Chile - Peru Trade 2024 Q3: Widening Deficit

Key Market Takeaways: Chile - Peru Trade

The bilateral trade relationship between Chile and Peru weakened in Q3 2024, marked by Chile's declining exports and widening trade deficit.

• Economic Pulse: Chile posted a $201.53M trade deficit with Peru, driven by a 10.4% YoY export slump while imports grew 10-44% YoY. Total bilateral trade reached $934.65M.
• Exchange Structure: Chile - Peru trade statistics reveal a resource-for-tech dynamic—Chile supplies machinery (12.8% of exports) while importing ores (34.5% of imports) for its mining sector.
• Strategic Interdependence: Complementary but imbalanced: Chile’s higher-value exports (plastics, machinery) contrast with Peru’s raw material dominance, creating asymmetric dependency.

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

Chile-Peru Trade Trend in Q3 2024

Chile Export Performance: Shipments to Peru

• Total Volume: $366.56M in Q3 2024.
• Growth Trend & Context:
  • YoY decline (-10.38% in July, -20.16% in September) signals weakening demand or competitive shifts. No news to contextualize.
  • August’s minor YoY uptick (+5.63%) failed to reverse the quarter’s downward trajectory.
• Key Volatility: September saw the sharpest MoM drop (-12.91%), exacerbating the quarterly slump.

Chile Import Performance: Sourcing from Peru

• Total Volume: $568.09M in Q3 2024.
• Growth Trend & Context:
  • Strong YoY growth in July (+43.74%) despite subsequent moderation (August: +13.39%, September: +10.07%). No news to explain the surge.
• Key Volatility: July’s MoM spike (+37.39%) peaked before tapering, with September imports hitting the lowest monthly value ($154.12M).

Chile - Peru Trade Balance & Market Dynamics

• Net Position: Trade deficit of $201.53M (Imports exceeded exports).
• Relationship Status: Chile’s reliance on Peruvian imports intensified, with exports failing to keep pace. The deficit widened notably from July’s peak import activity.

Chile Import Trend from Peru 2024 Q3 (Source: yTrade)**

Chile Export Trend to Peru 2024 Q3 (Source: yTrade)**

Get Historical Chile Peru Trade Records

Chile-Peru Top Trading Products in Q3 2024

Chile Export Profile: What Does Chile Sell to Peru

• Top Commodity: Machinery (HS Code 84) dominates exports, accounting for 12.79% of total value.
• Demand Driver: Peru likely imports these for industrial and infrastructure development.
• Concentration: No single category exceeds 50%, indicating diversified export demand.

Chile Import Profile: What Does Chile Buy from Peru

• Top Commodity: Ores (HS Code 26) lead imports, representing 34.50% of total value.
• Dependency Nature: Reflects Chile's reliance on Peru for raw materials, particularly in mining and industrial sectors.

Chile - Peru Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Chile supplies machinery and industrial goods (HS 84, 39) while importing ores and minerals (HS 26, 28).
• Value Chain Position: Chile holds a higher value-add position, exporting processed/manufactured goods (e.g., machinery, plastics) versus Peru’s raw material focus.

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 face continued volatility in Q4 2024, with Peru’s demand for Chilean machinery (HS 84) likely softening further amid broader economic headwinds. However, Chile’s reliance on Peruvian ores (HS 26) will persist, sustaining the trade deficit unless export diversification accelerates. The current resource-for-tech exchange model remains structurally sound, but short-term imbalances call for tactical adjustments. Traders should brace for uneven growth, with import volumes stabilizing while exports struggle to regain momentum.

Strategic Moves

• Diversify Export Markets: Chilean exporters must reduce dependence on Peru by targeting other Andean markets for machinery and plastics (HS 39), leveraging existing FTAs to mitigate downside risks.
• Lock in Ore Supply Contracts: Importers should secure long-term agreements with Peruvian mining firms to hedge against price fluctuations and ensure stable raw material inflows for Chile’s industrial sector.
• Boost Export Competitiveness: The Chilean government and trade bodies must incentivize high-value manufacturing exports to Peru, such as precision machinery, to counterbalance the deficit and elevate the trade relationship beyond raw material dependency.

Frequently Asked Questions

How did Chile - Peru trade perform in 2024 Q3?

Chile's exports to Peru declined (-10.38% YoY in July, -20.16% in September), totaling $366.56M, while imports from Peru grew (+43.74% YoY in July), reaching $568.09M.

What are the top exports from Chile to Peru?

Machinery (HS Code 84) dominates Chile's exports to Peru, accounting for 12.79% of total value, reflecting industrial and infrastructure demand.

What does Chile import from Peru?

Chile primarily imports ores (HS Code 26) from Peru, representing 34.50% of total import value, highlighting reliance on raw materials for mining and industrial sectors.

What is the trade balance between Chile and Peru?

Chile recorded a trade deficit of $201.53M with Peru in Q3 2024, as imports surged while exports declined, widening the gap.