Chile - Spain Trade 2023 Whole Year: Widening Deficit
Key Market Takeaways: Chile - Spain Trade
The bilateral trade relationship between Chile and Spain is marked by volatility and a widening deficit in 2023.
- Economic Pulse: Chile posted a $640M trade deficit with Spain ($1.84B imports vs. $1.20B exports), driven by erratic export performance and consistent import demand.
- Exchange Structure: Chile - Spain trade statistics reveal a resource-for-tech dynamic: Chile supplies ores, copper, and seafood (58.67% of exports), while Spain dominates with machinery, automotive parts, and pharmaceuticals.
- Strategic Interdependence: The partnership remains complementary but imbalanced, with Spain holding higher value-add leverage in critical industrial inputs.
This bilateral trade snapshot is based on verified customs data from the yTrade database.
Chile-Spain Trade Trend in Whole Year 2023
Chile Export Performance: Shipments to Spain
- Total Volume: $1.20B in 2023.
- Growth Trend & Context:
- Extreme volatility in YoY trends, ranging from -69.09% (Dec) to +156.98% (May). No clear directional trend due to erratic monthly swings.
- Key Volatility:
- March (+147.1% MoM) and May (+166.96% MoM) saw explosive growth, while December (-68.09% MoM) collapsed.
Chile Import Performance: Sourcing from Spain
- Total Volume: $1.84B in 2023.
- Growth Trend & Context:
- Predominantly negative YoY performance, with 8 of 12 months in contraction. September (-27.53% YoY) and December (-24.55% YoY) were particularly weak.
- Key Volatility:
- August (+14.0% MoM) was the strongest month, while September (-15.77% MoM) saw the sharpest drop.
Chile - Spain Trade Balance & Market Dynamics
- Net Position: Chile recorded a trade deficit of $640M with Spain ($1.84B imports vs. $1.20B exports).
- Relationship Status: Chile remains a net importer, with Spain supplying significantly more goods than it purchases from Chile. The deficit widened in 2023 amid inconsistent export performance.
Chile Import Trend from Spain 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 151.48M | -11.9% | -1.33% |
| Feb | 155.67M | 2.76% | 1.47% |
| Mar | 159.56M | 2.5% | -12.3% |
| Apr | 171.23M | 7.32% | -8.85% |
| May | 157.46M | -8.05% | -5.71% |
| Jun | 166.25M | 5.58% | -6.81% |
| Jul | 150.54M | -9.45% | 0.0% |
| Aug | 171.62M | 14.0% | 11.07% |
| Sep | 144.56M | -15.77% | -27.53% |
| Oct | 149.05M | 3.11% | -2.05% |
| Nov | 136.18M | -8.64% | -15.74% |
| Dec | 129.74M | -4.73% | -24.55% |
| Total | 1.84B | - | - |
Chile Export Trend to Spain 2023 Whole Year (Source: yTrade)**
| Month | Value | MoM | YoY |
|---|---|---|---|
| Jan | 53.21M | -60.79% | -22.89% |
| Feb | 56.45M | 6.09% | -66.28% |
| Mar | 139.50M | 147.1% | 143.72% |
| Apr | 61.09M | -56.21% | -50.34% |
| May | 163.10M | 166.96% | 156.98% |
| Jun | 125.96M | -22.77% | -20.88% |
| Jul | 98.64M | -21.69% | 0.0% |
| Aug | 112.46M | 14.01% | -20.56% |
| Sep | 113.15M | 0.61% | 42.52% |
| Oct | 100.00M | -11.62% | -4.79% |
| Nov | 131.49M | 31.48% | -22.04% |
| Dec | 41.95M | -68.09% | -69.09% |
| Total | 1.20B | - | - |
Get Historical Chile Spain Trade Records
Chile-Spain Top Trading Products in Whole Year 2023
Chile Export Profile: What Does Chile Sell to Spain
- Top Commodity: Rank #1 export is HS Code 26 (Ores, slag, and ash) with a 28.37% share.
- Demand Driver: Spain uses these raw materials for industrial processing, likely in metal production or construction.
- Concentration: The top 3 exports (HS Codes 26, 74, 03) account for 58.67% of total exports, indicating moderate concentration in minerals and seafood.
Chile Import Profile: What Does Chile Buy from Spain
- Top Commodity: Rank #1 import is HS Code 85 (Electrical machinery) with a 15.33% share.
- Dependency Nature: Chile relies on Spain for critical technology, including machinery (HS 84, 85) and automotive parts (HS 87), suggesting industrial supply chain dependencies.
Chile - Spain Trade Relationship Dynamics
- The Exchange Model: Resource-for-Tech Complementarity. Chile exports raw materials (ores, copper, seafood) and imports high-value machinery and manufactured goods.
- Value Chain Position: Spain holds the higher value-add position, supplying complex goods (machinery, pharmaceuticals) while Chile provides commodities.
Import Analysis by Product: Spain to Chile (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 85 | 282.65M | 15.33% |
| 84 | 240.62M | 13.05% |
| 87 | 233.07M | 12.64% |
| 33 | 137.60M | 7.46% |
| 30 | 71.87M | 3.90% |
| 27 | 58.71M | 3.18% |
| 39 | 57.14M | 3.10% |
| 73 | 56.27M | 3.05% |
| 40 | 49.53M | 2.69% |
| 23 | 40.35M | 2.19% |
Export Analysis by Product: Chile to Spain (Source: yTrade)
| HS Code | Value | Percent |
|---|---|---|
| 26 | 339.61M | 28.37% |
| 74 | 210.50M | 17.59% |
| 03 | 152.08M | 12.71% |
| 08 | 148.79M | 12.43% |
| 16 | 88.74M | 7.41% |
| 28 | 42.97M | 3.59% |
| 15 | 23.47M | 1.96% |
| 07 | 20.19M | 1.69% |
| 47 | 18.67M | 1.56% |
| 13 | 14.68M | 1.23% |
Check Detailed Chile-Spain Trade HS Code Breakdown
Future Outlook & Strategic Recommendations
Forecast
Chile’s trade with Spain is likely to remain volatile in 2024, with exports facing erratic demand swings while imports continue to dominate. The persistent deficit suggests Spain retains leverage as a supplier of high-value machinery, while Chile’s commodity-driven exports struggle to stabilize. However, Spain’s industrial reliance on Chilean raw materials (ores, copper) could create pockets of opportunity if global commodity prices rebound. Traders should brace for uneven performance, with potential upside in mineral shipments but sustained pressure on Chile’s import bill.
Strategic Moves
- Diversify Export Markets: Chilean exporters must reduce dependence on Spain by targeting other EU markets for minerals and seafood, mitigating volatility risks.
- Lock in Tech Supply Contracts: Importers should negotiate long-term agreements for Spanish machinery (HS 84, 85) to hedge against price fluctuations and ensure stable industrial inputs.
- Push Value-Add Exports: Chile’s trade agencies must incentivize processing of raw materials (e.g., refined copper over ores) to capture higher margins and rebalance the deficit.
Frequently Asked Questions
How did Chile - Spain trade perform in 2023 Whole Year?
Chile exported $1.20B to Spain and imported $1.84B, with extreme volatility in export growth and predominantly negative import trends.
What are the top exports from Chile to Spain?
Ores, slag, and ash (HS Code 26) lead Chile’s exports to Spain, followed by copper (HS 74) and seafood (HS 03), accounting for 58.67% of total exports.
What does Chile import from Spain?
Electrical machinery (HS Code 85) is Chile’s top import from Spain, alongside other industrial goods like machinery (HS 84) and automotive parts (HS 87).
What is the trade balance between Chile and Spain?
Chile recorded a trade deficit of $640M with Spain in 2023, as imports ($1.84B) significantly exceeded exports ($1.20B). The deficit widened amid erratic export performance.
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