 26 | 82.56M | 4.23% |
| 39 | 57.22M | 2.93% |
| 90 | 49.85M | 2.55% |
| 28 | 42.66M | 2.18% |
| 82 | 38.88M | 1.99% |
Export Analysis by Product: Chile to Mexico (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 44 | 258.74M | 14.87% |
| 03 | 195.55M | 11.24% |
| 08 | 144.81M | 8.32% |
| 74 | 132.98M | 7.64% |
| 31 | 128.68M | 7.40% |
| 02 | 122.65M | 7.05% |
| 48 | 121.86M | 7.00% |
| 20 | 108.20M | 6.22% |
| 22 | 77.77M | 4.47% |
| 26 | 47.00M | 2.70% |
Check Detailed Chile-Mexico Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade with Mexico is poised for moderate growth in 2025, driven by sustained demand for Chilean raw materials (wood, copper) and Mexico’s high-value machinery exports. However, volatility in monthly trade flows—particularly the sharp declines in Q1 and Q3—suggests exporters must prepare for cyclical swings. The persistent trade deficit ($210M) underscores Chile’s reliance on Mexican technology, a trend likely to continue unless export diversification accelerates. Traders should monitor H2 surges (historically strong for imports) and leverage seasonal peaks (e.g., December’s export rebound) to optimize revenue.
Strategic Moves
- Diversify Export Markets: Chilean wood and food exporters must reduce reliance on Mexico by targeting North American and Asian buyers, mitigating risks from sudden demand drops.
- Lock in Long-Term Tech Contracts: Importers of Mexican machinery (HS 84) should negotiate multi-year agreements to stabilize costs amid potential supply chain disruptions.
- Boost Export Competitiveness: The Chilean government must incentivize value-added processing (e.g., finished wood products) to narrow the trade deficit and capture higher margins.
Frequently Asked Questions
How did Chile - Mexico trade perform in 2024 Whole Year?
Chile exported $1.74B to Mexico and imported $1.95B, with mixed YoY growth and notable volatility in monthly trade flows.
What are the top exports from Chile to Mexico?
Wood and articles of wood (HS 44) was Chile’s top export to Mexico, accounting for 14.87% of total exports.
What does Chile import from Mexico?
Nuclear reactors, boilers, and machinery (HS 84) dominated Chile’s imports from Mexico, making up 24.44% of total imports.
What is the trade balance between Chile and Mexico?
Chile had a trade deficit of $210M with Mexico in 2024, driven by higher imports of machinery and manufactured goods.
Chile - Mexico Trade 2023 Q4: Surplus & Volatility
Chile's trade surplus with Mexico hit $75.87M in Q4 2023, driven by resource-for-tech exchange. Explore Chile Mexico trade trends and top trading products via yTrade data.
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