Chile - South Korea Trade 2024 Q1: Copper Fuels Growth
Key Market Takeaways: Chile - South Korea Trade
The bilateral trade relationship between Chile and South Korea shows growth with high volatility in Q1 2024.
- Economic Pulse: Chile maintains a $767M trade surplus, with exports ($1.29B) more than double imports ($523M), though both flows saw sharp monthly swings.
- Exchange Structure: Chile - South Korea trade statistics reveal a resource-for-tech complementarity—copper (42% of exports) for mineral fuels (48% of imports) and machinery.
- Strategic Interdependence: Highly complementary economies, with Chile as a raw material supplier and South Korea leveraging value-add manufacturing.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-South Korea Trade Trend in Q1 2024
Chile Export Performance: Shipments to South Korea
- Total Volume: $1.29B in Q1 2024.
- Growth Trend & Context:
- YoY performance was mixed, with January showing a 19.53% increase but March plummeting by -54.91%.
- No specific trade news or policy changes were reported to explain these fluctuations.
- Key Volatility: February saw a sharp MoM drop of -44.61%, while January had a significant MoM rise of 31.32%.
Chile Import Performance: Sourcing from South Korea
- Total Volume: $522.84M in Q1 2024.
- Growth Trend & Context:
- YoY trends were volatile, with February up 41.44% but January down -41.14%.
- Key Volatility: February recorded the highest MoM surge (+146.84%), while March fell -34.36% MoM.
Chile - South Korea Trade Balance & Market Dynamics
- Net Position: Chile holds a trade surplus of $767.16M (Exports $1.29B - Imports $522.84M).
- Relationship Status: Chile maintains a strong net exporter position, with exports more than double imports.
Chile Import Trend from South Korea 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 102.74M | -10.74% | -41.14% |
| Feb | 253.62M | 146.84% | 41.44% |
| Mar | 166.48M | -34.36% | 26.41% |
| Total | 522.84M | - | - |
Chile Export Trend to South Korea 2024 Q1 (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 587.21M | 31.32% | 19.53% |
| Feb | 325.26M | -44.61% | -26.53% |
| Mar | 377.59M | 16.09% | -54.91% |
| Total | 1.29B | - | - |
Get Historical Chile South Korea Trade Records
Chile-South Korea Top Trading Products in Q1 2024
Chile Export Profile: What Does Chile Sell to South Korea
- Top Commodity: Copper (HS 74) dominates with 42.36% share.
- Demand Driver: South Korea uses these for industrial processing (electronics, automotive).
- Concentration: High—copper and ores (HS 26) combined account for 67.65% of exports.
Chile Import Profile: What Does Chile Buy from South Korea
- Top Commodity: Mineral fuels (HS 27) lead at 48.07% share.
- Dependency Nature: Energy security dependency, supplemented by machinery (HS 84, 85) for industrial use.
Chile - South Korea Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity—Chile supplies raw materials (copper, ores), South Korea provides energy and machinery.
- Value Chain Position: South Korea holds higher value-add (tech exports), while Chile remains resource-heavy.
Import Analysis by Product: South Korea to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 27 | 251.33M | 48.07% |
| 87 | 80.18M | 15.34% |
| 84 | 30.16M | 5.77% |
| 39 | 26.84M | 5.13% |
| 89 | 25.03M | 4.79% |
| 28 | 21.68M | 4.15% |
| 85 | 19.03M | 3.64% |
| 72 | 12.90M | 2.47% |
| 90 | 5.47M | 1.05% |
| 63 | 4.88M | 0.93% |
Export Analysis by Product: Chile to South Korea (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 74 | 546.49M | 42.36% |
| 26 | 326.22M | 25.29% |
| 28 | 185.57M | 14.38% |
| 08 | 53.24M | 4.13% |
| 47 | 48.44M | 3.76% |
| 02 | 44.58M | 3.46% |
| 03 | 31.31M | 2.43% |
| 44 | 17.71M | 1.37% |
| 23 | 13.43M | 1.04% |
| 22 | 8.03M | 0.62% |
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 Q2 2024, driven by sustained demand for copper and ores in South Korea’s industrial sector. However, the extreme volatility in monthly export figures signals potential supply chain disruptions or pricing instability, requiring proactive risk management. The complementary "Resource-for-Tech" dynamic will likely deepen, but Chile must address over-reliance on raw material exports to avoid vulnerability to commodity price swings. Traders should anticipate tighter margins if copper demand softens amid global economic uncertainty.
Strategic Moves
- Lock in Long-Term Contracts: Chilean copper exporters should secure multi-year agreements with South Korean buyers to stabilize revenue and mitigate price volatility.
- Diversify Export Portfolio: Reduce dependence on copper by accelerating value-added mineral processing (e.g., refined copper products) to capture higher margins.
- Monitor Energy Imports Closely: With mineral fuels (HS 27) dominating imports, Chilean industries must hedge against oil price fluctuations and explore alternative energy partnerships to avoid supply shocks.
Frequently Asked Questions
How did Chile - South Korea trade perform in 2024 Q1?
Chile exported $1.29B to South Korea and imported $522.84M, with mixed YoY growth—January exports rose 19.53%, while March fell -54.91%.
What are the top exports from Chile to South Korea?
Copper (HS 74) dominates (42.36% share), followed by ores (HS 26), together accounting for 67.65% of Chile’s exports to South Korea.
What does Chile import from South Korea?
Mineral fuels (HS 27) lead (48.07% share), supplemented by machinery (HS 84, 85) for industrial use.
What is the trade balance between Chile and South Korea?
Chile holds a trade surplus of $767.16M, with exports more than double imports.
Chile - South Korea Trade 2024 Whole Year: Strong Surplus & Volatility
Chile's South Korea trade trend shows a $3.01B surplus, driven by copper exports and tech imports. Explore Chile-South Korea top trading products with yTrade data.
Chile - South Korea Trade 2024 Q2: Resource-Tech Synergy
Chile's trade surplus with South Korea highlights a resource-for-tech exchange, with copper dominating exports and vehicles leading imports. Explore Chile-South Korea trade trends on yTrade.
