Chile - Peru Trade 2024 Q4: Deficit-Driven Exchange

Key Market Takeaways: Chile - Peru Trade

The bilateral trade relationship between Chile and Peru shows volatile but recovering growth in Q4 2024, with Chile remaining a net importer.

• Deficit-Driven Trade: Chile posted a $158.24M trade deficit (exports: $391.04M, imports: $549.28M), with imports surging 51.43% YoY in December.
• Resource-for-Tech Exchange: Chile - Peru trade statistics reveal a complementary structure—Chile exports machinery (11.47% share) and industrial goods, while importing Peruvian ores (37.44% share).
• Asymmetric Interdependence: Chile holds higher value-add in the exchange, but Peru’s raw material dominance signals deeper supply chain reliance.

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

Chile-Peru Trade Trend in Q4 2024

Chile Export Performance: Shipments to Peru

• Total Volume: $391.04M in Q4 2024.
• Growth Trend & Context:
  • YoY growth turned positive in December (+18.37%), offsetting earlier declines (-19.41% in October, -10.19% in November).
• Key Volatility: December saw the highest MoM surge (+13.29%) and the only YoY expansion.

Chile Import Performance: Sourcing from Peru

• Total Volume: $549.28M in Q4 2024.
• Growth Trend & Context:
  • Strong YoY growth in October (+37.73%) and December (+51.43%), despite a near-flat November (+1.38%).
• Key Volatility: December recorded the highest MoM jump (+25.97%), while November had the sharpest MoM drop (-17.97%).

Chile - Peru Trade Balance & Market Dynamics

• Net Position: Chile posted a trade deficit of -$158.24M (Exports $391.04M vs. Imports $549.28M).
• Relationship Status: Chile remains a net importer from Peru, with import demand significantly outpacing exports, particularly in December.

Chile Import Trend from Peru 2024 Q4 (Source: yTrade)**

Chile Export Trend to Peru 2024 Q4 (Source: yTrade)**

Get Historical Chile Peru Trade Records

Chile-Peru Top Trading Products in Q4 2024

Chile Export Profile: What Does Chile Sell to Peru

• Top Commodity: Machinery (HS Code 84) dominates exports at 11.47% share.
• Demand Driver: Peru likely uses these for industrial processing, given the prominence of machinery and intermediate goods like plastics (HS 39) and steel (HS 72).
• Concentration: No single category exceeds 50%, but machinery, plastics, and steel collectively account for 24.64% of exports.

Chile Import Profile: What Does Chile Buy from Peru

• Top Commodity: Ores (HS Code 26) lead imports with a 37.44% share.
• Dependency Nature: Reflects raw material dependency, as Chile sources ores and minerals (HS 25, 28) for industrial or energy needs.

Chile - Peru Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Chile exports machinery/industrial goods to Peru while importing ores and minerals.
• Value Chain Position: Chile holds higher value-add, exporting processed goods (machinery, plastics) versus Peru’s raw material exports (ores, metals).

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 with Peru is poised for growth in 2025, driven by Peru’s robust demand for Chilean machinery and industrial goods, alongside Chile’s reliance on Peruvian ores and minerals. The December surge in exports (+18.37% YoY) and imports (+51.43% YoY) signals a rebound, suggesting momentum will carry into Q1. However, volatility in monthly trade flows—particularly the sharp November import drop (-17.97% MoM)—warrants caution. Traders should expect a widening deficit if Chile’s import appetite for raw materials outpaces export capacity for processed goods.

Strategic Moves

• Lock in Long-Term Ore Contracts: Chilean industrial buyers must secure fixed-price agreements with Peruvian miners to hedge against commodity price swings and ensure stable supply chains.
• Boost Machinery Exports with Trade Missions: Chilean exporters should target Peruvian manufacturing hubs through government-backed trade delegations, capitalizing on Peru’s growing industrial base.
• Diversify Import Sources for Critical Minerals: To reduce dependency on Peruvian ores, Chilean firms should explore partnerships in Bolivia or Argentina, mitigating supply risks.

Frequently Asked Questions

How did Chile - Peru trade perform in 2024 Q4?

Chile's exports to Peru totaled $391.04M in Q4 2024, with a trade deficit of -$158.24M. Exports rebounded in December (+18.37% YoY), while imports surged (+51.43% YoY).

What are the top exports from Chile to Peru?

Chile's top exports to Peru include machinery (HS Code 84), plastics (HS 39), and steel (HS 72), collectively accounting for 24.64% of total exports.

What does Chile import from Peru?

Chile primarily imports ores (HS Code 26) from Peru, which dominate with a 37.44% share, reflecting raw material dependency.

What is the trade balance between Chile and Peru?

Chile recorded a trade deficit of -$158.24M in Q4 2024, with imports ($549.28M) significantly outpacing exports ($391.04M). The gap widened in December.