Chile - Peru Trade 2023 Q3: Deficit Narrows
Key Market Takeaways: Chile - Peru Trade
The bilateral trade relationship between Chile and Peru softened in Q3 2023, with both exports and imports declining amid volatile demand.
- Economic Pulse: Chile posted a $60.55M trade deficit with Peru ($463.19M imports vs. $402.64M exports), though the gap narrowed slightly from 2022 trends.
- Exchange Structure: Chile - Peru trade statistics reveal resource-for-resource complementarity: Chile exports processed metals (e.g., steel) and machinery, while Peru supplies raw ores and agricultural goods.
- Strategic Interdependence: The partnership hinges on Chile’s higher value-add position, with Peru serving as a key raw material supplier for its industrial base.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Peru Trade Trend in Q3 2023
Chile Export Performance: Shipments to Peru
- Total Volume: $402.64M in Q3 2023.
- Growth Trend & Context: YoY declines persisted, with August (-32.3%) and September (-8.08%) showing sharp contractions. No trade policy shifts were reported to explain the slump.
- Key Volatility: August saw a -15.89% MoM drop, followed by a partial recovery (+15.21% MoM) in September.
Chile Import Performance: Sourcing from Peru
- Total Volume: $463.19M in Q3 2023.
- Growth Trend & Context: Imports fell YoY in August (-10.2%) and September (-11.85%), mirroring export weakness but with less severity.
- Key Volatility: September imports plunged -15.94% MoM after a 6.38% rise in August.
Chile - Peru Trade Balance & Market Dynamics
- Net Position: Chile ran a $60.55M trade deficit with Peru (Imports $463.19M > Exports $402.64M).
- Relationship Status: Chile remains a net importer from Peru, though both sides saw demand soften in Q3. The deficit narrowed slightly from 2022 trends.
Chile Import Trend from Peru 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 156.59M | 11.0% | 0.0% |
| Aug | 166.58M | 6.38% | -10.2% |
| Sep | 140.02M | -15.94% | -11.85% |
| Total | 463.19M | - | - |
Chile Export Trend to Peru 2023 Q3 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jul | 143.29M | 8.74% | 0.0% |
| Aug | 120.51M | -15.89% | -32.3% |
| Sep | 138.84M | 15.21% | -8.08% |
| Total | 402.64M | - | - |
Get Historical Chile Peru Trade Records
Chile-Peru Top Trading Products in Q3 2023
Chile Export Profile: What Does Chile Sell to Peru
- Top Commodity: Iron and steel (HS 72) dominate exports, accounting for 15.60% of total value.
- Demand Driver: Peru likely uses these materials for construction and industrial manufacturing.
- Concentration: No single category exceeds 50%, but metals (HS 72, 73) and machinery (HS 84, 85) collectively represent a significant share.
Chile Import Profile: What Does Chile Buy from Peru
- Top Commodity: Ores and concentrates (HS 26) lead imports, making up 32.09% of total value.
- Dependency Nature: Reflects raw material dependency, possibly for Chile’s mining or metallurgical industries.
Chile - Peru Trade Relationship Dynamics
- The Exchange Model: Resource-for-Resource Complementarity. Chile exports processed metals (HS 72) and machinery (HS 84) while importing raw ores (HS 26) and agricultural goods (HS 08).
- Value Chain Position: Chile holds a higher value-add position, exporting manufactured goods (e.g., steel, machinery) against Peru’s raw material shipments.
Import Analysis by Product: Peru to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 148.66M | 32.09% |
| 28 | 54.63M | 11.79% |
| 08 | 38.80M | 8.38% |
| 39 | 21.26M | 4.59% |
| 25 | 17.34M | 3.74% |
| 19 | 14.98M | 3.23% |
| 15 | 14.61M | 3.16% |
| 48 | 12.86M | 2.78% |
| 38 | 12.49M | 2.70% |
| 84 | 9.93M | 2.14% |
Export Analysis by Product: Chile to Peru (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 72 | 62.81M | 15.60% |
| 84 | 51.38M | 12.76% |
| 26 | 22.57M | 5.61% |
| 08 | 22.54M | 5.60% |
| 39 | 19.79M | 4.92% |
| 27 | 13.06M | 3.24% |
| 44 | 12.75M | 3.17% |
| 73 | 12.68M | 3.15% |
| 85 | 11.15M | 2.77% |
| 38 | 10.02M | 2.49% |
Check Detailed Chile-Peru Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
The Chile-Peru trade relationship is likely to face continued volatility in Q4 2023, with persistent YoY declines in both exports and imports. The sharp contractions in August and September suggest weakening demand, possibly tied to broader economic slowdowns in both markets. However, Chile’s higher-value exports (processed metals, machinery) may stabilize faster than Peru’s raw material shipments, narrowing the trade deficit further. Traders should prepare for a period of consolidation rather than rapid recovery, with potential upside if industrial activity rebounds in early 2024.
Strategic Moves
- Diversify Export Markets: Chilean exporters must reduce reliance on Peru by targeting other Andean or Pacific Alliance markets, mitigating demand shocks.
- Lock in Raw Material Contracts: Importers of Peruvian ores (HS 26) should secure long-term agreements to stabilize input costs amid price volatility.
- Optimize Logistics for Metals Trade: Given the dominance of iron/steel (HS 72) exports, streamline cross-border freight and customs processes to protect slim margins.
Frequently Asked Questions
How did Chile - Peru trade perform in 2023 Q3?
Chile's exports to Peru totaled $402.64M, while imports reached $463.19M, with both showing YoY declines in August and September.
What are the top exports from Chile to Peru?
Iron and steel (HS 72) dominate Chile's exports to Peru, followed by machinery (HS 84, 85).
What does Chile import from Peru?
Chile primarily imports ores and concentrates (HS 26) from Peru, accounting for 32.09% of total import value.
What is the trade balance between Chile and Peru?
Chile recorded a $60.55M trade deficit with Peru in Q3 2023, though the gap narrowed slightly compared to 2022 trends.
Chile - Peru Trade 2023 Q2: Deficit & Resource Exchange
Chile's Peru trade trend reveals an $83.14M deficit, with Chile exporting industrial goods and importing raw materials. Explore Chile Peru top trading product dynamics via yTrade data.
Chile - Peru Trade 2023 Q4: Resource-Industrial Balance
Chile's trade with Peru in Q4 2023 shows a resource-industrial balance, with machinery exports and ore imports. Explore Chile Peru trade trends and top trading products via yTrade data.
