Chile - Peru Trade 2024 Q2: Deficit & Resource Exchange

Key Market Takeaways: Chile - Peru Trade

The bilateral trade relationship between Chile and Peru shows mixed growth with underlying volatility in Q2 2024.

• Economic Pulse: Chile posted a $137.44M trade deficit with Peru, as imports ($514.77M) outpaced exports ($377.33M). While imports surged (up 17.28% YoY in April), exports faced declines (-5.07% YoY in June).
• Exchange Structure: Chile - Peru trade statistics reveal resource-for-resource complementarity—Chile supplies machinery (13.17% share) and industrial inputs, while Peru dominates with ores (32.82% share), feeding Chile’s mining sector.
• Strategic Interdependence: Both economies are tightly linked through raw material and processed goods exchange, with Chile holding a slight value-add edge in manufacturing exports.

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

Chile-Peru Trade Trend in Q2 2024

Chile Export Performance: Shipments to Peru

• Total Volume: $377.33M in Q2 2024.
• Growth Trend & Context: YoY growth was mixed, with April up 2.29% but May and June down -1.01% and -5.07%, respectively. No specific trade news explains the decline.
• Key Volatility: May saw a -5.67% MoM drop, the sharpest quarterly decline.

Chile Import Performance: Sourcing from Peru

• Total Volume: $514.77M in Q2 2024.
• Growth Trend & Context: YoY growth fluctuated sharply—April surged 17.28%, May barely grew (+1.21%), and June rebounded to +16.13%. No news context provided.
• Key Volatility: May’s MoM spike (+12.62%) and June’s correction (-11.87%) highlight volatility.

Chile - Peru Trade Balance & Market Dynamics

• Net Position: Chile ran a trade deficit of $137.44M (Imports exceeded exports).
• Relationship Status: Chile remains a net importer from Peru, with Q2 imports 36% higher than exports. Demand for Peruvian goods appears resilient despite export volatility.

Chile Import Trend from Peru 2024 Q2 (Source: yTrade)**

Chile Export Trend to Peru 2024 Q2 (Source: yTrade)**

Get Historical Chile Peru Trade Records

Chile-Peru Top Trading Products in Q2 2024

Chile Export Profile: What Does Chile Sell to Peru

• Top Commodity: Rank #1 export is HS Code 84 (Machinery/Mechanical Appliances) at 13.17% of total exports to Peru.
• Demand Driver: Peru likely imports machinery for industrial and infrastructure development. The presence of HS Code 72 (Iron/Steel) and HS Code 39 (Plastics) suggests Chile supplies raw materials and intermediates for Peru’s manufacturing sector.
• Concentration: No single category dominates (>50% share). Exports are diversified across machinery, metals, and plastics.

Chile Import Profile: What Does Chile Buy from Peru

• Top Commodity: Rank #1 import is HS Code 26 (Ores, Slag, Ash) at 32.82% of total imports from Peru.
• Dependency Nature: Chile relies heavily on Peruvian ores (likely copper or other minerals) for its mining and industrial sectors. This indicates raw material dependency for Chile’s export-oriented mining economy.

Chile - Peru Trade Relationship Dynamics

• The Exchange Model: Resource-for-Resource Complementarity. Chile exports machinery and industrial inputs to Peru, while importing ores and minerals. This suggests a mutual reliance on each other’s extractive and processing capacities.
• Value Chain Position: Chile holds a slightly higher value-add position, exporting processed goods (machinery, plastics) versus Peru’s raw ores. However, both economies are deeply tied to commodity trade.

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

Chile’s trade deficit with Peru is likely to persist in Q3 2024, driven by resilient Peruvian ore demand and volatile Chilean machinery exports. While Peru’s industrial sector will sustain imports of Chilean capital goods, Chile’s reliance on Peruvian raw materials exposes it to price swings in global commodity markets. Traders should anticipate continued volatility, especially in HS Code 26 (Ores) and HS Code 84 (Machinery), with potential upside if infrastructure projects accelerate in Peru. The Chile-Peru trade forecast hinges on stabilizing commodity flows and diversifying export baskets to reduce imbalance risks.

Strategic Moves

• Lock in Ore Supply Contracts: Chilean mining firms should secure long-term agreements with Peruvian suppliers to hedge against price volatility and ensure steady feedstock for smelters.
• Boost Machinery Exports with Trade Missions: Chilean exporters must target Peruvian industrial hubs (e.g., Arequipa, Trujillo) through government-backed trade delegations to counter declining shipments.
• Diversify Import Sources: Reduce dependency on Peruvian ores by exploring partnerships with alternative suppliers in Australia or Indonesia, mitigating single-source risks.

Frequently Asked Questions

How did Chile - Peru trade perform in 2024 Q2?

Chile's exports to Peru totaled $377.33M, with mixed YoY growth, while imports from Peru reached $514.77M, showing sharp fluctuations. Chile recorded a trade deficit of $137.44M.

What are the top exports from Chile to Peru?

The top export from Chile to Peru is HS Code 84 (Machinery/Mechanical Appliances), accounting for 13.17% of total exports, followed by iron/steel (HS Code 72) and plastics (HS Code 39).

What does Chile import from Peru?

Chile's top import from Peru is HS Code 26 (Ores, Slag, Ash), making up 32.82% of total imports, reflecting Chile's reliance on Peruvian raw materials for its mining sector.

What is the trade balance between Chile and Peru?

Chile ran a trade deficit of $137.44M with Peru in Q2 2024, with imports exceeding exports by 36%. The deficit highlights Chile's net importer position.