Chile - South Korea Trade 2023 Whole Year: $4.53B Surplus
Key Market Takeaways: Chile - South Korea Trade
The bilateral trade relationship between Chile and South Korea is marked by Chile's dominant trade surplus and volatile export performance in 2023.
- Economic Pulse: Chile holds a $4.53B surplus with South Korea ($6.02B exports vs. $1.49B imports), though exports showed sharp monthly swings (+89% MoM surge in March, -42% drop in September).
- Exchange Structure: Chile - South Korea trade statistics reveal a resource-for-tech model—Chile supplies raw materials (86% of exports are inorganic chemicals, ores) while importing vehicles and machinery (37% of imports).
- Strategic Interdependence: Highly complementary economies, with South Korea dependent on Chilean industrial inputs and Chile reliant on Korean high-tech goods.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-South Korea Trade Trend in Whole Year 2023
Chile Export Performance: Shipments to South Korea
- Total Volume: $6.02B in 2023.
- Growth Trend & Context:
- Mixed YoY performance, with sharp spikes in March (+89.16% MoM, +31.06% YoY) and May (+38.41% YoY), but steep declines in September (-41.93% MoM, -18.69% YoY) and November (-22.31% YoY).
- No specific news to contextualize volatility.
- Key Volatility: March saw the highest export value ($837.43M) and MoM surge (+89.16%), while September recorded the steepest MoM drop (-41.93%).
Chile Import Performance: Sourcing from South Korea
- Total Volume: $1.49B in 2023.
- Growth Trend & Context:
- Consistently negative YoY trends, with the sharpest declines in March (-37.22% YoY) and April (-42.48% YoY).
- No external events explain the contraction.
- Key Volatility: March imports plummeted (-26.55% MoM), while November saw a temporary rebound (+20.45% MoM).
Chile - South Korea Trade Balance & Market Dynamics
- Net Position: Chile holds a $4.53B trade surplus with South Korea (Exports: $6.02B vs. Imports: $1.49B).
- Relationship Status: Chile is a dominant net exporter, with exports exceeding imports by over 4x, indicating strong demand for Chilean goods in South Korea.
Chile Import Trend from South Korea 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 174.54M | 7.74% | 28.52% |
| Feb | 179.32M | 2.73% | 12.48% |
| Mar | 131.71M | -26.55% | -37.22% |
| Apr | 100.07M | -24.02% | -42.48% |
| May | 114.67M | 14.59% | -39.82% |
| Jun | 111.91M | -2.4% | -24.18% |
| Jul | 112.72M | 0.72% | 0.0% |
| Aug | 111.85M | -0.77% | -31.02% |
| Sep | 103.94M | -7.07% | -36.04% |
| Oct | 105.22M | 1.23% | -24.2% |
| Nov | 126.74M | 20.45% | -30.83% |
| Dec | 115.11M | -9.18% | -28.95% |
| Total | 1.49B | - | - |
Chile Export Trend to South Korea 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 491.26M | -20.04% | -9.05% |
| Feb | 442.70M | -9.88% | -13.57% |
| Mar | 837.43M | 89.16% | 31.06% |
| Apr | 531.36M | -36.55% | 23.49% |
| May | 577.67M | 8.72% | 38.41% |
| Jun | 580.63M | 0.51% | 8.85% |
| Jul | 431.09M | -25.75% | 0.0% |
| Aug | 574.87M | 33.35% | 2.07% |
| Sep | 333.83M | -41.93% | -18.69% |
| Oct | 406.42M | 21.75% | 3.76% |
| Nov | 366.05M | -9.93% | -22.31% |
| Dec | 447.17M | 22.16% | -27.21% |
| Total | 6.02B | - | - |
Get Historical Chile South Korea Trade Records
Chile-South Korea Top Trading Products in Whole Year 2023
Chile Export Profile: What Does Chile Sell to South Korea
- Top Commodity: Rank #1 export is HS 28 (Inorganic chemicals) at 32.50% of total exports.
- Demand Driver: South Korea uses these for industrial processing, likely in electronics or chemical manufacturing.
- Concentration: The top 3 exports (HS 28, 26, 74) dominate 86.43% of trade, indicating heavy reliance on raw materials.
Chile Import Profile: What Does Chile Buy from South Korea
- Top Commodity: Rank #1 import is HS 87 (Vehicles) at 36.75% of total imports.
- Dependency Nature: Critical technology dependency, as South Korea supplies high-value manufactured goods like machinery (HS 84) and vehicles.
Chile - South Korea Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (chemicals, ores) while importing high-tech goods (vehicles, machinery).
- Value Chain Position: South Korea holds the higher value-add position, exporting complex manufactured products, while Chile supplies industrial inputs.
Import Analysis by Product: South Korea to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 87 | 546.79M | 36.75% |
| 84 | 161.62M | 10.86% |
| 27 | 151.44M | 10.18% |
| 39 | 106.48M | 7.16% |
| 72 | 95.93M | 6.45% |
| 28 | 65.97M | 4.43% |
| 85 | 65.41M | 4.40% |
| 89 | 56.99M | 3.83% |
| 90 | 26.04M | 1.75% |
| 25 | 25.48M | 1.71% |
Export Analysis by Product: Chile to South Korea (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 28 | 1.96B | 32.50% |
| 26 | 1.67B | 27.66% |
| 74 | 1.58B | 26.27% |
| 02 | 166.53M | 2.77% |
| 47 | 155.85M | 2.59% |
| 08 | 122.52M | 2.04% |
| 44 | 96.49M | 1.60% |
| 03 | 88.13M | 1.46% |
| 23 | 60.94M | 1.01% |
| 22 | 41.09M | 0.68% |
Check Detailed Chile-South Korea Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade surplus with South Korea is expected to remain robust in 2024, driven by sustained demand for inorganic chemicals (HS 28) and ores (HS 26) in South Korea’s industrial sector. However, volatility in monthly export performance—marked by sharp spikes and drops—suggests traders should prepare for price fluctuations, particularly in raw material markets. Meanwhile, Chile’s declining imports of South Korean vehicles (HS 87) and machinery (HS 84) signal a potential shift in demand, possibly due to local substitution or economic slowdowns. The Chile - South Korea trade forecast hinges on stabilizing commodity prices and South Korea’s appetite for high-value Chilean inputs.
Strategic Moves
- Lock in Long-Term Supply Contracts: Chilean exporters of inorganic chemicals and ores should secure multi-year agreements with South Korean buyers to mitigate price volatility and ensure stable revenue streams.
- Diversify Import Sources for High-Tech Goods: Chilean manufacturers reliant on South Korean vehicles and machinery must explore alternative suppliers (e.g., Japan, Germany) to reduce dependency and negotiate better terms.
- Monitor Industrial Policy Shifts in South Korea: Traders should track South Korea’s green energy and semiconductor policies, as these sectors drive demand for Chilean copper (HS 74) and lithium-related chemicals. Adjust export strategies to align with emerging industrial needs.
Frequently Asked Questions
How did Chile - South Korea trade perform in 2023 Whole Year?
Chile exported $6.02B to South Korea and imported $1.49B, showing mixed growth with sharp spikes and declines but ending with a strong surplus.
What are the top exports from Chile to South Korea?
The top exports are HS 28 (Inorganic chemicals), HS 26 (Ores), and HS 74 (Copper), accounting for 86.43% of total exports.
What does Chile import from South Korea?
Chile primarily imports HS 87 (Vehicles) and HS 84 (Machinery), reflecting a dependency on high-tech manufactured goods.
What is the trade balance between Chile and South Korea?
Chile holds a $4.53B trade surplus with South Korea, driven by exports exceeding imports by over 4x.
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