Chile - Spain Trade 2023 Q2: Deficit & Resource-Tech Exchange

Key Market Takeaways: Chile - Spain Trade

The bilateral trade relationship between Chile and Spain is marked by volatility and a persistent trade deficit in Q2 2023.

• Economic Pulse: Chile posted a $144.79M trade deficit with Spain, importing $494.94M (down YoY) while exporting $350.15M (volatile YoY swings).
• Exchange Structure: The Chile - Spain trade statistics reveal a resource-for-tech complementarity—Chile supplies ores (30.72% of exports) and Spain dominates with vehicles (16.40% of imports) and machinery.
• Strategic Interdependence: High trade concentration (top 5 exports = 74.42%) underscores Chile’s reliance on Spain for advanced industrial goods, while Spain secures critical raw materials.

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

Chile-Spain Trade Trend in Q2 2023

Chile Export Performance: Shipments to Spain

• Total Volume: $350.15M in Q2 2023.
• Growth Trend & Context:
  • Volatile YoY performance: April (-50.34%) and June (-20.88%) saw sharp declines, while May surged 156.98%.
• Key Volatility: May’s exports spiked 166.96% MoM, but June reversed with a -22.77% drop.

Chile Import Performance: Sourcing from Spain

• Total Volume: $494.94M in Q2 2023.
• Growth Trend & Context:
  • Consistent YoY declines: April (-8.85%), May (-5.71%), June (-6.81%).
• Key Volatility: May imports fell -8.05% MoM, but June rebounded 5.58%.

Chile - Spain Trade Balance & Market Dynamics

• Net Position: Trade deficit of $144.79M (Imports > Exports).
• Relationship Status: Chile remains a net importer from Spain, though export volatility in May suggests shifting demand.

Chile Import Trend from Spain 2023 Q2 (Source: yTrade)**

Chile Export Trend to Spain 2023 Q2 (Source: yTrade)**

Get Historical Chile Spain Trade Records

Chile-Spain Top Trading Products in Q2 2023

Chile Export Profile: What Does Chile Sell to Spain

• Top Commodity: Rank #1 export is HS 26 (Ores, slag, and ash) at 30.72% of total exports to Spain.
• Demand Driver: Spain uses these raw materials for industrial processing, likely in metals production.
• Concentration: The top 5 exports account for 74.42% of total exports, indicating high trade concentration.

Chile Import Profile: What Does Chile Buy from Spain

• Top Commodity: Rank #1 import is HS 87 (Vehicles) at 16.40% of total imports from Spain.
• Dependency Nature: Chile relies on Spain for high-value manufactured goods, particularly automotive and machinery (HS 84, 85).

Chile - Spain Trade Relationship Dynamics

• The Exchange Model: Resource-for-Tech Complementarity—Chile exports raw materials (ores, copper, seafood) while importing high-tech and manufactured goods (vehicles, machinery, pharmaceuticals).
• Value Chain Position: Spain holds the higher value-add position, supplying advanced industrial goods, while Chile provides primary commodities.

Import Analysis by Product: Spain to Chile (Source: yTrade)

Export Analysis by Product: Chile to Spain (Source: yTrade)

Check Detailed Chile-Spain Trade HS Code Breakdown

Future Outlook & Strategic Recommendations

Forecast

The Chile-Spain trade relationship is expected to remain volatile in the near term, with Chile’s export performance likely to swing between sharp spikes and declines due to fluctuating demand for raw materials like ores (HS 26). Spain’s steady but declining imports of Chilean goods suggest a cooling appetite, while Chile’s persistent trade deficit underscores its reliance on Spanish high-tech and automotive imports. However, May’s export surge indicates latent demand spikes—traders should prepare for erratic but opportunistic windows. Over the next year, Spain’s industrial needs may drive selective growth in Chilean mineral exports, but diversification is critical to stabilize trade flows.

Strategic Moves

• Lock in Long-term Ore Contracts: Chilean exporters of HS 26 (ores) should secure multi-year agreements with Spanish industrial buyers to mitigate volatility and stabilize revenue.
• Diversify Import Sources: Chilean importers must reduce dependency on Spanish vehicles (HS 87) by exploring alternative suppliers in the EU or Asia to balance the trade deficit.
• Target Secondary Spanish Sectors: Beyond minerals, Chile should aggressively market seafood and agricultural goods to Spain’s retail and food processing industries to broaden its export base.

Frequently Asked Questions

How did Chile - Spain trade perform in 2023 Q2?

Chile's exports to Spain totaled $350.15M, showing volatile YoY growth, while imports from Spain reached $494.94M with consistent YoY declines.

What are the top exports from Chile to Spain?

Chile's top export to Spain is HS 26 (Ores, slag, and ash), accounting for 30.72% of total exports, followed by other raw materials.

What does Chile import from Spain?

Chile primarily imports HS 87 (Vehicles) from Spain, making up 16.40% of total imports, along with machinery (HS 84, 85) and other high-tech goods.

What is the trade balance between Chile and Spain?

Chile recorded a trade deficit of $144.79M with Spain in Q2 2023, maintaining its position as a net importer.