Chile - Peru Trade 2023 Q4: Resource-Industrial Balance

Key Market Takeaways: Chile - Peru Trade

The bilateral trade relationship between Chile and Peru shows near-balanced but volatile trade dynamics in Q4 2023.

• Economic Pulse: Chile recorded a marginal trade deficit of -$15.44M ($411.40M exports vs. $426.84M imports), with sharp YoY declines in December offsetting earlier gains.
• Exchange Structure: Chile - Peru trade statistics reveal a resource-for-industrial complementarity—Chile exports machinery (13.98% share) and industrial goods, while Peru supplies ores (33.65% share) and raw materials.
• Strategic Interdependence: The partnership reflects classic supplier-manufacturer dynamics, with Chile holding a higher value-add position in processed exports.

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

Chile-Peru Trade Trend in Q4 2023

Chile Export Performance: Shipments to Peru

• Total Volume: $411.40M in Q4 2023.
• Growth Trend & Context:
  • YoY decline of -31.74% in December dragged the quarterly performance, offsetting modest YoY gains in November (+2.68%).
  • Volatility: December saw a sharp MoM drop (-14.05%), while October posted a 5.25% MoM rise.

Chile Import Performance: Sourcing from Peru

• Total Volume: $426.84M in Q4 2023.
• Growth Trend & Context:
  • Mixed YoY trends: November imports surged 10.08% YoY, but October and December fell (-13.54% and -7.17%, respectively).
  • Volatility: November’s 11.44% MoM spike contrasted with December’s -15.67% plunge.

Chile - Peru Trade Balance & Market Dynamics

• Net Position: Chile recorded a trade deficit of -$15.44M (Exports $411.40M vs. Imports $426.84M).
• Relationship Status: Near-balanced trade, with Chile’s import reliance marginally outweighing exports. Seasonal volatility evident in both flows.

Chile Import Trend from Peru 2023 Q4 (Source: yTrade)**

Chile Export Trend to Peru 2023 Q4 (Source: yTrade)**

Get Historical Chile Peru Trade Records

Chile-Peru Top Trading Products in Q4 2023

Chile Export Profile: What Does Chile Sell to Peru

• Top Commodity: Machinery (HS Code 84) dominates exports to Peru, accounting for 13.98% of total value.
• Demand Driver: Peru imports machinery and industrial goods (HS Codes 84, 72, 39) for manufacturing and infrastructure development. Consumer goods (HS Code 48, paper products) also play a role.
• Concentration: No single category exceeds 50%, but machinery, metals (HS Code 72), and plastics (HS Code 39) collectively form a significant share (29.79%).

Chile Import Profile: What Does Chile Buy from Peru

• Top Commodity: Ores (HS Code 26) are the leading import, making up 33.65% of total value.
• Dependency Nature: Chile relies heavily on Peru for raw materials (ores, minerals, and fuels) to support its mining and industrial sectors. Agricultural imports (HS Code 19, food preparations) are secondary but notable.

Chile - Peru Trade Relationship Dynamics

• The Exchange Model: Resource-for-Industrial Complementarity. Chile exports machinery and industrial goods to Peru while importing raw materials (ores, minerals) in return.
• Value Chain Position: Chile holds a higher value-add position, exporting processed industrial goods (machinery, plastics) versus Peru’s raw material exports (ores, fuels). The trade reflects a classic supplier-manufacturer dynamic.

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

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

Check Detailed Chile-Peru Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Chile-Peru trade relationship is expected to stabilize in early 2024, with modest recovery in machinery exports (HS Code 84) as Peru’s infrastructure demand persists. However, volatility in raw material prices (HS Code 26, ores) may keep Chile’s import costs elevated, sustaining a narrow trade deficit. Traders should anticipate seasonal swings, particularly in Q2, as Peru’s mining output fluctuates. The Chile-Peru trade forecast hinges on Chile’s ability to maintain its industrial export edge while mitigating reliance on Peruvian ores.

Strategic Moves

• Lock in Machinery Contracts: Chilean exporters should secure long-term agreements with Peruvian industrial buyers to stabilize revenue amid demand volatility. Focus on HS Code 84 (machinery) and HS Code 72 (steel) to leverage Chile’s competitive advantage.
• Diversify Ore Sources: Reduce dependency on Peruvian ores (HS Code 26) by exploring suppliers in Australia or Brazil, hedging against price shocks and logistical delays.
• Optimize Cross-Border Logistics: Streamline customs procedures for high-value industrial shipments (HS Codes 84, 39) to counterbalance December’s 15.67% import plunge. Partner with Peruvian distributors to shorten lead times.

Frequently Asked Questions

How did Chile - Peru trade perform in 2023 Q4?

Chile's exports to Peru totaled $411.40M, with a YoY decline in December offsetting modest gains in November. Imports from Peru reached $426.84M, showing mixed YoY trends and notable monthly volatility.

What are the top exports from Chile to Peru?

Machinery (HS Code 84) dominates Chile's exports to Peru, accounting for 13.98% of total value, followed by metals (HS Code 72) and plastics (HS Code 39), collectively forming a significant share.

What does Chile import from Peru?

Chile primarily imports ores (HS Code 26) from Peru, making up 33.65% of total import value, along with other raw materials like minerals and fuels, and some agricultural products.

What is the trade balance between Chile and Peru?

Chile recorded a trade deficit of -$15.44M in Q4 2023, with imports marginally outweighing exports, reflecting near-balanced but seasonally volatile trade dynamics.